111 Lincoln Ave Charleston, IL 61920
- Retail properties
- 1,660 SF
Current Use by Public Records
- Retail properties
Property Details for 111 Lincoln Ave
- Year built
- 2024
- Property size
- 1,660 SF
- Property type
- Retail properties
- Property subtype
- Freestanding property
Description
This exceptional investment opportunity presents a 20-year absolute NNN lease for a newly constructed (2024) Sonic Drive-In located at 111 W Lincoln Ave, Charleston, IL 61920. The 1,660 square foot building sits on a 25,920 square foot lot and boasts a strong 6.75% cap rate with a NOI of $182,357. The lease includes 1.5% annual rental increases throughout the base term and four, 5-year options, ensuring consistent and growing income. The tenant is a highly successful, multi-brand franchisee operating 123 locations across multiple states, making this a low-risk, passive investment. This freestanding building benefits from significant frontage and direct access to W Lincoln Avenue, a road with 20,124 vehicles per day. Its strategic location less than half a mile from Eastern Illinois University's 320-acre campus, serving over 8,850 students, guarantees a substantial customer base. The property's location within a thriving retail corridor, alongside national brands like McDonald's, Starbucks, CVS, and Walgreens, further enhances its appeal. Charleston, IL, boasts a low unemployment rate of 3.2%, underscoring the area's economic strength. This is a truly "hands-off" investment with zero landlord expenses or maintenance obligations. The asking price is $2,702,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Charleston
- County
- Coles
- State
- Illinois
- Longitude
- -88.1839
- Latitude
- 39.4847
