1099 Cole St Bushnell, IL 61422

Property Details for 1099 Cole St

Year built

2023

Lot size

1.00 lot acres

Property size

10,500 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 10,500-square-foot retail property in Bushnell, Illinois. The property houses a combined Dollar Tree and Family Dollar store, operating under a 10-year Double Net (NN) lease commencing June 29, 2023, and expiring June 30, 2033. The lease includes four five-year renewal options with a $0.50 per square foot rent increase at each option. The tenant, Dollar Tree, boasts a strong investment-grade credit rating of 'BBB-' and provides a corporate guarantee. The property, built in 2023, enjoys a prime corner location on Cole Street and Smith Street, a main thoroughfare with 2,686 cars per day, and sits across from a new Dollar General Market. The 100% occupancy rate generates a substantial Net Operating Income (NOI) of $123,375, representing a 7.85% cap rate at the asking price of $1,571,656 ($149.68 per square foot). The one-story building sits on a one-acre lot and benefits from a concrete parking lot. The strong demographics, with a three-mile average household income of $55,315 and a ten-mile population of 7,090, further solidify this investment's potential. This property is ideal for 1031 exchange buyers or passive investors seeking a secure, high-return investment with a credit-rated tenant and minimal landlord responsibilities. The property is zoned commercial.