520 Veterans Memorial Dr Staunton, IL 62088
- Retail properties
- 9,002 SF
- 1.12 lot acres
Current Use by Public Records
- Retail properties
Property Details for 520 Veterans Memorial Dr
- Year built
- 2019
- Lot size
- 1.12 lot acres
- Property size
- 9,002 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple ownership interest in a freestanding Dollar General store located at 520 Veterans Memorial Dr, Staunton, IL 62088. The property, built in 2019, encompasses 9,002 square feet on a 1.12-acre lot and includes 27 parking spaces. The property is zoned commercial and benefits from a prominent location. The single-tenant, net-leased property boasts a corporate guarantee from Dollar General, providing significant financial security. With a current occupancy of 100%, the property generates a substantial net operating income (NOI) of $86,224, representing a 6.75% cap rate on the asking price of $1,277,000 ($141.86/sq ft). The lease has a remaining term of 9 years, followed by three 5-year options, each with a 10% rent increase at the beginning of the term. This provides a built-in hedge against inflation and ensures consistent income growth. The property's location offers excellent visibility and accessibility, supported by strong demographics within a 5-mile radius, including over 8,500 residents and 4,900 daytime employees, with an average household income of $75,519. The property's APN is 08-1-05-15-03-301-009, 08-1-05-15-03-301-007 & 08-1-05-15-03-301-008. This is a low-management, passive investment opportunity with a well-established national tenant and a strong financial outlook.
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
- Staunton
- County
- Madison
- State
- Illinois
- Longitude
- -89.7657
- Latitude
- 38.9611
