1701 Springfield Ave Champaign, IL 61821

Property Details for 1701 Springfield Ave

Year built

2024

Lot size

0.98 lot acres

Property size

1,372 SF

Property type

Retail properties

Property subtype

Auto shops

Description

This exceptional investment opportunity presents a 1,372 square foot Take 5 Oil Change franchise located at 1701 West Springfield Avenue, Champaign, IL 61821. The property, built in 2024, sits on a 0.98-acre lot and boasts a 100% occupancy rate with a 14.8-year remaining lease term (expiring 08/31/2039). The lease commenced on 08/31/2024 and is a triple-net (NNN) lease, meaning the tenant is responsible for all operating expenses, offering zero landlord responsibilities. The asking price is $2,029,230, representing a price per square foot of $1,479.03 and a 6.50% cap rate based on a net operating income (NOI) of $131,900. Rent increases are built into the lease with 7.5% bumps every five years. The property benefits from a prime location in a high-traffic retail corridor with over 25,000 vehicles per day, offering excellent visibility. Surrounding businesses include 7 Brew, Jersey Mike's Subs, Starbucks, Arby's, Smoothie King, Walgreens, FedEx, and a Big Lots anchored center. The area has a high single-family home density, with over 98,000 people within a 3-mile radius, further enhanced by the proximity to the University of Illinois Urbana-Champaign (approximately 36,000 students) and the State Farm Center (17,000+ capacity), located just 8 minutes away. This presents a secure, long-term investment with significant upside potential. The lease includes eight 5-year renewal options.