700 Broadway AveMattoon, IL 61938

Property Details for 700 Broadway Ave

Lot size

0.48 AC

Property type

Other commercial real estate

APN

07-1-03970-000

APU

7103970000

Description

This fee-simple ownership offers a 15.2-year absolute NNN ground lease with Valvoline (NYSE: VVV) at 700 Broadway Ave E, Mattoon, IL 61938. The 0.51-acre property houses a brand-new, 2024-built, 100% occupied auto shop/QSR building. The lease features a 5.55% cap rate and a strong NOI of $67,500, with 10% rent bumps every five years, providing inflation protection and future revenue growth. The property benefits from its location adjacent to Dunkin' Donuts and directly across from Cross County Mall, anchored by major retailers. Mattoon's central location between Chicago and St. Louis, combined with the opening of the Lincoln Land of Sports complex, projects significant growth in the area, further enhancing the investment's value. The hands-off nature of the ground lease, where the tenant is responsible for all maintenance and repairs, makes this an ideal investment opportunity, particularly for 1031 exchanges. The lease includes options for extension beyond the initial 15-year term. This bite-sized price point of $1,227,000 offers a compelling return on investment in a stable and growing market.

• Alternative Use

  Use

  Valuation

  Residential

  $5,839,904

  Hospitality

  $5,349,321

  Educational

  $4,450,572

  Medical

  $4,603,634

  Retail

  $6,923,112

Location Insight

City

Mattoon

County

Coles

State

Illinois

Latitude

39.483

Longitude

-88.362

CBSA code

16660

CBSA name

CHARLESTON-MATTOON, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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