10613 Knoxville Ave Peoria, IL 61615-1110

Property Details for 10613 Knoxville Ave

Lot size

1.59 lot acres

Property type

Commercial real estate

APN

09-29-328-003

APU

929328003

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens conveniently located at 10613 Knoxville Ave, Peoria, IL 61615. The property boasts an absolute triple-net (NNN) lease with a corporate Walgreens guarantee, providing significant security and passive income. With 8.1 years remaining on the lease term (expiring December 30, 2032), and eleven 5-year renewal options, this investment offers long-term stability. The property sits on a 1.6-acre lot and was built in 2012. The current asking price is $4,035,388, representing a compelling 7.50% cap rate based on a net operating income (NOI) of $302,652. This prime retail location benefits from its position in a thriving retail corridor anchored by Schnucks Supermarket and surrounded by other national brands including McDonald's, Culver's, Domino's Pizza, and Jiffy Lube. The surrounding area demonstrates strong demographics, with 48,036 residents and 20,581 households within a 5-mile radius, boasting an average household income of $141,000. Walgreens' robust financial performance, with a 4.8% sales increase in FY 2023 and a 10% year-over-year sales increase in Q1 2024, further solidifies this investment's potential. This is a rare opportunity to acquire a high-performing, well-located Walgreens property with a strong lease and significant upside potential.