Property Details for 1336 Clover Dr

Year built

1965

Lot size

0.67 lot acres

Property type

Drug stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving 1,296 square foot dispensary in Jackson, Missouri. Located at 1336 Clover Dr, this single-story building, constructed in 1965 and renovated in 2020, sits on a 0.67-acre lot. Currently operating under a net lease with a single tenant, Codes Dispensary, the property boasts a 100% occupancy rate with a lease term expiring May 1, 2026 (1.7 years remaining). The current annual net operating income (NOI) is $42,000, yielding a 12% cap rate. The asking price is $316,175, translating to $244 per square foot. The lease includes a 3.5% rent bump at renewal and two, 3-year lease options. This dispensary benefits from its location in a high-traffic retail corridor along US Highway 61 (approximately 27,400 vehicles per day), surrounded by national retailers such as Walmart, Aldi, and numerous fast-food chains. Importantly, it's the only licensed dispensary within a 5-mile radius, ensuring market dominance in Jackson. Codes Dispensary is part of a larger, multi-state operator with a significant presence in Missouri and other southern states. The Missouri cannabis market is experiencing robust growth since the legalization of recreational sales in February 2023, exceeding $1.75 billion in sales to adult consumers. This property offers a compelling combination of strong current performance, significant growth potential, and a limited-license market environment. The sale is structured for a 1031 exchange.

Location Insight

City

Jackson

County

Cape Girardeau

State

Missouri

Longitude

-89.6360828

Latitude

37.3659088