1991 Olympic St Springfield, OR 97477

Property Details for 1991 Olympic St

Lot size

0.23 lot acres

Zone code

MR-MAJOR RETAIL COMM

Property type

Commercial real estate

APN

17-03-25-42-00300-000

APU

1703254200300000

Description

Exceptional investment opportunity: a single-tenant, 8,500 square foot storefront in Springfield, Oregon, currently leased to Aaron's, Inc. This property boasts a strong lease history, with Aaron's occupying the space since 2005. The current lease expires December 31, 2026, with two five-year renewal options, each including a 10% rent increase. The asking price is $2,300,000, representing a pro-forma cap rate of 5.37% and a pro-forma NOI of $123,549. The annual rent is $124,449. The property is situated on a 20,909 square foot lot and includes 21 parking spaces. The lease is a triple net (NNN) agreement, with the landlord responsible for roof, exterior walls, foundation, interior supporting walls, and HVAC repairs exceeding $1,000 annually. The tenant is responsible for property taxes ( totaling $17,117.78 for 2023-2024), insurance, common area maintenance (CAM), a 3% management fee on gross receipts, and building maintenance (excluding major HVAC repairs). The property is zoned MR (Major Retail) and features a single story building. The Assessor's Parcel Number (APN) is 17-03-25-42-300 & 17-03-25-42-400. This well-located Springfield storefront presents a compelling investment opportunity with a stable tenant and significant upside potential. The address is 1991 Olympic St, Springfield, OR 97477.