220 Grn St Bushnell, IL 61422-1772
- Commercial real estate
- 1.25 lot acres
Aug 05, 2022
Current Use by Public Records
- Hardee's / Fast Food Restaurant / Hamburger Restaurant
Property Details for 220 Grn St
- Lot size
- 1.25 lot acres
- Property type
- Commercial real estate
- APN
- 03-000-196-00
- APU
- 300019600
Description
This exceptional investment opportunity presents a 3,371 square foot Hardee's/Carl's Jr. restaurant in Bushnell, Illinois, situated on a 1.04-acre lot at a prominent intersection. Built in 1983 and renovated in 2012, the property boasts a 22-year net lease (expiring August 1, 2044), offering 19.7 years remaining. The lease includes four 5-year renewal options with a 10% rent increase every five years, providing significant long-term income growth. The current annual net operating income (NOI) is $81,000, yielding a 6.25% cap rate on the $1,296,000 asking price. The lease is backed by a corporate guarantee from LBE Holdings, a substantial entity with a proven track record. This Hardee's enjoys excellent visibility and benefits from being one of only two national fast-food restaurants in Bushnell, serving a population of over 27,238 and conveniently located near Peoria, Canton, Roseville, and Macomb. The property's strong tenant, long lease term, and favorable location make it an attractive investment with substantial upside potential. The price per square foot is $384.46. The lease commenced August 1, 2022.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $880,000
- ML approach
- $870,000
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Location Insight
- Map
- Local Demand
- City
- Bushnell
- County
- Mcdonough
- State
- Illinois
- Longitude
- -90.5038
- Latitude
- 40.5451
- CBSA code
- 31380
- CBSA name
- MACOMB, IL MICROPOLITAN STATISTICAL AREA
