2200 Henderson St Galesburg, IL 61401-1174

Property Details for 2200 Henderson St

Property type

Commercial real estate

APN

99-04-226-010

APU

9904226010

Description

This exceptional investment opportunity presents a newly constructed, three-tenant retail pad situated at a prominent signalized intersection in Galesburg, Illinois. The 6,400 square foot property, built in 2024, sits on a 1.21-acre lot (APN: 99-04-226-010) and boasts a strong NOI of $264,700, yielding a 6.15% cap rate at an asking price of $4,305,000. The property is shadow-anchored by a Target and benefits from high visibility and excellent freeway access via Interstate-74, experiencing approximately 19,000 cars per day on Henderson Street. Tenants include Chipotle (drive-thru) with a rare 15-year corporate lease, Jersey Mike's Subs with a new 10-year lease from a 15-unit franchisee, and T-Mobile with a new 10-year corporate lease. All leases feature 10% rent increases every five years, ensuring strong, replaceable income streams. The property's location within Galesburg's thriving Henderson Street retail corridor, surrounded by national retailers like Lowe's, Hy-Vee, Marshalls, and others, further enhances its investment appeal. This is a multi-tenant property offering a compelling combination of strong tenants, long-term leases, and a prime location within the Quad Cities MSA, a major metropolitan area with access to a large consumer base. The property is part of a larger shopping center with excellent visibility and access.

Location Insight

City

Galesburg

County

Knox

State

Illinois

Longitude

-90.3836

Latitude

40.9745

CBSA code

23660

CBSA name

GALESBURG, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments