2721 Grand E Ave Springfield, IL 62703-5674

Property Details for 2721 Grand E Ave

Lot size

0.81 lot acres

Property type

Commercial real estate

APN

14-36.0-352-001

APU

14360352001

Description

This exceptional investment opportunity presents a fee-simple interest in a 7,000 square-foot Advance Auto Parts store located at 2721 S Grand Ave E, Springfield, Illinois. Built in 2003 and situated on a 0.81-acre lot, this single-story building boasts a strong 100% occupancy rate with a corporate-guaranteed lease. The current lease, commencing June 30, 2003, extends to June 29, 2033, offering a substantial remaining term of approximately 8.6 years, plus two 5-year renewal options. The lease includes attractive rent increases at the start of each renewal option, providing a hedge against inflation. The property generates a strong net operating income (NOI) of $69,999, resulting in a compelling 6.75% cap rate. The property benefits from a prime location near the intersection of Interstates 55 and 72, with high daily traffic counts exceeding 12,400 vehicles. The surrounding area features a robust concentration of auto-related businesses, municipal offices, and industrial facilities, creating a substantial and stable customer base. Demographic data reveals over 57,800 residents within a 3-mile radius, boasting an average household income of $84,236, and over 109,200 residents within a 5-mile radius, with an average household income of $99,968. The presence of over 68,900 employees within a 5-mile radius further strengthens the property's market position. This investment offers a compelling combination of a recession-resistant tenant, strong lease terms, and a desirable location, making it an attractive addition to any portfolio. The landlord is responsible for roof, structure, foundation, and parking lot