3431 University St Peoria, IL 61604-1322

Property Details for 3431 University St

Lot size

1.01 lot acres

Property type

Commercial real estate

APN

14-29-327-026

APU

1429327026

Description

This exceptional investment opportunity presents a 3,097 square foot Hardee's/Carl's Jr. restaurant located at 3431 N University St, Peoria, IL 61604. Built in 2016, this single-tenant, free-standing building boasts a drive-thru and sits on a 1.01-acre lot with 20 parking spaces. The property features a 100% occupancy rate and a strong net operating income (NOI) of $137,500, yielding a 5.51% cap rate. The asking price is $2,495,000, translating to $896 per square foot. The lease is a true NNN (triple net) lease, meaning the tenant is responsible for all operating expenses, offering significant investor protection. The current lease extends to November 1, 2030, with a remaining term of approximately 100 years, including four 5-year renewal options. The lease includes a 10% rent increase every five years throughout the primary term and option periods. This property benefits from a prime location in a shopping center anchored by a Walmart, providing excellent visibility and high traffic. The tenant, LBE Holdings, a strong operator with a portfolio totaling $87,000,000 in 2023, guarantees the lease. This is a rare opportunity to acquire a well-performing, low-maintenance investment property in a desirable location with significant long-term growth potential. All information is deemed reliable, but buyers are encouraged to conduct their own due diligence.

Location Insight

City

Peoria

County

Peoria

State

Illinois

Longitude

-89.6132

Latitude

40.7299

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments