360 11Th St Monmouth, IL 61462

Property Details for 360 11Th St

Lot size

0.34 lot acres

Property type

Commercial real estate

APN

09-040-025-00

APU

904002500

Description

This exceptional investment opportunity presents a fee simple interest in a 3,253 square foot, NNN-leased veterinary hospital in Monmouth, Illinois. The property, built in 1950, sits on a 0.34-acre lot and includes 30 parking spaces. Currently leased to Heartland Veterinary Partners, a well-established veterinary management company, the lease commenced October 21, 2020, and has a remaining term of approximately 0 years, with a recent 3-year extension exercised by the tenant, and one additional 3-year option remaining. The property boasts a strong 8.50% cap rate, generating a net operating income (NOI) of $33,696, with an asking price of $396,423 ($121.86/sq ft). The triple-net (NNN) lease structure minimizes landlord responsibilities, making this an ideal low-management investment. The hospital enjoys high visibility on N 11th Street, a busy thoroughfare with 3,455 vehicles daily, and is strategically located near other established businesses such as Walgreens, Subway, and Save-a-Lot. The 5-mile trade area has a population of 9,751 residents and 4,207 daytime employees, with an average household income of $103,113. The property's location and tenant's commitment make this a compelling investment prospect. The property's address is 360 N 11th St, Monmouth, IL 61462, with APN 09-040-025-00. The building is a single structure. Rent bumps are included in the lease.