501 Ctr St Eureka, IL 61530-1111

Property Details for 501 Ctr St

Year built

1994

Property size

7,210 SF

Property type

Retail space

APN

13-12-404-012

APU

1312404012

Description

This exceptional investment opportunity presents a fee-simple interest in a CVS Pharmacy located at 501 W Center St, Eureka, IL 61530. The property, built in 1994, encompasses 8,050 square feet and sits on a single building lot. The property is currently operating under a triple-net (NNN) lease with CVS Pharmacy, a highly rated investment-grade tenant. The lease commenced February 1, 1994, and has a remaining term of approximately 4.2 years, expiring January 31, 2029. One 5-year renewal option remains. The current annual rent is $68,424, representing a rent per square foot of $8.50, significantly below market value for comparable CVS assets. The asking price is $1,140,400, resulting in a 6.00% cap rate. The property boasts a 1% rent-to-sales ratio, indicating high profitability for the tenant, who has exercised three prior 5-year renewal options. The rent remains flat throughout the current term and any renewal option. The property is located in Eureka, the county seat of Woodford County, Illinois, within the Peoria, IL MSA, a market with a population exceeding 400,000. This offering represents a rare opportunity to acquire a well-performing CVS Pharmacy at a compelling price point in a stable market. The property is offered as a fee-simple ownership with no ground lease. Occupancy is currently 100%.

Location Insight

City

Eureka

County

Woodford

State

Illinois

Longitude

-89.278

Latitude

40.7216

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments