850 Kearney St Springfield, MO 65803-3430

Property Details for 850 Kearney St

Year built

1984

Lot size

0.59 lot acres

Property size

4,004 SF

Property type

Commercial real estate

APN

88-13-12-106-025

APU

881312106025

Description

This exceptional investment opportunity presents a fee-simple interest in a 4,004 square foot retail building situated on a 0.59-acre lot in Springfield, Missouri. The property, built in 1984 and renovated in 2022, houses a convenience store and pharmacy operating under a 15-year absolute NNN lease with over 12.8 years remaining. The lease commenced August 4, 2022, and expires August 31, 2037, with four 5-year renewal options. Rent increases annually at 3%. The property boasts 100% occupancy since its lease commencement and generates a substantial net operating income (NOI) of $148,665, resulting in an attractive 8.25% cap rate. The asking price is $1,802,000, translating to $450.05 per square foot. The single-tenant building features ample parking and a drive-thru, strategically located in a thriving retail and hospitality corridor near Bass Pro Shops Corporate Headquarters. This property offers a highly passive investment with minimal landlord responsibilities, making it an ideal addition to any portfolio. The location benefits from a diverse and booming economy, further enhancing its investment appeal. The property's location in Springfield, Missouri, a college town with a $26.6 billion total GDP, contributes to its strong market position.