Property Listing No Longer Available for Sale

120 North Central, Benton, IL

Retail for Sale - $2,192,000 - 14,063 Sq. Ft. on 1 acres


Property Info

CIMLS#133518
Location
  120 North Central
  Benton IL 62812
UpdatedMay 18th, 2011
TypeRetail
Price$2,192,000
Building14,063 Sq. Ft.
Land1 acres

Property Description

The Applebee's restaurant is on a ground lease through 2021 and has four five-year extensions remaining. This is a corporate guaranteed ground lease from one of the largest restaurant chains in the nation that operates the Applebee's and IHOP chains. This property added to the multi-tenant West City Crossing strip center not only allows an investor to increase the deal size, it will create a diverse investment with five to ten years of remaining staggered lease expirations.

Location Description:

The property sits adjacent to Interstate 57 and behind the Benton Airport. WalMart Supercenter is the anchor; there is a Rural King across the street and a McDonald's next door. Benton is approximately 100 miles south of St. Louis, Missouri.

Highlights:

>> Diverse Mix of Tenants all have New 5 year leases

>> Original Tenants: Cash Store, Cato's Fasion and Alltel

>> New Tenants as of November 2011: Verizon and Radio Shack (backfilled Movie Gallery)

>> Corporate Guaranteed Applebee's Ground Lease, Exp. Jan. 2021

>> Both properties Adjacent to Wal-Mart Supercenter.

>> Located at Interstate 57 Exit Ramp

>> Shared Access to Entrance of Shadow Anchor WalMart Supercenter

>> Dominate Retail Cooridor for this community

>> Many Major Retailers in this Destination Area

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Financials

Sales Info:

>> Cap rate: 8.16%

>> NOI: $178838.0