1600 Main StPeoria, IL 61606

For Sale
$24,205,000

High-Yield NNN Retail Investment; 8.65% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a portfolio of five strategically located retail properties, totaling 71,691 square feet, currently 100% occupied by a mix of nationally recognized tenants including Dollar General, Walgreens, CVS Pharmacy, Family Dollar, Rite Aid, and Good Neighbor Pharmacy. The portfolio boasts a weighted average remaining lease term of approximately 11 years, secured by absolute NNN leases with credit-rated tenants and corporate guarantees, providing exceptional stability and predictable cash flow. The properties, built between 2008 and 2010, are classified as Class B and feature a combined 350 parking spaces. Located across four states – Illinois, Michigan, Minnesota, and North Carolina – these properties benefit from high visibility and strong demographics. The portfolio generates a substantial net operating income (NOI) of $2,093,680, representing an attractive 8.65% capitalization rate on the asking price of $24,205,000. Lot sizes range from 1.22 to 2.29 acres. This is a rare opportunity to acquire a diversified, high-performing retail portfolio with significant long-term growth potential. The portfolio is offered as a 1031 exchange opportunity. All locations feature drive-thru capabilities.

Highlights

  • $24,205,000 asking price for a portfolio of five retail properties.
  • Net lease investment with absolute NNN lease structure.
  • Class B properties totaling 71,691 square feet.
  • 100% occupancy with a strong 8.65% cap rate and $2,093,680 NOI.
  • Tenants include Walgreens, CVS Pharmacy, Dollar General, Family Dollar, and Rite Aid, all with investment-grade credit and corporate guarantees.
  • Approximately 11 years remaining lease term on average.

Property Details for 1600 Main St

Property type
Other retail properties, Individual retail properties
Square Feet
71,691 SF
Class
B
Year Built
2008
Buildings
5
Lot Size (sq. ft)
53,143 SF
Units
5

Location Insight

City
Peoria
County
Peoria
State
Illinois
Latitude
40.6995479
Longitude
-89.617543
1600 Main St, Peoria, Illinois

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1600 Main St
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