For Sale
$1,404,554

1000 Morton AveJacksonville, IL 62650

7,000 SF Retail Investment, 6.5% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a 7,000-square-foot, single-tenant net lease property occupied by Springfield Clinic. Located at 1000 W Morton Ave, Jacksonville, IL 62650, this property boasts a prime location on a major retail thoroughfare with approximately 19,000 vehicles passing daily. The building, constructed in 2005 and renovated in 2015, sits on a 1.33-acre lot and includes 53 parking spaces. The current lease with Springfield Clinic has 10.9 years remaining, expiring September 30, 2035, and includes built-in rent bumps every five years. The property generates a strong net operating income (NOI) of $91,296, resulting in an attractive 6.50% capitalization rate. Landlord responsibilities are limited to roof and structural repairs, offering a truly passive investment. The property benefits from its location in a regional retail hub, surrounded by national retailers such as Home Depot, Dollar Tree, Walmart, Five Below, and Starbucks. Jacksonville, IL serves as a regional center for retail and services, offering the most comprehensive retail options within a 20-mile radius. The tenant, Springfield Clinic, is a necessity-based business, providing resilience against economic downturns. This property offers a low price point due to its low rent structure, making it an attractive investment with significant long-term potential. The property's excellent visibility and accessibility, with three points of ingress/egress, further enhance its appeal.

Highlights

  • Urgent care is a recession-resistant, high-growth sector.
  • The property is located on W Morton Ave, a major retail thoroughfare with 19,000 vehicles per day (VPD), near national retailers.
  • Jacksonville, IL is a regional retail hub with the strongest retail offerings within a 20-mile radius.
  • The property features a net lease (NNN) with 11 years remaining, plus three 5-year options, including rent increases.
  • Low rent creates a low purchase price and low operating costs for the tenant, and a low basis for the investor.
  • Landlord responsibilities are limited to roof and structural repairs.

Property Details for 1000 Morton Ave

Property type
Retail properties, Retail space
Square Feet
7,000 SF
Year Built/Renovated
2005/2015
Lot Size (sq. ft)
57,935 SF

Location Insight

City
Jacksonville
County
Morgan
State
Illinois
Latitude
39.723153633005
Longitude
-90.243824414191
1000 Morton Ave, Jacksonville, Illinois

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1000 Morton Ave
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