110 Walnut StHighland, IL 62249

Property Details for 110 Walnut St

Year built

2004

Lot size

1.35 AC

Property size (Sq ft)

14,820 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents the fee simple interest in a Walgreens-occupied retail property situated at 110 Walnut St, Highland, IL 62249. The property, built in 2004, encompasses a 14,820-square-foot building on a 1.35-acre lot, featuring a convenient drive-thru. The property benefits from a strong absolute NNN lease with a credit-rated corporate guarantor, minimizing landlord responsibilities. The current lease, with a remaining term of 11.9 years (expiring 03/31/2036), commenced September 1, 2004, and was recently extended. This demonstrates Walgreens' long-term commitment to this location, which boasts impressive sales and a healthy rent-to-sales ratio. The property offers a 7.00% cap rate and a net operating income (NOI) of $280,000, with an asking price of $4,000,000 ($269.91/sq ft). The property's strategic location, less than a mile from HSHA St. Joseph's Hospital, serves Highland and surrounding communities, further enhancing its value and potential for continued success. This is a fee simple ownership with a 100% occupancy rate, making it an attractive addition to any investment portfolio. The property is ideally suited for a 1031 exchange.

Location Insight

City

Highland

County

Madison

State

Illinois

Latitude

38.7476

Longitude

-89.6815

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