3201 Horizon DrSpringfield, IL 62703

Property Details for 3201 Horizon Dr

Year built

2020

Lot size

1.89 AC

Property size (Sq ft)

6,163 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee simple interest in a 6,163-square-foot, freestanding retail building housing an Ascend Cannabis Dispensary in Springfield, Illinois. Located on a 1.89-acre lot at 3201 Horizon Dr, Springfield, IL 62703, this property boasts a strong 9.50% cap rate and a substantial net operating income (NOI) of $532,691. The absolute NNN lease, with zero landlord responsibilities, provides a truly passive investment. The current lease term extends to February 28, 2030, with 5.3 years remaining and includes two 10-year renewal options. Built in 2020, the property benefits from a 100% occupancy rate and attractive 2.75% annual rent escalations throughout the base term, offering a hedge against inflation. The property's prime location offers excellent visibility, with frontage on Interstate 55 and proximity to major roadways, national restaurant chains, and hotels. The asking price is $5,607,277, translating to a price per square foot of $909.83. The property's parcel numbers are 22-12.0-127-057 and 22-12.0-127-058. This investment is situated in a growing cannabis market within a limited-license state.

Location Insight

City

Springfield

County

Sangamon

State

Illinois

Latitude

39.7681

Longitude

-89.605

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].