103 Baldridge LnSalem, IL 62881

Property Details for 103 Baldridge Ln

Year built

2007

Lot size

3.33 AC

Property size (Sq ft)

27,500 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 27,500-square-foot, multi-tenant retail center in Salem, Illinois. The property boasts 100% occupancy with nine tenants, including Dollar Tree as an anchor, and benefits from triple-net (NNN) leases providing long-term stability. The diverse tenant mix includes Dab City Tobacco & Vape, AT&T Wireless, El Rancherito Mexican Cuisine, CATO, an Internet Gaming Cafe, Zen Nails & Spa, World Finance Corporation, and an ATM lease with Marion County Savings Bank. Built in 2007, this center sits on a 3.33-acre lot with ample parking and enjoys a prime location on Baldridge Lane, off Highway 50 (West Main Street), near Interstate 57. Daily traffic counts exceed 15,645 vehicles. The property's strategic location is further enhanced by its proximity to a Walmart Supercenter, KFC, Arby's, Applebee's, Denny's, Wendy's, McDonald's, Taco Bell, Domino's Pizza, Dollar General, CVS, and Verizon Wireless. The asking price is $4,482,509, representing $163 per square foot, a price point below replacement cost, and offering an attractive 8.25% cap rate with a net operating income (NOI) of $369,979. Approximately 43% of the gross leasable area has been occupied since the center's opening over 16 years ago. The city of Salem is conveniently located approximately 90 minutes east of St. Louis, Missouri.

Location Insight

City

Salem

County

Marion

State

Illinois

Latitude

38.6235

Longitude

-88.9838

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