1208 Highway 28Owensville, MO 65066

Property Details for 1208 Highway 28

Year built

1981

Lot size

5.97 AC

Property size (Sq ft)

37,895 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership of a 37,895-square-foot Tractor Supply Co. storefront in Owensville, Missouri. Located at 1208 Hwy 28, this single-story building sits on a 5.97-acre lot and boasts a strong 6.00% cap rate based on a Net Net Net (NNN) lease with a substantial Net Operating Income (NOI) of $122,211. The lease, originally commencing January 31, 2008, has been extended through January 30, 2038, providing a remaining term of 13.2 years. Built in 1981 and renovated in 2024, the property benefits from built-in rent escalations: a 5% increase in 2030 and 10% increases in 2035 and at each subsequent option renewal. Two, five-year lease options further enhance the long-term value. The property's low rent of $3.22 per square foot is significantly below replacement cost, estimated at $54 per square foot. The tenant, Tractor Supply Co. (TSCO), a publicly traded company with a $26 billion market cap and an S&P "BBB" investment-grade credit rating, demonstrates a strong commitment to the location, evidenced by a recent 10-year lease extension and ongoing store remodeling and rebranding. The property enjoys a 100% occupancy rate and benefits from minimal landlord responsibilities, primarily limited to roof and structure maintenance. The strategic location along Highway 28, Owensville's main thoroughfare, ensures high visibility and accessibility. This presents a compelling investment opportunity with significant upside potential due to the strong tenant, favorable lease terms, and strategic location within a thriving rural market. The property's low rent-to-sales ratio of 2.8%, based on $4.34 million in 2023 sales, further underscores its exceptional value.

Location Insight

City

Owensville

County

Gasconade

State

Missouri

Latitude

38.3352

Longitude

-91.5197

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