111 Lincoln AveCharleston, IL 61920

Property Details for 111 Lincoln Ave

Year built

2024

Property size (Sq ft)

1,660 SF

Property type

Retail properties

Property subtype

Freestanding property

Description

This exceptional investment opportunity presents a 20-year absolute NNN lease for a newly constructed (2024) Sonic Drive-In located at 111 W Lincoln Ave, Charleston, IL 61920. The 1,660 square foot building sits on a 25,920 square foot lot and boasts a strong 6.75% cap rate with a NOI of $182,357. The lease includes 1.5% annual rental increases throughout the base term and four, 5-year options, ensuring consistent and growing income. The tenant is a highly successful, multi-brand franchisee operating 123 locations across multiple states, making this a low-risk, passive investment. This freestanding building benefits from significant frontage and direct access to W Lincoln Avenue, a road with 20,124 vehicles per day. Its strategic location less than half a mile from Eastern Illinois University's 320-acre campus, serving over 8,850 students, guarantees a substantial customer base. The property's location within a thriving retail corridor, alongside national brands like McDonald's, Starbucks, CVS, and Walgreens, further enhances its appeal. Charleston, IL, boasts a low unemployment rate of 3.2%, underscoring the area's economic strength. This is a truly "hands-off" investment with zero landlord expenses or maintenance obligations. The asking price is $2,702,000.

Location Insight

City

Charleston

County

Coles

State

Illinois

Latitude

39.4847

Longitude

-88.1839

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