Single Tenant Net Lease - Danville, Il
2 West Main Street, Danville, IL
For Sale
Office
$4,750,000
Price
9.8%
Cap Rate
$465,521
NOI
Overview
Cap Rate
9.8%
NOI
$465,521
Cash-on-Cash
7.5%
Building Size
41,052 sqft
Lot Area
1.9 acres
Occupancy
100%
Class
B
Lease Type
Absolute Net
Floors
2
Lease Expire Year
11/2022
Description
40,152 SF class B office building located in downtown Danville, Illinois. 100% occupied by Old National Bancore, an Aa3 credit by Moody's. Lease expires in four years and has a number of renewal options.
Tenant has expressed an interest in downsizing and extending its lease - negotiations are underway.
Two subtenants (approximately 4k SF) will be converted to direct tenants as part of the downsizing/extension discussions.
Highlights
- Investment grade tenant
- Absolute triple net lease - coupon clipper
- Located in heart of downtown, county seat plus local, state and federal government offices
- Civic Center, across street, hosts numerous events
- Limited office space available in the downtown market
Documents
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Danville_Flyer_1_Page_Flyer_Rev_120418.pdf
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