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Beyond/Hello Dispensary (Bloomington-Normal MSA)

$1,066,496

501 W Northtown Road, Normal, IL 61761

Active
Last Updated: 09/19/2024

8.25

Cap Rate

87,986

NOI

Details:
Cap Rate:    8.25%
NOI:    $87,986
Building Size:    4,880 sqft
Lot Area:    0.51 acres
Lease Type:    Double Net
Year Built:    1975
Lease Expire Year:    4/30/2031
Highlights:
  • HIGH-YIELDING INVESTMENT | The property is being offered at a Year-1 in-place cap rate of 8.25%
  • ATTRACTIVE RENTAL INCREASE | 3.00% Annual rental increases, providing investors with a hedge against inflation
  • TENANT EXERCISED FIRST OPTION | The tenant exercised their first 10-year option upon the expiration of the base term, demonstrating their proven success at this location  
  • PROVEN OPERATOR | Beyond/Hello (Jushi Holdings Inc.) is a publicly traded multi-state cannabis operator with a significant number of dispensaries across seven states
  • LIMITED COMPETITION | Although this store sells recreational and medical cannabis, this location is the only dispensary serving medical cannabis in all of McLean County. The nearest dispensary to serve medical cannabis to the east is over 35 miles away, while the nearest dispensary to serve medical cannabis to the west is more than 60 miles away
  • CLOSE PROXIMITY TO ILLINOIS STATE UNIVERSITY | The property is located approximately 2 miles from Illinois State University, which has a student body of over 20,000 students.
  • PRIME LOCATION NEAR RIVIAN AUTOMOTIVE WAREHOUSE | The property is located approximately 1 mile from the Rivian Automotive warehouse, one of the top three employers in the Bloomington-Normal trade area.
  • GROWING MARKET | Rivian announced they plan to create 550 full-time jobs over the next five years at their Normal facility.
  • RANKED IN THE PRESS | In 2014, Movoto.com, a real estate research blog, ranked Normal as the best place to live in downstate Illinois.
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