Normal, IL - Steak 'n Shake

Highlights:

• Offering allows for 2 years of corporate-backed cashflow with the potential for a future redevelopment or backfill opportunity
• Tenant pays low rent, providing excellent value and upside potential for investors and operators
• Tenant just extended the lease for 2 years with 3 (5-year) options remaining
• Absolute NNN, corporate signed lease
• Direct proximity to Illinois State University and Heartland Community College – 25,900+ students
• Drive-thru equipped building

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN leased, drive-thru equipped, corporate signed, Steak ‘n Shake investment opportunity located in Normal IL. The tenant, Steak ‘n Shake, Inc. recently extended their lease an additional 2 years through March 2027 and has an additional 3 (5-year) option periods to extend. The lease is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity to a passive investor.

The subject property is strategically positioned along West Raab Road, and just half a mile south of the Interstate 55 on/off ramps (31,700 VPD), the major north/south highway serving the entire state of Illinois. The building is also equipped with a drive-thru, providing ease and convenience for customers. The asset is in close proximity to both Illinois State University (21,500+ students) and Heartland Community College (4,400+ students), providing a direct and strong consumer base from which to draw. Moreover, the site is nearby national/credit tenants including Schnucks, Starbucks, AMC, Dollar General, McDonald’s, Walgreens, and more, promoting crossover traffic and store exposure to the property. The 5-mile trade area is supported by a dense population of over 106,200 residents with an average household income of
$94,735.