Springfield, IL - Hardee's
$1,147,000
2501 Stevens Drive, Springfield, IL 62703
5.5
Cap Rate
63,085
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, drive-thru equipped, Hardee’s investment property located in Springfield, Illinois. The tenant, StarCorp, LLC (140+ Units Operator), recently signed a new 10-year lease extension with 4 (5-year) options to extend, speaking to their commitment to the site. The lease features 1.75% annual rental increases throughout the initial term and option periods, as well as rental adjustment based on the fair market value at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Tenant reports 8% rent-to-sales - contact agent for details.
The subject property is strategically located along Adlai Stevenson Drive, a major commuter thoroughfare averaging 16,000 vehicles passing by daily. The site benefits from convenient on/off ramp access to Interstate 55 & 72 (55,400 VPD), the primary highway traveling into the heart of St. Louis. The building is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The asset is ideally situated within 1 mile west of Capital City Shopping Center (243,918 SF), anchored by Big Lots and AMC, with other notable tenants including Dollar Tree, Arby’s, Panera Bread, McDonald’s, and more, promoting crossover traffic to the site. In addition, the subject property is within close proximity to several hotels including Wingate by Wyndham (109 Rooms), Drury Inn & Suites (117 Rooms), Hilton Garden Inn (117 Rooms), Holiday Inn Express & Suites (140 Rooms), and more, providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 104,500 residents and 108,000 daytime employees with an average household income of $71,526.
Location
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