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Sonic Drive-In

$2,667,000

111 West Lincoln Avenue, Charleston, IL 61920

Active
Last Updated: 02/18/2025

7

Cap Rate

186,685

NOI

Details:
Cap Rate:    7%
NOI:    $186,685
Lot Area:    25,920 sqft
Lease Type:    Absolute Net
Year Built:    2024
Tenancy:    Single
Highlights:
  • 20-year absolute NNN lease featuring 1.5% annual rental increases throughout the base term and options
  • 2024 build-to-suit construction with drive-thru
  • Zero landlord expense or maintenance obligations making this a truly “hand-off” investment
  • Operator is a 123-unit franchisee operating on behalf of Sonic, Zaxby’s, and Take 5 Oil Change
  • Subject property features significant frontage and direct ingress/egress on W Lincoln Avenue – 20,124 VPD
  • Located less than 0.5 miles from Eastern Illinois University’s 320-acre campus – 8,850+ students
  • Unemployment rate only 3.2%, below 4% national average
  • Area retailers include McDonald’s, Starbucks, CVS, Walgreens, and dozens of other national retailers
Description:

A 20-year absolute NNN lease Sonic featuring 1.5% annual rental increases throughout the base term and options. Tenant is the 5th largest Sonic franchisee in the U.S. with 123 locations in LA, TX, IL, TN, AR, ID, OR, and WA. Illinois is one of their best performing markets and the company is continuing to acquire other franchisees within their existing footprint.

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Documents:
Title
Sonic_CharlestonIL.pdf
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