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Shopping Strip

Verizon & SportClips

3546 N Vermilion St, Danville, IL 61832

Listing Price: $1,117,000

Cap Rate
6.62%
Gross SF
3,520
Rentable SF
3,520
Price/Gross SF
$317.33
Lot Size
0.83 acres
Year Built
2016

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Verizon & Sport Clips in Danville, Illinois. The 3,520 square-foot building was originally built in 2016 on 0.83 acres of land. The subject property is still in great condition with zero deferred maintenance. The building is still home to its two original tenants, Sport Clips and Verizon. Both tenants signed triple net leases, making this a very hands-off investment for a prospective purchaser. Verizon signed a ten year lease in March of 2016, leaving four additional years left on the original term of their lease. At the end of their base term, they have two additional five year option terms to extend their lease. Their option terms include 1 percent annual rent bumps, providing an attractive hedge against inflation. Sports Clips also signed a five year lease in June of 2017, and extended the lease in 2020 leaving five years left on their lease term. Sport Clips rent increases every year, providing the landlord with rent growth without having to wait for several years. They also have an option to renew their lease for another five years in 2027, in which the rent growth jumps to 2 percent annually. The building sits off Vermillion St. in Danville, IL, which attracts over 21,000 vehicles per day. Other retailers drawing traffic to the location include Monical’s Pizza, Popeyes, Harbor Freight, Tractor Supply, Lowe’s, Meijer and more. The average household income within a mile of the building is $83,823, and 34,876 residents live within five miles of the site. Danville sits on the Illinois/Indiana border, right along I-74. I-74 connects cities in central Illinois with Indianapolis and Lafayette, Indiana.

Investment Highlights

  • 3,520 Square-Foot Two Tenant Building | Verizon Operator (Russell Cellular) Has Over 600 Locations Throughout U.S. | Sport Clips with Personal Guarantor
  • Both on Triple-Net (NNN) Leases | Minimal Landlord Responsibility
  • No Short-Term Lease Expirations | Offers Investors Several Years of Reliable Returns
  • Both Tenants Have Options to Extend their Term with Rent Bumps Built Into the Option Periods
  • Built in 2016 | Zero Deferred Maintenance | New Parking Lot
  • Local Retailers Driving Traffic to Site Include Monical's, Popeyes, Applebee's, Meijer, Tractor Supply and Many More
  • Average Household Income of $83,823 Within One Mile of Building | 34,876 Residents Living Within Five Miles

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Shopping Strip

Verizon & SportClips

Listing Price: $1,117,000

Cap Rate
6.62%
Gross SF
3,520
Rentable SF
3,520
Price/Gross SF
$317.33
Lot Size
0.83 acres
Year Built
2016

Investment Highlights

  • 3,520 Square-Foot Two Tenant Building | Verizon Operator (Russell Cellular) Has Over 600 Locations Throughout U.S. | Sport Clips with Personal Guarantor
  • Both on Triple-Net (NNN) Leases | Minimal Landlord Responsibility
  • No Short-Term Lease Expirations | Offers Investors Several Years of Reliable Returns
  • Both Tenants Have Options to Extend their Term with Rent Bumps Built Into the Option Periods
  • Built in 2016 | Zero Deferred Maintenance | New Parking Lot
  • Local Retailers Driving Traffic to Site Include Monical's, Popeyes, Applebee's, Meijer, Tractor Supply and Many More
  • Average Household Income of $83,823 Within One Mile of Building | 34,876 Residents Living Within Five Miles

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Verizon & Sport Clips in Danville, Illinois. The 3,520 square-foot building was originally built in 2016 on 0.83 acres of land. The subject property is still in great condition with zero deferred maintenance. The building is still home to its two original tenants, Sport Clips and Verizon. Both tenants signed triple net leases, making this a very hands-off investment for a prospective purchaser. Verizon signed a ten year lease in March of 2016, leaving four additional years left on the original term of their lease. At the end of their base term, they have two additional five year option terms to extend their lease. Their option terms include 1 percent annual rent bumps, providing an attractive hedge against inflation. Sports Clips also signed a five year lease in June of 2017, and extended the lease in 2020 leaving five years left on their lease term. Sport Clips rent increases every year, providing the landlord with rent growth without having to wait for several years. They also have an option to renew their lease for another five years in 2027, in which the rent growth jumps to 2 percent annually. The building sits off Vermillion St. in Danville, IL, which attracts over 21,000 vehicles per day. Other retailers drawing traffic to the location include Monical’s Pizza, Popeyes, Harbor Freight, Tractor Supply, Lowe’s, Meijer and more. The average household income within a mile of the building is $83,823, and 34,876 residents live within five miles of the site. Danville sits on the Illinois/Indiana border, right along I-74. I-74 connects cities in central Illinois with Indianapolis and Lafayette, Indiana.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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