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.