Shopping Strip
Neighborhood Retail Centers | College Town | 8.5% CAP
1608 Northbrook Dr, Normal, IL 61761
Listing Price: $2,730,000
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in two adjacent neighborhood retail centers in Normal, Illinois. Both properties are fully occupied and leased to a range of local tenants ideally suited to this college town location, including a pizza place, a coffee shop, a marijuana dispensary, and a health care clinic.
Priced at an 8.5% CAP rate and properly underwritten – including a vacancy factor and a third-party management fee, these assets can be financed to deliver an attractive cash-on-cash return, a rare feature in today’s volatile capital market environment. With its attractive masonry construction and concrete parking lots, there’s a pride of ownership aspect to this opportunity as well. The price per square foot is appealing, only $159 per square foot, it would be impossible to build this property today, even at double the asking price.
The Bloomington Normal MSA is known as the national headquarters of State Farm Insurance, as well as being the home of Illinois State University. Additionally, this MSA has seen a number of recent positive developments with the arrival of the new Rivian auto plant, as well as the recent construction of a 70,000 square foot Ferrero candy factory.
This is an opportunity to purchase a well-maintained neighborhood retail property, at an attractive going in yield, in a historically stable college town.
Neighborhood Retail Centers | College Town | 8.5% CAP
Investment Highlights
- Two 100% occupied neighborhood retail centers located in Normal, Illinois, 0.8 miles from Heartland Community College (4,913 students) and 1.5 miles from Illinois State University (20,683 students)
- Offered at an 8.5% CAP rate, one can finance the purchase at a cash-on-cash return that is well above market
- Property consists of 8 total units with shallow depth bays and an average square footage of 2,150 square feet
- Both buildings are equipped with drive-thrus and feature high end pylon signage, both internally illuminated, with prominent visibility on Raab Road (15,000+ vehicles per day)
- Located approximately a quarter (¼) mile from the exit and on ramp to Interstate 55, the primary highway between Chicago and Saint Louis running through the Bloomington Normal MSA
- Built in 2008 and priced at only $159 per square foot, these masonry buildings could not be built today for two times the going in basis at the asking price, especially considering that they have concrete parking lots
- Over 108,000 people live within a 5-mile radius
Shopping Strip
Neighborhood Retail Centers | College Town | 8.5% CAP
Listing Price: $2,730,000
Investment Highlights
- Two 100% occupied neighborhood retail centers located in Normal, Illinois, 0.8 miles from Heartland Community College (4,913 students) and 1.5 miles from Illinois State University (20,683 students)
- Offered at an 8.5% CAP rate, one can finance the purchase at a cash-on-cash return that is well above market
- Property consists of 8 total units with shallow depth bays and an average square footage of 2,150 square feet
- Both buildings are equipped with drive-thrus and feature high end pylon signage, both internally illuminated, with prominent visibility on Raab Road (15,000+ vehicles per day)
- Located approximately a quarter (¼) mile from the exit and on ramp to Interstate 55, the primary highway between Chicago and Saint Louis running through the Bloomington Normal MSA
- Built in 2008 and priced at only $159 per square foot, these masonry buildings could not be built today for two times the going in basis at the asking price, especially considering that they have concrete parking lots
- Over 108,000 people live within a 5-mile radius
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in two adjacent neighborhood retail centers in Normal, Illinois. Both properties are fully occupied and leased to a range of local tenants ideally suited to this college town location, including a pizza place, a coffee shop, a marijuana dispensary, and a health care clinic. Priced at an 8.5% CAP rate and properly underwritten – including a vacancy factor and a third-party management fee, these assets can be financed to deliver an attractive cash-on-cash return, a rare feature in today’s volatile capital market environment. With its attractive masonry construction and concrete parking lots, there’s a pride of ownership aspect to this opportunity as well. The price per square foot is appealing, only $159 per square foot, it would be impossible to build this property today, even at double the asking price. The Bloomington Normal MSA is known as the national headquarters of State Farm Insurance, as well as being the home of Illinois State University. Additionally, this MSA has seen a number of recent positive developments with the arrival of the new Rivian auto plant, as well as the recent construction of a 70,000 square foot Ferrero candy factory. This is an opportunity to purchase a well-maintained neighborhood retail property, at an attractive going in yield, in a historically stable college town.
