107 W Lincoln Ave - Retail FOR SALE


Charleston, IL 61920
$2,668,803 USD
786-522-7013
107 W Lincoln Ave, Charleston, IL for Sale
$2,668,803 USD
Retail - FOR SALE
1/3
null | 7.1% Cap Rate

107 W Lincoln Ave
Charleston, IL 61920


HIGHLIGHTS

  • New (2024) Construction
  • Long Term Lease | 18+ Years of Initial Term Remaining
  • Attractive Annual Increases | 1.5% Annually
  • Absolute NNN | Zero Landlord Responsibilities
  • Strong Retail Corridor | Excellent Frontage Along West Lincoln Avenue
  • Experienced Operator | Guernsey Holdings — 5th-Largest Sonic Franchisee (133+ Units) + 43 Zaxby’s Stores (16 Sonic Units in IL Platform)

OVERVIEW

Marcus & Millichap is pleased to present for sale this Sonic Drive-In located at 107 W Lincoln Avenue in Charleston, Illinois. This freestanding, single-tenant property features a 1,660-square-foot building situated on a ±0.60-acre parcel and was newly constructed in 2024, delivering the latest Sonic prototype. The property is prominently positioned along West Lincoln Avenue, one of Charleston’s primary commercial corridors, providing strong visibility and convenient access to the surrounding trade area. The site benefits from close proximity to Eastern Illinois University, which enrolls approximately 8,000+ students, serving as a major economic and traffic driver for the city. The property is also supported by dense nearby residential neighborhoods and a well-established retail base that includes national and regional tenants such as McDonald’s, Starbucks, Walgreens, CVS, Taco Bell, Arby’s, Walmart, ALDI, Kroger, Wendy’s, and numerous others. Charleston’s role as a regional hub for education, healthcare, and retail provides consistent daily traffic and long-term demand fundamentals. The property is encumbered by a 20-year absolute triple-net (NNN) lease that commenced in July 2024 and features attractive 1.5 percent annual rental increases throughout the base term and option periods. The tenant, Guernsey Holdings, is the fifth-largest Sonic franchisee in the system, operating more than 133+ Sonic locations and over 43 Zaxby’s nationwide. This lease structure provides investors with long-term, predictable income and zero landlord responsibilities from an established and experienced operator. Sonic Drive-In, founded in 1953, is the largest drive-in restaurant brand in the United States with more than 3,500 locations in 46 states. The brand is part of Inspire Brands, the second-largest restaurant company in the U.S., which operates more than 32,000 restaurants across 57 markets worldwide, generating over $31 billion in systemwide sales. Backed by one of the most experienced multi-unit operators in the Sonic system, this offering represents a rare opportunity to acquire a brand-new, long-term NNN asset in a strong Midwestern market, providing investors with stable cash flow, embedded growth through annual increases, and passive ownership with a proven national brand.

FOR SALE DETAILS

PRICE

$2,668,803 USD

PRICE/SF

$1,608 USD /SF

CAP RATE

7.1%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sonic - Charleston, IL

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.6 AC

LAND SF

26,136 SF

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Ronnie IssenbergMarcus & MillichapMore Info
786-522-7013

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Ronnie IssenbergMarcus & MillichapMore Info
786-522-7013

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.