1601 Damron Ct - Restaurant FOR SALE
Effingham, IL 62401 |
$2,925,000 USD
617-865-1145
1601 Damron Ct
Effingham, IL 62401
HIGHLIGHTS
- Long-Term Absolute NNN Lease | Panera is subject to a long-term, 15-year absolute triple net (NNN) lease, with 7.4 years remaining on the primary term
- Strong National Tenant with a Strategic Parent Company | Panera Bread operates over 2,100 locations nationwide
- Strong Rent Increase in 2.5 Years | The lease features scheduled 8% rental increases every five years, with the next adjustment set for February 2028
OVERVIEW
Surmount is pleased to present the exclusive listing for a Panera Bread located at 1601 Damron Court, Effingham, IL 62401. The site consists of roughly 4,187 rentable square feet of building space on an estimated 1.3-acre parcel of land. This Panera Bread is subject to a 15-year Triple Net (NNN) lease, which commenced 2/28/2018. The current annual rent is $153,527 and has scheduled increases of 8.00% every 5 years.
FOR SALE DETAILS
PRICE
$2,925,000 USD
PRICE/SF
$699 USD /SF
CAP RATE
5.25%
% LEASED
-
TENANCY
Single
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
Panera Bread
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Restaurant
TOTAL BUILDING SIZE
-
STORIES
1
YEAR BUILT
2017
SPRINKLERS
-
PARKING SPACES
-
LAND DETAILS
LAND ACRES
1.3 AC
LAND SF
56,628 SF
ZONING
-
APN/PARCEL ID
0311018159
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617-865-1145
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617-865-1145
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