3655 N Vermilion St - Freestanding FOR SALE


Danville, IL 61832
$1,985,000 USD
312-624-7006
3655 N Vermilion St, Danville, IL for Sale
$1,985,000 USD
Freestanding - FOR SALE
1/6
null | 7.15% Cap Rate

3655 N Vermilion St
Danville, IL 61832


HIGHLIGHTS

  • 2-Tenant brand new construction padsite to a high-traffic Meijer Supercenter (1.6M visitors per year, per Placer.AI)
  • New 10YR leases to Jersey Mike’s and T-Mobile (Corporate location) | 10% rent increases every 5 years included in the tenant's option periods
  • Priced at a 7.15% CAP and at offered at a highly accessible sub-$2M price point
  • Located on a dynamic and growing retail area, adjacent to a new TJ Maxx / Kohl’s power center, a Starbucks drivethru and across from Lowe's
  • Traffic counts exceed 20,000 vehicles per day
  • Household incomes exceed $90,000 in a 1-mile radius

OVERVIEW

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a new construction, 2-tenant retail center featuring Jersey Mike’s & a corporate T-Mobile location. Located on a padsite to a high traffic Meijer Supercenter, this site benefits from the traffic Meijer drives to the area with its grocery, gas and diversified merchandise offerings. Per Placer.AI, this Meijer location sees 1.6 Million visitors every year. The property is also flanked by a new construction Starbucks and OSF Urgent Care, both of which drive additional traffic to the site. Jersey Mike’s & T-Mobile signed new 10YR NNN leases in mid-2024, providing a high level of stability to the cash flow and a weighted average lease term that exceeds 9 years. Priced below $2M, at a 7.15% CAP, this property offers an above market yield for new construction leased to such credit-worthy tenants. With exposure to over 20,000 vehicles per day and surrounding household incomes in excess of $90,000 annually, the retail fundamentals and dynamism of this trade area are self-evident, ensuring the long-term viability of this opportunity. Danville is located less than 40 miles east of Champaign, IL, just off I-74, the primary interstate between Champaign and Indianapolis. Danville is less than 4 miles from the Indiana border, making it an important logistics hub for much of the surrounding region. This retail corridor serves an especially wide radius as the result of its strategic positioning at the crossroads of the interstate and several state highways.

FOR SALE DETAILS

PRICE

$1,985,000 USD

PRICE/SF

$516 USD /SF

CAP RATE

7.15%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

9,945 SF

ZONING

B3

APN/PARCEL ID

18-20-206-002

ASK ABOUT THIS PROPERTY

Mitchell KivenMarcus & MillichapMore Info
312-624-7006

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Mitchell KivenMarcus & MillichapMore Info
312-624-7006

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