602 Woodlawn Rd - Storefront Retail/Office FOR SALE


Lincoln, IL 62656
$1,454,000 USD
317-218-5329
602 Woodlawn Rd, Lincoln, IL for Sale
$1,454,000 USD
Storefront Retail/Office - FOR SALE
1/4
null | 7.75% Cap Rate

602 Woodlawn Rd
Lincoln, IL 62656


HIGHLIGHTS

  • 5,800 Square Foot Two-Tenant Retail Strip
  • 100% Occupied | Anchored by Central Illinois Urgent Care & OSF Healthcare
  • Zero Lease Rollover until 2029
  • Rare 3% Annual Rent Increases in Renewal Options for both Tenants
  • Lincoln Urgent Care Operates a Triple Net Lease | OSF Lease is Gross – Upside Potential for Future Investor to Convert to NNN
  • Adjacent to both CVS and Walgreens

OVERVIEW

Marcus & Millichap is pleased to present the Central Illinois Urgent Care Center in Lincoln, Illinois. This 5,800 square foot building was built in 2024 and sits on a 0.92 acre parcel. The building has excellent visibility and easy, immediate access from Woodlawn Road, where over 11,500 vehicles drive per day. There are multiple nearby traffic drivers like CVS, Walgreens, Walmart, Hardee’s, Dollar General, Dollar Tree and McDonald’s. The Lincoln Memorial Hospital is located a little over a mile away from the subject property along with many other retailers. Central Illinois Urgent Care Center is a two-tenant retail strip, offering full stability at 100 percent occupancy. Central Illinois Urgent Care occupies the 3,800 square foot endcap on the east end of the center, while OSF Healthcare occupies the additional 2,000 square feet. There are rare 3 percent annual rent increases in the options for each tenant, providing excellent rent growth potential for a future investor.

FOR SALE DETAILS

PRICE

$1,454,000 USD

PRICE/SF

$251 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Central Illinois Urgent Care Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Medical

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.49 AC

LAND SF

21,344 SF

ZONING

GB

APN/PARCEL ID

12-480-024-75

ASK ABOUT THIS PROPERTY

Nathan WhalenMarcus & MillichapMore Info
317-218-5329

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Nathan WhalenMarcus & MillichapMore Info
317-218-5329

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