614 W Raab Rd - Restaurant FOR SALE


Normal, IL 61761
$1,290,000 USD
312-279-5345
614 W Raab Rd, Normal, IL for Sale
$1,290,000 USD
Restaurant - FOR SALE
1/10
null | 6.34% Cap Rate

614 W Raab Rd
Normal, IL 61761


HIGHLIGHTS

  • 2 Years Remaining | Corporate Signed Lease | Options to Extend | General Business Zoning | Historical Occupancy
  • Absolute NNN | Land & Building Ownership | Zero Landlord Responsibilities
  • Just Off Interstate 55 | On/Off Ramp Access | Drive-Thru Equipped | Proposed New Expanded Bus Stop Location
  • Close Proximity to Two College Campuses (25,900+ Students) | Direct Consumer Base | Nearby National/Credit Tenants
  • Healthy Demographics in Dense 5-Mile Trade Area

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN leased, drive-thru equipped, corporate signed, Steak ‘n Shake investment opportunity located in Normal IL. The tenant, Steak ‘n Shake, Inc. recently extended their lease an additional 2 years through March 2027 and has an additional 3 (5-year) option periods to extend. The lease is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity to a passive investor. The subject property is strategically positioned along West Raab Road, and just half a mile south of the Interstate 55 on/off ramps (31,700 VPD), the major north/south highway serving the entire state of Illinois. The building is also equipped with a drive-thru, providing ease and convenience for customers. The asset is in close proximity to both Illinois State University (21,500+ students) and Heartland Community College (4,400+ students), providing a direct and strong consumer base from which to draw. Moreover, the site is nearby national/credit tenants including Schnucks, Starbucks, AMC, Dollar General, McDonald’s, Walgreens, and more, promoting crossover traffic and store exposure to the property. The 5-mile trade area is supported by a dense population of over 106,200 residents with an average household income of $94,735.

FOR SALE DETAILS

PRICE

$1,290,000 USD

PRICE/SF

$370 USD /SF

CAP RATE

6.34%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Steak 'n Shake | $1.2M Corporate QSR

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Fast Food, Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

61

LAND DETAILS

LAND ACRES

0.98 AC

LAND SF

42,898 SF

ZONING

B-1

APN/PARCEL ID

14-16-351-011

ASK ABOUT THIS PROPERTY

Sean LutzSRS Real Estate PartnersMore Info
312-279-5345

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

Sean LutzSRS Real Estate PartnersMore Info
312-279-5345

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