3371 N Vermilion St | Danville, IL 61832
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3371 N Vermilion St
Danville, IL 61832
Harbor Freight Tools | Long-Term, Net Lease · Retail Property For Sale
Investment Highlights
- Long-Term, Net Lease
- Corporate Guaranty
- Retail Corridor with Proximity to Danville Village Mall
- Attractive Rent Escalation
- High Residual Value with Replaceable Rent
- Excellent Access and Visibility on Primary Thruway
Executive Summary
Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase a fee-simple interest in the Harbor Freight asset located in Danville, Illinois (“The Property”). The Property consists of a 23,500-square-foot freestanding retail building on a 1.56-acre parcel of land. Harbor Freight is operating under a net lease with 7+ years of primary base lease term remaining, offering a passive investment asset with long-term, stable cash flows. Additionally, this lease features rent escalations of 10% every 5 years, providing investors with a significant hedge against inflation. On top of this, investors are able to acquire a building at a low price point ($81.48/SF), with a tenant paying below market rent ($5.50/SF). See Lease Abstract for full details.
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Department Store
Building Size
23,500 SF
Building Class
B
Year Built
1997
Price
£1,499,875
Price Per SF
£64
Net Initial Yield
6.75%
NOI
£101,242
Tenancy
Single
Number of Floors
1
Building FAR
0.35
Lot Size
1.56 AC
Zoning
B-1
Parking
92 Spaces (3.91 Spaces per 1,000 SF Leased)
Frontage
141 ft on N Vermillion
PROPERTY TAXES
| Parcel Number | 18-20-400-029 | Improvements Assessment | £219,916 |
| Land Assessment | £92,785 | Total Assessment | £312,701 |
PROPERTY TAXES
Parcel Number
18-20-400-029
Land Assessment
£92,785
Improvements Assessment
£219,916
Total Assessment
£312,701
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