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3201 Horizon Dr
Springfield, IL 62703

Ascend Cannabis Dispensary · Retail Property For Sale

Retail Buildings Illinois Springfield 3201 Horizon Dr, Springfield, IL 62703

Investment Highlights

  • Absolute NNN Lease with Annual Rent Increases
  • Limited Downside Due to $2.75M Exit Fee
  • Frontage on Interstate 55 with Excellent Visibility
  • Exceptional Sales Numbers
  • One of the Largest Publicly Traded Cannabis Companies
  • Proximity to Interstate 55 On/Off Ramp

Executive Summary

Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a fee simple interest in the Ascend Cannabis Dispensary asset located in Springfield, Illinois (the “Property”). The Property consists of a 6,163-square-foot freestanding retail building on a 1.89-acre parcel of land. Ascend is operating under an absolute NNN lease with zero landlord responsibilities whatsoever, offering a truly passive investment asset. The lease has over 5 years of term remaining, and features attractive 2.75% annual rent escalations throughout the base term, providing investors with a boost to overall cash flows and a significant hedge against inflation.

PROPERTY FACTS

Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,163 SF
Building Class
B
Year Built
2020
Price
$8,076,273 CAD
Price Per SF
$1,310 CAD
Cap Rate
9.50%
NOI
$767,246 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.89 AC
Zoning
C-1
Parking
116 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
155 ft on Route 72

Amenities

  • Pylon Sign
  • Restaurant

Links

PROPERTY TAXES

Parcel Numbers
Multiple
  • 22-12.0-127-058
  • 22-12.0-127-057
 Improvements Assessment $228,360 CAD
Land Assessment $333,181 CAD Total Assessment $561,541 CAD

PROPERTY TAXES

Parcel Numbers
Multiple
  • 22-12.0-127-058
  • 22-12.0-127-057
Land Assessment
$333,181 CAD
Improvements Assessment
$228,360 CAD
Total Assessment
$561,541 CAD
 

  • Listing ID: 32566243

  • Date on Market: 2024-07-24

  • Last Updated:

  • Address: 3201 Horizon Dr, Springfield, IL 62703

The Retail Property at 3201 Horizon Dr, Springfield, IL 62703 is currently available for sale. Contact Northmarq for more information.

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