2003 W Monroe St - Fast Food FOR SALE


Springfield, IL 62704
$550,000 USD
630-570-2169
2003 W Monroe St, Springfield, IL for Sale
$550,000 USD
Fast Food - FOR SALE
1/7
null | 17.22% Cap Rate

2003 W Monroe St
Springfield, IL 62704


HIGHLIGHTS

  • Dark Location | Redevelopment Opportunity
  • Starbucks is No Longer Operating at this Location, However has 1.2 Years Remaining
  • Drive-Thru and Outdoor Patio | Adds Value and Flexibility to Future Tenancy
  • Ideally Located at a High-Trafficked Signalized Intersection | Exceeding 24,600 Vehicles per Day
  • 0.8 Miles from Highway 97 Which has a Traffic Count of 20,500 Vehicles per Day
  • Less Than Two Miles from Two Hospitals | St. Johns Hospital & Children’s Hospital (382 Beds) and Memorial Medical Center (500 Beds)

OVERVIEW

This property presents a prime redevelopment opportunity with 1,815 square feet of space, previously occupied by Starbucks. Currently under a double net lease with 1.2 years remaining, the site offers attractive real estate fundamentals, including a drive-thru and outdoor patio that enhance its value and flexibility for future tenants. The location benefits from excellent visibility along West Monroe Street and Chatham Road, complemented by prominent signage. Strategically positioned just 341 feet from the signalized intersection of Monroe Street and Chatham Road, the property enjoys a combined daily traffic count of over 24,600 vehicles. It is also conveniently located 0.8 miles from Highway 97, with 20,500 vehicles per day, and 1.2 miles from Veterans Parkway, with 24,200 vehicles per day, ensuring high visibility and accessibility. The surrounding area boasts a robust mix of major retailers, schools, hospitals, and iconic landmarks. Nearby retailers include County Market, Family Dollar, Jimmy John’s, Dunkin, Dollar General, Krispy Kreme, McDonald’s, Walgreens, CVS, Harbor Freight, and O’Reilly Auto Parts. Additionally, the property is surrounded by seven public and private schools with a combined enrollment of 4,751 students. It is less than two miles from two major hospitals—St. Johns Hospital & Children’s Hospital (382 beds) and Memorial Medical Center (500 beds)—and within three miles of key landmarks such as the Illinois State Capitol Building, Illinois State Museum, Illinois Governor’s Mansion, and Lincoln Home National Historic Site. Demographics further highlight the property’s appeal, with an estimated 2023 population of 67,945 and a daytime population of 104,980 within a three-mile radius. The area also features an average household income of $85,917, making it a highly desirable location for redevelopment and future tenancy.

FOR SALE DETAILS

PRICE

$550,000 USD

PRICE/SF

$303 USD /SF

CAP RATE

17.22%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dark Value-Add | QSR Redevelopment

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Fast Food

ADD'L SUBTYPES

Freestanding, Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,990 SF

ZONING

-

APN/PARCEL ID

14-32.0-103-041

ASK ABOUT THIS PROPERTY

Kevin WiersemaSharko | Weisenbeck | Mendoza GroupMore Info
630-570-2169

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Kevin WiersemaSharko | Weisenbeck | Mendoza GroupMore Info
630-570-2169

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