This is an incredible investment opportunity with 100% occupancy from national tenants Harbor Freight and Ollie's Bargain Outlet.
The Property gains synergistic retail consumers from national retailers Target, Kohl’s, and Hobby Lobby to the east, while benefiting from close proximity (0.2 miles) to the I-74 interchange to the west. The Property features the dense residential population of the “Quad Cities” to the north, along with proximity to the area’s International Airport, just south below the Rock River.
The current OM has not been updated. PLEASE READ!
Harbor Freight have now waived their termination clause and wanted to add two more 5 year options to their lease. This means that they will have 7.5% increases for each option and have now committed to the site for roughly 27 more years!! (7 years remaining on the current 10 year term)
Also, the adjusted current numbers to show what the NOI would look like with adjustments to Ollie's monthly portion of what they should owe towards CAM/taxes/insurance. They are as follows:
Income and ExpensesGross Income
$369,303.96
CAM/Taxes/Insurance Paid By Tenant
$59,405.88
Total: $428,709.84
Common Area Maintenance $35,000
Insurance $32,256
Taxes $29,312
Operating Expenses Total $96,568
Sale price
$4,200,000
NOI
$332,141.84
Cap Rate
7.91%