OFFERING SUMMARY
List Price: $3,504,424
CAP Rate: 5.65%
Lease Type: Absolute Net
Gross Leasable Area: 7,510 SF
Lot Size: 1.6 Acre
Year Built: 2002
OFFERING HIGHLIGHTS
- Corporately Guaranteed
- Absolute Triple Net Lease
- Just Under Ten Years Remaining on Current Term
- Three 5-Year Options Remain
- 10% Increases Every Five Years
INVESTMENT OVERVIEW
Diffie Retail Team at Marcus & Millichap is pleased to present this absolute net, corporately guaranteed Texas Roadhouse in a highly-desirable location in East Peoria, Illinois. The property is a prime opportunity for investors looking for sustainable long-term rent with zero landlord responsibilities. The current lease runs through 2030, with three additional five-year options to follow and ten percent rent increases every five years. This location maintains steady business in spite of the COVID-19 pandemic and continues to serve customers for take-out, curbside pick-up, and indoor seating.
Located immediately off of Interstate 74 with a view of Peoria Lake, this property sees traffic over 70,000 vehicles per day. Nearby anchor tenants, including Walmart Supercenter, Bass Pro Shops, and Lowe’s, provide strong retail synergy along with other casual dining chains such as Buffalo Wild Wings, Culver’s, and Chili’s. The Peoria MSA boasts an estimated population of over 400,000 residents and has a strong history of manufacturing and industry.
