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Steak n Shake 130 N 44th St 4,190 SF Retail Building Mount Vernon, IL 62864 $1,204,167 ($287.39/SF) 7.06% Cap Rate
Investment Highlights
- Dark but paying tenant provides current income while pursuing a long-term repositioning strategy
- Opportunity to increase value through re-tenanting at market rents
- Ideal for owner-users seeking a turnkey conversion opportunity with significantly reduced buildout costs
- Potential to negotiate an early recapture, buyout, or replacement tenancy depending on ownership objectives
- Former Steak ’n Shake restaurant with existing drive-thru infrastructure and restaurant improvements in place
- Flexible building layout suitable for QSR, fast casual, coffee, dessert, medical retail, or other service-oriented users
Executive Summary
Former 4,190 SF Steak ’n Shake restaurant on 0.93 acres in Mount Vernon’s primary retail corridor. The building has existing drive-thru infrastructure, restaurant improvements, ample parking, and strong visibility from major thoroughfares. The asset is currently dark, but the tenant continues to pay under an Absolute NNN lease at $85,000 annually until April 29, 2030, with two five-year renewal options remaining. Ideal for an owner-user seeking a turnkey conversion or an investor pursuing re-tenanting, buyout, or repositioning upside.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
4,190 SF
Building Class
B
Year Built
2017
Price
$1,204,167
Price Per SF
$287.39
Cap Rate
7.06%
NOI
$85,014
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.93 AC
Zoning
B-3 - The property is zoned B-3, Interchange Business.
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 06-35-201-006 | Improvements Assessment | $139,794 |
| Land Assessment | $58,339 | Total Assessment | $198,133 |
Property Taxes
Parcel Number
06-35-201-006
Land Assessment
$58,339
Improvements Assessment
$139,794
Total Assessment
$198,133
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