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Panera Bread 1601 Damron Ct 4,187 SF Retail Building Effingham, IL 62401 $2,925,000 ($698.59/SF) 5.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term Absolute NNN Lease | Panera is subject to a long-term, 15-year absolute triple net (NNN) lease, with 7.4 years remaining on the primary term
- Strong Rent Increase in 2.5 Years | The lease features scheduled 8% rental increases every five years, with the next adjustment set for February 2028
- Strong National Tenant with a Strategic Parent Company | Panera Bread operates over 2,100 locations nationwide
EXECUTIVE SUMMARY
Surmount is pleased to present the exclusive listing for a Panera Bread located at 1601 Damron Court, Effingham, IL 62401. The site consists of roughly 4,187 rentable square feet of building space on an estimated 1.3-acre parcel of land. This Panera Bread is subject to a 15-year Triple Net (NNN) lease, which commenced 2/28/2018. The current annual rent is $153,527 and has scheduled increases of 8.00% every 5 years.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,187 SF
Building Class
B
Year Built
2017
Price
$2,925,000
Price Per SF
$698.59
Cap Rate
5.25%
NOI
$153,527
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.30 AC
Opportunity Zone
Yes
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0311018159 | Improvements Assessment | $0 |
| Land Assessment | $62,130 | Total Assessment | $62,130 |
PROPERTY TAXES
Parcel Number
0311018159
Land Assessment
$62,130
Improvements Assessment
$0
Total Assessment
$62,130
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Panera Bread | 1601 Damron Ct
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