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Midland States Bank | Abs NNN 303 Section Line Rd 8,100 SF 79% Leased Retail Building Manteno, IL 60950 $2,890,000 ($356.79/SF) 6.70% Cap Rate
Investment Highlights
- 6+ Years Remaining | 2% Annual Rental Increases | 2- 10 Yr Options to Extend
- Interstate 57 (33,600 VPD) | Dense Retail Corridor | Nearby Schools
- Founded in 1881, NASDAQ ticker (MSBI)
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
Executive Summary
SRS Real Estate Partners-Midwest, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Midland States Bank (founded in 1881) investment property located in Manteno, Illinois. The tenant currently has 6+ years left with 2 (10-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and options thereafter, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Midland States Bank was founded in 1881 and is Publicly Traded on NASDAQ with a ticker symbol of MSBI. As of March 31, 2026, the Company had total assets of approximately $6.55 billion, $5.42 billion in deposits and its Wealth Management Group had assets under administration of approximately $4.47 billion. The Branch has $147 mil in deposits. The Tenant has a office suite of 1,672 SF that is currently available for sublease.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
8,100 SF
Building Class
B
Year Built
1990
Price
$2,890,000
Price Per SF
$356.79
Cap Rate
6.70%
NOI
$193,605
Percent Leased
79%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.10
Lot Size
1.78 AC
Parking
54 Spaces (6.67 Spaces per 1,000 SF Leased)
Amenities
- Banking
- Corner Lot
- Pylon Sign
- Drive Thru
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $505,462 | |
| Land Assessment | $33,243 | Total Assessment | $538,705 |
Property Taxes
Parcel Numbers
Land Assessment
$33,243
Improvements Assessment
$505,462
Total Assessment
$538,705
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