3201 Horizon Dr | Springfield, IL 62703
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3201 Horizon Dr
Springfield, IL 62703
Ascend Cannabis Dispensary · Retail Property For Sale
Investment Highlights
- Absolute NNN Lease with Annual Rent Increases
- Limited Downside Due to $2.75M Exit Fee
- Frontage on Interstate 55 with Excellent Visibility
- Exceptional Sales Numbers
- One of the Largest Publicly Traded Cannabis Companies
- Proximity to Interstate 55 On/Off Ramp
Executive Summary
Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a fee simple interest in the Ascend Cannabis Dispensary asset located in Springfield, Illinois (the “Property”). The Property consists of a 6,163-square-foot freestanding retail building on a 1.89-acre parcel of land. Ascend is operating under an absolute NNN lease with zero landlord responsibilities whatsoever, offering a truly passive investment asset. The lease has over 5 years of term remaining, and features attractive 2.75% annual rent escalations throughout the base term, providing investors with a boost to overall cash flows and a significant hedge against inflation.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,163 SF
Building Class
B
Year Built
2020
Price
$5,607,277
Price Per SF
$910
Cap Rate
9.50%
NOI
$532,691
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.89 AC
Zoning
C-1
Parking
116 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
155 FT on Route 72
Amenities
- Pylon Sign
- Restaurant
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $161,384 | |
| Land Assessment | $235,462 | Total Assessment | $396,846 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$235,462
Improvements Assessment
$161,384
Total Assessment
$396,846
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