Ollie's/Harbor Freight | 4401 27th St
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Ollie's/Harbor Freight 4401 27th St
52,463 SF 100% Leased Retail Building Moline, IL 61265 $4,200,000 ($80/SF) 7.91% Cap Rate
Investment Highlights
- Close proximity to the interstate and SouthPark Mall.
- Long term leases, with a WALT of 8.5 years.
- Located in the retail corridor with surrounding national tenants such as Wal-Mart, Target, Lowe's, Menards, Hobby Lobby, Kohl's, Petsmart and Ross.
- Minimal capital expenditures, with a roof warranty through 2037.
- Average in-place rent of $6.75 provides an attractive basis well below replacement cost with downside protection.
Executive Summary
This is an incredible investment opportunity with 100% occupancy from national tenants Harbor Freight and Ollie's Bargain Outlet.
The Property gains synergistic retail consumers from national retailers Target, Kohl’s, and Hobby Lobby to the east, while benefiting from close proximity (0.2 miles) to the I-74 interchange to the west. The Property features the dense residential population of the “Quad Cities” to the north, along with proximity to the area’s International Airport, just south below the Rock River.
The current OM has not been updated. PLEASE READ!
Harbor Freight have now waived their termination clause and wanted to add two more 5 year options to their lease. This means that they will have 7.5% increases for each option and have now committed to the site for roughly 27 more years!! (7 years remaining on the current 10 year term)
Also, the adjusted current numbers to show what the NOI would look like with adjustments to Ollie's monthly portion of what they should owe towards CAM/taxes/insurance. They are as follows:
Income and ExpensesGross Income
$369,303.96
CAM/Taxes/Insurance Paid By Tenant
$59,405.88
Total: $428,709.84
Common Area Maintenance $35,000
Insurance $32,256
Taxes $29,312
Operating Expenses Total $96,568
Sale price
$4,200,000
NOI
$332,141.84
Cap Rate
7.91%
The Property gains synergistic retail consumers from national retailers Target, Kohl’s, and Hobby Lobby to the east, while benefiting from close proximity (0.2 miles) to the I-74 interchange to the west. The Property features the dense residential population of the “Quad Cities” to the north, along with proximity to the area’s International Airport, just south below the Rock River.
The current OM has not been updated. PLEASE READ!
Harbor Freight have now waived their termination clause and wanted to add two more 5 year options to their lease. This means that they will have 7.5% increases for each option and have now committed to the site for roughly 27 more years!! (7 years remaining on the current 10 year term)
Also, the adjusted current numbers to show what the NOI would look like with adjustments to Ollie's monthly portion of what they should owe towards CAM/taxes/insurance. They are as follows:
Income and ExpensesGross Income
$369,303.96
CAM/Taxes/Insurance Paid By Tenant
$59,405.88
Total: $428,709.84
Common Area Maintenance $35,000
Insurance $32,256
Taxes $29,312
Operating Expenses Total $96,568
Sale price
$4,200,000
NOI
$332,141.84
Cap Rate
7.91%
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
52,463 SF
Building Class
B
Year Built/Renovated
1974/2023
Price
$4,200,000
Price Per SF
$80
Cap Rate
7.91%
NOI
$332,142
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
3 Exterior
Building FAR
0.13
Land Acres
9.48 AC
Zoning
B-4 - Commercial zone
Parking
156 Spaces (2.97 Spaces per 1,000 SF Leased)
Frontage
338 FT on John Deere Rd
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,045,144 | |
| Land Assessment | $2,146,749 | Total Assessment | $3,191,893 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,146,749
Improvements Assessment
$1,045,144
Total Assessment
$3,191,893
-
Holt Moore -
Kenneth Gambill -
Moore Commercial Group
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Ollie's/Harbor Freight | 4401 27th St
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