Local Investment Opportunity
Subject property was originally constructed in the late 1910’s and was the original home to the local newspaper the Times/Charleston Courier. The building is broken into two sections, the front office/retail space that consists of 4,902 SF and has a full basement that can be utilized for storage. The front portion of the building has two women’s restrooms and one men’s with 4 fixtures. The rear portion of the building is considered storage/warehouse roughly 25′ x 57′ or 1,425 SF with 14′ ceilings and a 8’9″ x 13’5″ OHD. The building has 400 AMP 480 Volt power and the warehouse has 3 phase 208 Volt. There are 2 air conditioners on the building’s flat roof and two newer heaters in the basement along with a sump pump. The property also has new awnings, and updated facade, and some tuck-pointing has been done. The property is currently leased though 3/14/22 for $20,400/Year Gross with a tax stop based in 2015. The tenant has a rolling option to purchase the property for $135,000 increasing annually. The property is being offered currently at 10.8% Cap rate.
Subject property is located on the north side of Charleston of the corner of State & 6th Street, just two blocks north of Charleston Square. Charleston is the County Seat of Coles County and is the home of Eastern Illinois University campus, home to 8,520 Undergrads & Grads & 1,707 Faculty.
State: 9,100 VPD
6th Street: 800 VPD