New Construction Abs Nnn Sonic Long Term Lease… — Sale in Charleston, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Charleston, IL 61920

Investment Figures

Cap rate
7.10%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present for sale this Sonic Drive-In located at 107 W Lincoln Avenue in Charleston, Illinois. This freestanding, single-tenant property features a 1,660-square-foot building situated on a ±0.60-acre parcel and was newly constructed in 2024, delivering the latest Sonic prototype. The property is prominently positioned along West Lincoln Avenue, one of Charleston’s primary commercial corridors, providing strong visibility and convenient access to the surrounding trade area. The site benefits from close proximity to Eastern Illinois University, which enrolls approximately 8,000+ students, serving as a major economic and traffic driver for the city. The property is also supported by dense nearby residential neighborhoods and a well-established retail base that includes national and regional tenants such as McDonald’s, Starbucks, Walgreens, CVS, Taco Bell, Arby’s, Walmart, ALDI, Kroger, Wendy’s, and numerous others. Charleston’s role as a regional hub for education, healthcare, and retail provides consistent daily traffic and long-term demand fundamentals. The property is encumbered by a 20-year absolute triple-net (NNN) lease that commenced in July 2024 and features attractive 1.5 percent annual rental increases throughout the base term and option periods. The tenant, Guernsey Holdings, is the fifth-largest Sonic franchisee in the system, operating more than 87+ Sonic locations and over 133 units across multiple concepts nationwide including Little Caesars, Take 5 Oil Change, and Meineke. This lease structure provides investors with long-term, predictable income and zero landlord responsibilities from an established and experienced operator. Sonic Drive-In, founded in 1953, is the largest drive-in restaurant brand in the United States with more than 3,500 locations in 46 states. The brand is part of Inspire Brands, the second-largest restaurant company in the U.S., which operates more than 32,000 restaurants across 57 markets worldwide,

Market Context

This retail in Charleston, IL is listed for sale. It is offered at an approximate 7.1% capitalization rate, a key benchmark for income-producing retail assets. It has been on the market for 100 days. Compare it against other retail listings for sale in Charleston, IL — view the full market.

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