Investment Offering
Springfield, MO - Sleep Number & Vitamin Shoppe
1315 E. Battlefield St | Springfield, MO 65804
$2,686,000
Price8%
Cap Rate$214,843
NOI6,021
± SF Offering GLADescription
SRS National Net Lease Group is pleased to present the opportunity acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, corporate guaranteed, two-tenant investment opportunity located in Springfield, Missouri. The building is occupied by national tenants Sleep Number and The Vitamin Shoppe. Both tenants have more than 3 year remaining in their initial term with 2 (5-year) option periods to extend. The leases feature 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The leases are NNN with landlord responsibilities limited to roof and structure making it an ideal, low-management investment opportunity for an out-of-state investor.
Location
The property is strategically located on E. Battlefield Road, averaging 29,400 vehicles passing by daily. The asset is ideally positioned in a dense retail corridor and within close proximity to several shopping centers including Battlefield Mall, a 1,200,000 square foot mall anchored by JCPenney, Dillard’s, Sears, and Macy’s, and Primrose Marketplace (368,000 SF), anchored Best Buy, Marshall, T.J. Maxx, and PetSmart. Other nearby national/credit tenants include Walmart Supercenter, Lowe’s Home Improvement, Target, Hobby Lobby, and more, increasing consumer draw and traffic to the trade area. Additionally, the asset is within immediate proximity to the Medical Mile, which has an annual $4.5 B economic impact. The Medical Mile extends from Mercy Hospital (886 beds) to CoxHealth South Medical Center (596 beds), along National Avenue. Further, the property is within a 5-mile radius from several universities including Missouri State University (26,200 students enrolled), Ozarks Technical Community College (15,100 students enrolled), and Drury University (5,400 students enrolled). The asset is within close proximity to Cambium, the recently built 127-unit apartment building and within walking distance from The Abbey (300 units), providing a strong customer base to draw from. The 5-mile trade area is supported by a population of more than 173,000 residents and features an average household income of $63,378.