Cap Rate: 7.50%
Net Operating Income: $595,674
Lot Size: 12.35 AC
Year Built: 2005
This represents a 100% fee simple interest in a 89,275 +/- gross square foot building located in St. Joseph, Missouri. This single-tenant property is leased to Kohl’s Corporation (NYSE:KSS).
There are 7 years remaining on the initial NNN lease with five, 5-year options. The rent increases $0.50/SF at the start of each option term. The site is surrounded by many major retailers including Walgreens, Target, Best Buy, The Home Depot, and T.J.Maxx.
St. Joseph is a city in and the county seat of Buchanan County, Missouri. Small parts of St. Joseph extend into Andrew County, Missouri, United States. It is the principal city of the St. Joseph Metropolitan Statistical Area, which includes Buchanan, Andrew, and DeKalb counties in Missouri and Doniphan County, Kansas. As of the 2010 census, St. Joseph had a total population of 76,780, making it the eighth largest city in the state, and the third largest in Northwest Missouri.
Named after the biblical Saint Joseph, the city is located on the Missouri River. It is the birthplace of hip hop star Eminem as well as the death place of Jesse James; it is also the starting point of the Pony Express. St. Joseph is also home to Missouri Western State University.