This Retail Property is Off-Market.

6012 East 46th Street
Indianapolis, IN 46226 ·

2,421 SF · Retail For Sale

N/A

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Popeye's Chicken & Biscuits

Price N/A Cap Rate 9.75%
Building Size 2,421 SF Occupancy 100%
Property Type Retail No. Stories 1
Property Sub-type Restaurant Tenancy Single
Property Use Type Net Lease Investment with 10+ years left on lease Year Built 1984
Construction Status Under Construction/Proposed Lot Size 0.48 AC
Commission Split 2.5% APN / Parcel ID 4-025806
Listing ID: 15991618 Date Created: 11/17/2008 Last Updated: 04/03/2009

Description

The investment is an absolute NNN lease with a brand new 15 year lease to commence upon close of escrow. The lease includes four (4) five (5) year options to extend the lease under the same terms and conditions.

The lease has two percent annual rental escalations. The property has an attractive and competitive cap rate of 9.75% and absolutely no landlord responsibilities. The building is 2,421 square feet and it sits on a 0.482 acre parcel of land.

This investment opportunity is located in the Lawrence township of Marion County in Indianapolis, Indiana. The site is strategically located near the intersection of 46th Street and Arlington at 6012 East 46th Street in Indianapolis, Indiana. As a result of the excellent location on this major commercial thoroughfare the traffic count in the immediate vicinity is over 73,434 vehicles per day.

The investment property is located just north as an outlot to the Devington Plaza, a local retail shopping center situated on the northeast corner of Arlington Avenue and East 46th Street consisting of a +/- 173,975 SF shopping center situated on 32.9 acres. The property has excellent exposure given its frontage along Arlington Avenue and along East 46th Street. The level site has good access via four curb cuts.
The Devington Plaza is anchored by Kroger and the following commercial establishments: H & R Block, Revol Wireless, Rainbow Retail Store and Family Dollar Store, Subway, and Rent A Center. Local tenants housed within the Devington Plaza include: a dental office, Top One (clothing store), SophistiCut, African Hair Braiding, Dragon Inn Chinese Restaurant, Art Nail, Upgrade Barber Lounge and Alterations Express. The shopping center' s outlots include a vacant gas station, a vacant daycare converted from a restaurant, National City Bank, Autozone and the subject investment, Popeye' s Chicken & Biscuits. Additional local and national retail tenants including: Pizza Hut, Walgreens and several others.

Highlights

  • Brand New Absolute NNN Lease to Commence at COE
  • 15 Year Lease with 2% Percent Annual Rental Escalations w/ 4 (5) Year Options
  • Attractive & Competitive Cap Rate of 9.75%
  • Traffic Counts in Excess of 73,434 + Daily Vechicles
  • Large Urban Infill Location, Dense Surrounding Population
  • One Mile East of I-465

Research

6012 East 46th Street, Indianapolis, IN 46226 (Marion County)

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