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1310 W Morton St 16,493 SF Retail Building Oakland City, IN 47660 $800,000 ($48.51/SF) 8.25% Cap Rate
Investment Highlights
- Low in-place rent of $4.00/SF
- 16,492 SF building on 1.95 acres; remodeled in 2021
- Projected 9.3% population growth within three miles through 2030
- Attractive acquisition basis of $48.51/SF, below replacement cost
- Prominent W. Morton Street frontage with pylon signage
- Located near Oakland City University, I-69 and Toyota Motor Manufacturing Indiana
Executive Summary
Equity is pleased to present the opportunity to acquire a 16,492 square foot Family Dollar located at 1310 W. Morton Street in Oakland City, Indiana. The property is offered for $800,000, representing an 8.25% capitalization rate and an attractive acquisition basis of $48.51 per square foot.
Family Dollar Stores of Indiana, LLC occupies the property under an NN lease with annual base rent of $65,968, or just $4.00 per square foot, and a corporate guaranty from Family Dollar Stores, Inc. The lease extends through November 30, 2028 and includes four automatic five-year extension periods with scheduled rent increases.
The 1.95 acre property was remodeled in 2021 and features prominent frontage along W. Morton Street, pylon signage, and convenient access. The surrounding trade area benefits from Oakland City University, proximity to Interstate 69 and Toyota Motor Manufacturing Indiana, and projected 9.3% population growth within three miles through 2030.
Family Dollar Stores of Indiana, LLC occupies the property under an NN lease with annual base rent of $65,968, or just $4.00 per square foot, and a corporate guaranty from Family Dollar Stores, Inc. The lease extends through November 30, 2028 and includes four automatic five-year extension periods with scheduled rent increases.
The 1.95 acre property was remodeled in 2021 and features prominent frontage along W. Morton Street, pylon signage, and convenient access. The surrounding trade area benefits from Oakland City University, proximity to Interstate 69 and Toyota Motor Manufacturing Indiana, and projected 9.3% population growth within three miles through 2030.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
16,493 SF
Building Class
C
Year Built/Renovated
2002/2021
Price
$800,000
Price Per SF
$48.51
Cap Rate
8.25%
NOI
$65,968
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
1.95 AC
Parking
44 Spaces (2.67 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signage
- Tenant Controlled HVAC
- Air Conditioning
- Awning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Family Dollar began in 1959 as a discount variety store chain and grew from a neighborhood retail concept into a nationwide business serving everyday shopping needs. The company focuses on affordable family essentials and carries food and beverages, paper products, health and beauty supplies, pet food, home products, apparel and accessories, seasonal goods, and electronics. Family Dollar supports convenient value shopping through national brands, private-label items, and digital savings tools across the United States.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 26-13-24-100-001.551-007 | Improvements Assessment | $725,400 |
| Land Assessment | $58,500 | Total Assessment | $783,900 |
Property Taxes
Parcel Number
26-13-24-100-001.551-007
Land Assessment
$58,500
Improvements Assessment
$725,400
Total Assessment
$783,900
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1310 W Morton St