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2014 State St
New Albany, IN 47150
Retail Property For Sale
Investment Highlights
- NNN Lease - zero landlord responsibility.
- Adjacent to Baptist Health Floyd, a 225-bed regional hospital which staffs 600+ physicians and over 2,000 associates.
- Excellent visibility, signalized lights, and direct access from three streets, including State Street which receives over 30,000 VPD.
- Two remaining 5-year renewal options, with 20% rental increases.
- Immediate area is a rapidly growing retail hub of New Albany, home to major retailers including Kroger, Target, Marshalls, Home Depot, and more.
- Area serves a wide region thanks to its position along I-265 and I-64, less than 10 miles from downtown Louisville, KY.
Executive Summary
Qualified investors are extended the opportunity to acquire a 100.0% fee simple interest in a NNN lease PNC Bank in New Albany, Indiana. This prime PNC Bank location is strategically positioned adjacent to Baptist Health Floyd, a 225-bed regional hospital staffed by over 600 physicians and more than 2,000 associates. The immediate area has become a rapidly growing retail hub in New Albany, attracting major national retailers such as Kroger, Target, Marshalls, and Home Depot. With its convenient location along I-265 and I-64—less than 10 miles from downtown Louisville, KY—the property serves a broad regional customer base.
The site boasts high visibility on a prominent corner with direct access from three streets, including State Street, which sees over 30,000 vehicles per day. Signalized intersections at Green Valley Road and Knable Lane further enhance accessibility. Additionally, the investment features a NNN lease structure with zero landlord responsibility. The lease is in the first year of its current five-year term, with two extension options remaining and 20% rental increases every five years.
The site boasts high visibility on a prominent corner with direct access from three streets, including State Street, which sees over 30,000 vehicles per day. Signalized intersections at Green Valley Road and Knable Lane further enhance accessibility. Additionally, the investment features a NNN lease structure with zero landlord responsibility. The lease is in the first year of its current five-year term, with two extension options remaining and 20% rental increases every five years.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,250 SF
Building Class
C
Year Built
1960
Price
$1,754,386
Price Per SF
$779.73
Cap Rate
5.70%
NOI
$100,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.41
Lot Size
0.13 AC
Parking
35 Spaces (15.56 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signalized Intersection
- Drive Thru
Property Taxes
| Parcel Number | 22-05-03-401-989.000-008 | Improvements Assessment | $158,000 |
| Land Assessment | $0 | Total Assessment | $158,000 |
Property Taxes
Parcel Number
22-05-03-401-989.000-008
Land Assessment
$0
Improvements Assessment
$158,000
Total Assessment
$158,000
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