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227 W 38th St 1,440 SF Retail Building Indianapolis, IN 46208 $261,566 ($181.64/SF) 8.75% Cap Rate
EXECUTIVE SUMMARY
- Single-Tenant Automotive Property: Leased to AM Automotive, a locally operated towing and auto repair business
- Tenant Responsibilities: Performs/pays CAM, reimburses for RE taxes and insurance, and maintains/repairs HVAC and parking lot
- High-Traffic Corridor: Positioned along 38th Street (12,500 VPD) surrounded by national and regional tenants including McDonald’s, Crew Carwash, Family Dollar, and Ace Hardware
- Proximity to Major Destinations: Within 5 minutes of the Indiana State Fairgrounds, Butler University, and Downtown Indianapolis
- Tenant Responsibilities: Performs/pays CAM, reimburses for RE taxes and insurance, and maintains/repairs HVAC and parking lot
- High-Traffic Corridor: Positioned along 38th Street (12,500 VPD) surrounded by national and regional tenants including McDonald’s, Crew Carwash, Family Dollar, and Ace Hardware
- Proximity to Major Destinations: Within 5 minutes of the Indiana State Fairgrounds, Butler University, and Downtown Indianapolis
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PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Auto Repair
Building Size
1,440 SF
Building Class
C
Year Built/Renovated
1949/1975
Price
$261,566
Price Per SF
$181.64
Cap Rate
8.75%
NOI
$22,887
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
0.24 AC
AMENITIES
- Fenced Lot
Walk Score®
Very Walkable (74)
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 49-06-23-148-055.000-101 | Improvements Assessment | $29,800 |
| Land Assessment | $22,900 | Total Assessment | $52,700 |
PROPERTY TAXES
Parcel Number
49-06-23-148-055.000-101
Land Assessment
$22,900
Improvements Assessment
$29,800
Total Assessment
$52,700
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