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Old National Bank 407 S Main St 14,074 SF Retail Building Clinton, IN 47842 $2,771,000 ($196.89/SF) 6.50% Cap Rate
EXECUTIVE SUMMARY
CIRE Partners is pleased to exclusively offer for sale a single tenant bank portfolio located in Indiana. The investment contains a corporately guaranteed lease from an investment grade tenant, First Mid Illinois Bank & Trust and Old National Bank (Aa3 Moody’s Credit Rating). The current lease term runs until 2029 and has four, five year option periods with annual rent increases throughout the remaining lease term and option periods.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
14,074 SF
Building Class
C
Year Built
1964
Price
$2,771,000
Price Per SF
$196.89
Cap Rate
6.50%
NOI
$180,115
Tenancy
Single
Building Height
1 Story
Building FAR
0.27
Lot Size
1.18 AC
Opportunity Zone
Yes
Zoning
EMS-VD - Commercial
Parking
55 Spaces (3.91 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 83-13-15-310-049.000-002 | Improvements Assessment | $17,900 |
| Land Assessment | $3,100 | Total Assessment | $21,000 |
PROPERTY TAXES
Parcel Number
83-13-15-310-049.000-002
Land Assessment
$3,100
Improvements Assessment
$17,900
Total Assessment
$21,000
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Old National Bank | 407 S Main St
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