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Pine Island Plaza 5124 Pine Island Ct 20,154 SF 100% Leased Retail Building Crown Point, IN 46307 $2,900,000 ($143.89/SF) 6.76% Cap Rate
Investment Highlights
- Family Dollar-anchored; corporate lease to 2031 with a 9/1/26 rent step-up
- 100% leased, predominantly NNN - expense exposure limited to the anchor
- Offered at $2,900,000 - 6.76% in-place / 7.03% Year-1 cap
- Signalized hard corner on US-30 & Pine Island Dr - 43,000+ VPD (INDOT)
- 2.63-acre site, 70 parking spaces, monument sign with message board
Executive Summary
Pine Island Plaza is a 100% leased, Family Dollar-anchored retail strip center on the signalized hard corner of US Route 30 and Pine Island Drive, on the Crown Point / Schererville border in Lake County, Indiana. The 2.63-acre site carries 43,000+ vehicles per day (INDOT) and sits midway between the I-65 and US-41 corridors, surrounded by national retail and dense multifamily housing.
The center is anchored by Family Dollar under a corporate lease running through August 2031, with a contractual rent increase to $7,058.34/month effective 9/1/2026 that grows Year 1 income. The balance of the building is leased to a diversified mix of national and local tenants. Seven of the eight leases are NNN, with tenants reimbursing their pro-rata share of taxes, insurance, and CAM, limiting the owner's expense exposure to the gross-leased anchor space. Staggered expirations from 2027 through 2031 provide durable, laddered cash flow.
The property offers 70 parking spaces, a monument sign with electronic message board, and excellent visibility at one of Northwest Indiana's busiest retail intersections.
Offered at $2,900,000 - a 6.76% cap on in-place NOI and 7.03% on Year 1 NOI (reflecting the 9/1/2026 anchor step-up).
The center is anchored by Family Dollar under a corporate lease running through August 2031, with a contractual rent increase to $7,058.34/month effective 9/1/2026 that grows Year 1 income. The balance of the building is leased to a diversified mix of national and local tenants. Seven of the eight leases are NNN, with tenants reimbursing their pro-rata share of taxes, insurance, and CAM, limiting the owner's expense exposure to the gross-leased anchor space. Staggered expirations from 2027 through 2031 provide durable, laddered cash flow.
The property offers 70 parking spaces, a monument sign with electronic message board, and excellent visibility at one of Northwest Indiana's busiest retail intersections.
Offered at $2,900,000 - a 6.76% cap on in-place NOI and 7.03% on Year 1 NOI (reflecting the 9/1/2026 anchor step-up).
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
20,154 SF
Building Class
B
Year Built
1978
Price
$2,900,000
Price Per SF
$143.89
Cap Rate
6.76%
NOI
$196,165
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.18
Lot Size
2.63 AC
Zoning
C-3, Highway Commercial - Zoning is through the town of Schererville.
Parking
70 Spaces (3.47 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 45-11-24-278-001.000-036 | Improvements Assessment | $446,700 |
| Land Assessment | $855,400 | Total Assessment | $1,302,100 |
Property Taxes
Parcel Number
45-11-24-278-001.000-036
Land Assessment
$855,400
Improvements Assessment
$446,700
Total Assessment
$1,302,100
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Pine Island Plaza | 5124 Pine Island Ct