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8600 Broadway
Merrillville, IN 46410
Peoples Bank · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- 14 Years Remaining
- Absolute NNN
- Guaranteed by Public Company | Excellent Deposit Base of ± $163M
- 2.00% Annual Rent Increases
- 36,000+ Peoples Earning $90K+/HH within 3 Miles
- 9.5 Million Person Chicago MSA | Retail Hub for All of NW Indiana
EXECUTIVE SUMMARY
LEASE
This is an absolute NNN lease with 14 years remaining, guaranteed by a publicly traded company. The Tenant is Peoples Bank, guaranteed by Finward Bancorp. Rent increases 2.00% annually and Tenant has no renewal options remaining. The lease was originally structured as a sale/leaseback to a private equity fund, so it has been written to the highest possible standards. This can be owned and managed from anywhere in the world.
PROPERTY
The Property consists of a one-story ± 4,704 SF building situated on a large 1.454 acre lot. There are 49 parking spaces, along with a seven-lane drive-thru plus an additional ATM only lane. The site offers excellent visibility and access via a signalized intersection of Broadway and W 86th Ave (combined 25,701 VPD). There is an unobstructed monument sign on Broadway, offering excellent curb appeal and exposure. This location has an outstanding deposit base of ± $163M, which is one of the strongest bank branch locations in the country.
This is an absolute NNN lease with 14 years remaining, guaranteed by a publicly traded company. The Tenant is Peoples Bank, guaranteed by Finward Bancorp. Rent increases 2.00% annually and Tenant has no renewal options remaining. The lease was originally structured as a sale/leaseback to a private equity fund, so it has been written to the highest possible standards. This can be owned and managed from anywhere in the world.
PROPERTY
The Property consists of a one-story ± 4,704 SF building situated on a large 1.454 acre lot. There are 49 parking spaces, along with a seven-lane drive-thru plus an additional ATM only lane. The site offers excellent visibility and access via a signalized intersection of Broadway and W 86th Ave (combined 25,701 VPD). There is an unobstructed monument sign on Broadway, offering excellent curb appeal and exposure. This location has an outstanding deposit base of ± $163M, which is one of the strongest bank branch locations in the country.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Bank
Building Size
4,704 SF
Building Class
B
Year Built
1996
Price
$4,794,514
Price Per SF
$1,019.24
Cap Rate
7%
NOI
$335,616
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.45 AC
Parking
45 Spaces (9.57 Spaces per 1,000 SF Leased)
Frontage
177’ on 86th Ave
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | 45-12-28-230-003.000-030 | Improvements Assessment | $1,221,500 |
| Land Assessment | $417,200 | Total Assessment | $1,638,700 |
PROPERTY TAXES
Parcel Number
45-12-28-230-003.000-030
Land Assessment
$417,200
Improvements Assessment
$1,221,500
Total Assessment
$1,638,700
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