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Six Over Meridian NNN Retail Condos 2 Retail Condos Offered at $7,000,000 in Indianapolis, IN
Investment Highlights
- Long-term NNN leases with rental escalators (7.43% Cap Rate in 2033)
- Population in a three-mile radius is approximately 103,000 residents with an average household income of $106,727 within a one-mile radius.
- Historical occupancy and well-known restaurant concepts
- Walking distance to Gainbridge Fieldhouse (Pacers) & Lucas Oil Stadium (Colts)
- Premier location on the hard-corner intersection of Georgia Street and South Meridian Street
Executive Summary
The Klink Group of Marcus & Millichap, as exclusive advisor, is pleased to present for sale Six Over Meridian Retail Condos, a two-tenant, long-term triple-net leased retail investment located in the heart of Indianapolis’ downtown central business district (CBD).
Six Over Meridian Retail Condos are 100% leased and comprised of 13,110-square feet located on the ground-floor of Six Over Meridian, a downtown six-story, mixed-use condominium tower. The ground floor retail condos, the subject offering, are leased entirely to The District Tap and Howl at the Moon. The 2nd and 3rd floors are leased by Spot; a third-party logistics provider and the remaining three floors are residential condominiums. Howl at the Moon has occupied the property for more than 20+ years and currently has 8+ years remaining on the firm term of their lease with annual rental increases. The District Tap completed an entire renovation of their suite in 2019 prior to expanding their business concept into downtown Indianapolis and recently extended their lease for an additional 10 years.
The offering is located at one of the most premier hard-corner intersections in downtown Indianapolis; South Meridian Street and Georgia Street and in between South Capital Avenue and South Pennsylvania Street. This three-block promenade connects the Indiana Convention Center, Gainbridge Fieldhouse (NBA Pacers), Circle Centre Mall and Lucas Oil Stadium (NFL Colts). The immediate surrounding area is filled with residential and office towers, nationally recognized hotels and event venues and various recently-completed and current economic developments.
Six Over Meridian Retail Condos is a rare opportunity to acquire a ground-floor retail investment with long-term, absolute triple-net leases located along the city’s only pedestrian-friendly street that directly connects the most visited sporting and entertainment venues in all of Indianapolis which are frequented by local, regional and national visitors. Additionally, the offering has a significant amount of scheduled rental growth in the near term which should drive yield & capital appreciation for an incoming investor over the investment holding period.
Six Over Meridian Retail Condos are 100% leased and comprised of 13,110-square feet located on the ground-floor of Six Over Meridian, a downtown six-story, mixed-use condominium tower. The ground floor retail condos, the subject offering, are leased entirely to The District Tap and Howl at the Moon. The 2nd and 3rd floors are leased by Spot; a third-party logistics provider and the remaining three floors are residential condominiums. Howl at the Moon has occupied the property for more than 20+ years and currently has 8+ years remaining on the firm term of their lease with annual rental increases. The District Tap completed an entire renovation of their suite in 2019 prior to expanding their business concept into downtown Indianapolis and recently extended their lease for an additional 10 years.
The offering is located at one of the most premier hard-corner intersections in downtown Indianapolis; South Meridian Street and Georgia Street and in between South Capital Avenue and South Pennsylvania Street. This three-block promenade connects the Indiana Convention Center, Gainbridge Fieldhouse (NBA Pacers), Circle Centre Mall and Lucas Oil Stadium (NFL Colts). The immediate surrounding area is filled with residential and office towers, nationally recognized hotels and event venues and various recently-completed and current economic developments.
Six Over Meridian Retail Condos is a rare opportunity to acquire a ground-floor retail investment with long-term, absolute triple-net leases located along the city’s only pedestrian-friendly street that directly connects the most visited sporting and entertainment venues in all of Indianapolis which are frequented by local, regional and national visitors. Additionally, the offering has a significant amount of scheduled rental growth in the near term which should drive yield & capital appreciation for an incoming investor over the investment holding period.
Property Facts
| Price | $7,000,000 | Status | Active |
| Price / SF | $560.00 / SF | Number of Properties | 2 |
| Cap Rate | 6.76% | Individually For Sale | 0 |
| Sale Type | Investment NNN | Total Building Size | 12,500 SF |
| Price | $7,000,000 |
| Price / SF | $560.00 / SF |
| Cap Rate | 6.76% |
| Sale Type | Investment NNN |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 12,500 SF |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Six Over Merdian Retail
141 S Meridian St, 1st Floor - Unit District Tap, Indianapolis, IN 46225 |
Retail Condo | 6,890 SF | 1922 | - |
|
Six Over Merdian Retail
141 S Meridian St, 1st Floor - Unit Howl At The Moon, Indianapolis, IN 46225 |
Retail Condo | 5,610 SF | 1922 | - |
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Six Over Meridian NNN Retail Condos
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