Shadeland Corner
45,000 SF | 100% Leased | Retail Building | Indianapolis, IN 46226 | $3,560,000 ($79/SF) | 8.26% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,560,000
- Property Type
-
Retail
- Square Feet
- 45,000 SF
- Price / Square Foot
- $79
Listing Contacts
Jordan Klink
Verified Profile
David Klink
Verified Profile
- Property Info
Property Overview
The Klink Group of Marcus & Millichap is pleased to present for sale Shadeland Corner, a fully-occupied, 45,000-square foot neighborhood shopping center anchored by Family Dollar located in a dense residential area of Indianapolis.
Built in 1961 and renovated in 2005, Shadeland Corner sits on 5.30 acres along E 46th Street and N Shadeland Avenue, which experiences approximately 45,000 vehicles-per-day. The Property is located just north of downtown Indianapolis and caters to the +/-42,000 residents within a 2-mile radius of the property.
Shadeland Corner is currently 100% occupied by a synergistic mix of tenants that service a number needs including a mix of restaurants, financial services, consumer goods, childcare, personal beauty. The majority of the current tenants operate under triple-net leases; reimbursing for their pro-rata share of operating expenses, significantly minimizing landlord expense exposure. Significant value-add upside potential in included developable outparcel.
The offering is a strong investment opportunity for an incoming investor looking for high intrinsic real estate value at an attractive price per square foot in a major Midwest metro location with dense surrounding demographics.
Built in 1961 and renovated in 2005, Shadeland Corner sits on 5.30 acres along E 46th Street and N Shadeland Avenue, which experiences approximately 45,000 vehicles-per-day. The Property is located just north of downtown Indianapolis and caters to the +/-42,000 residents within a 2-mile radius of the property.
Shadeland Corner is currently 100% occupied by a synergistic mix of tenants that service a number needs including a mix of restaurants, financial services, consumer goods, childcare, personal beauty. The majority of the current tenants operate under triple-net leases; reimbursing for their pro-rata share of operating expenses, significantly minimizing landlord expense exposure. Significant value-add upside potential in included developable outparcel.
The offering is a strong investment opportunity for an incoming investor looking for high intrinsic real estate value at an attractive price per square foot in a major Midwest metro location with dense surrounding demographics.
Property Details
- Class
- B
- Year Built/Renovated
- 1961/2005
- Stories
- 1
- Lot Size (sq. ft)
- 230,868 SF
Highlights
- Anchored by Family Dollar- They Occupy Approximately 22.05% of the Total GLA
- Attractive NNN Leases-Majority of the Tenants Reimburse for Combination of CAM, Taxes, Insurance, CAM Admin and Management Fee Expenses
- Multiple Points of Ingress/Egress off East 46th Street and Shadeland Avenue, which Experiences +/-45,000 VPD
- Sustainable Rents – Rent Per Square Foot Averaging Less Than $8
- Value-Add Upside – Developable Outparcel
- Shadeland Corner Offers a Synergistic, E-Commerce Resistant Tenant Base: Child Care, Hair & Eyebrow Salons, Family Dollar, Centra-Credit Unio
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