Listing Agency: Keller Williams Indy Metro NE · Keller Williams Realty k***@kw.com Show Phone

Listed By: Robert Burlas · License #RB21001261 Show Phone

Added: Apr 29, 2025 Changed: Aug 28 Last Checked: Sep 12 at 10:06PM

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MLS# 22035391

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Investment Insights

Based on property information with market context.

Retail space is available within Cardinal Square, an established neighborhood shopping center in Elwood. The property forms part of an 8.28-acre commercial setting and has direct frontage along State Road 37, supporting convenient access from the surrounding area.

Manufacturing facilities are located across State Road 37, placing the center near an employment base. Existing co-tenancy includes Dollar Tree, Subway, and Needler's Fresh Market, creating a mix of retail, grocery, and food-service uses within the center. The location is suited to customer-facing retail and food-and-beverage concepts, subject to applicable approvals and lease terms.

Key Highlights

• Direct frontage along State Road 37 in Elwood
• Part of an 8.28‑acre commercial property
• Located across State Road 37 from large manufacturing facilities

Property Analytics

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Current Use

Strip malls

Suggested Use

Top Pick Law Firm Electrical Service Auto Parts Store Hair Salon Nail Salon Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Paved road access

NNN (Triple Net)

Lease Type

$2.10 /SF/Yr

CAM

Location Intelligence

Trade Area within ½ mile

70

Businesses Nearby

22k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 60% Shops & Services 37% Home Improvements & Furnishings 4%

Taco Bell Dining

10,629 visits/mo 0.1 miles

Dollar Tree Shops & Services

7,350 visits/mo 0.0 miles

SUBWAY Dining

2,686 visits/mo 0.1 miles

Rent A Center Home Improvements & Furnishings

788 visits/mo 0.1 miles

FedEx Office Print & Ship Center Shops & Services

772 visits/mo 0.1 miles

Demographics for 46036, IN

11,247

Population

5,284

Households

2.1

Avg Household Size

44

Median Age

10%

College-Educated

92%

High-School Grad

80.3 sq mi

ZIP Area

140

Density / Sq Mi

$59,082

Median Household Income

$39,022

Median Earnings

$841

Median Rent

$108,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this strip malls located? What is the lease rate? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Strip mall - Established commercial center near manufacturing facilities and nationally recognized retail and food-service tenants.

Where is this strip mall located?

The property is located at 1515 S State Road 37 Elwood, IN.

What is the lease rate?

The lease rate is $14 SF/Yr.

What are key features of this property?

This property features: Direct frontage along State Road 37 in Elwood; Part of an 8.28‑acre commercial property; Located across State Road 37 from large manufacturing facilities