Range USA NNN
For Sale
Contact for pricing
120 Country Club Rd, Indianapolis, IN 46234
Indoor shooting range operated under a net lease with three renewal options and scheduled rent increases.
Property Size15,000 SF
Lot Size4.00 Acres
Price / SF$275.87
Days on Market160
Property Features for 120 Country Club Rd
General Information
Standard status
Active
Size
15,000 SF
Total Parking Spaces
85
Lot size
4.00 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$295,900
Additional Details
Traffic Count
53,094 vehicles/day
Building Details
Year Built
2020
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap SWM Group
(630) 570-2261
Listed By:
Sean Sharko · License #IL 471.010712
Source:
Crexi
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 31 at 3:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap SWM Group
Investment Insights
Based on property information with market context.
Built in 2020, this Range USA property operates as an indoor shooting range under an NNN lease structure. The lease includes three 5-year renewal options and 10% rental increases every five years, providing a defined contractual framework for future occupancy. The property is situated on a 4-acre parcel and includes 85 parking spaces.
Access is supported by proximity to the signalized intersection of Country Club Road and U.S. Route 36, where traffic volume is reported at 53,094 vehicles per day. Interstate 465 is 2.3 miles away and carries approximately 166,798 vehicles per day. The surrounding retail corridor includes Target, Menards, Fresh Thyme Market, Best Buy, Lowe’s, and Sam’s Club. The property also reports 58,100 annual visitors and 69,571 residents within three miles.
Access is supported by proximity to the signalized intersection of Country Club Road and U.S. Route 36, where traffic volume is reported at 53,094 vehicles per day. Interstate 465 is 2.3 miles away and carries approximately 166,798 vehicles per day. The surrounding retail corridor includes Target, Menards, Fresh Thyme Market, Best Buy, Lowe’s, and Sam’s Club. The property also reports 58,100 annual visitors and 69,571 residents within three miles.
Key Highlights
- Range USA indoor shooting range built in 2020
- NNN lease with 3, 5‑year renewal options
- 10% rental increases every five years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$161,406
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,228,120
$3.2M
Cap Rate 7%
$2,305,800
$2.3M
Cap Rate 9%
$1,793,400
$1.8M
Market Conditions
NOI Build-Up for 15,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$252.0K $16.80/SF
− Vacancy
−$21.4K −$1.43/SF
EGI
$230.6K $15.37/SF
− OpEx
−$69.2K −$4.61/SF
NOI
$161.4K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,228,120
Cap Rate 7%
$2,305,800
Cap Rate 9%
$1,793,400
Alternative Uses
Best Use
Retail
$2.31M
$2.02M – $2.69M
NOI $161,406 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.27M – $4.36M
NOI $261,360 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
53,094 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 46234, IN
27,841
Population
10,929
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
2,245
Density / Sq Mi
$83,137
Median Household Income
$46,060
Median Earnings
$1,524
Median Rent
$226,400
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Indoor shooting range operated under a net lease with three renewal options and scheduled rent increases.
Where is this nnn property located?
The property is located at 120 Country Club Rd Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,138,000.
What are key features of this property?
This property features: Range USA indoor shooting range built in 2020; NNN lease with 3, 5‑year renewal options; 10% rental increases every five years
