Net-Leased Chipotle
For Sale
$2,350,607
2133 State St, New Albany, IN 47150
Newly constructed build-to-suit Chipotle with ample parking and pylon signage at a signalized intersection.
Property Size2,325 SF
Lot Size0.80 Acres
Price / SF$1,011
Days on Market131
Property Features for 2133 State St
General Information
Standard status
Active
Size
2,325 SF
Lot size
0.80 Acres
Property subtype
Restaurant
Lease Type
NN
Additional Details
Cap Rate
5.74%
Amenities
Pylon Signage
Tenant Chipotle (NYSE: CMG) Currently Features No Credit Rating as They Famously Have Never Carried Debt.
Robust Traffic Counts on State Street (30k VPD) and Less than One-Half Mile from US-265 (70k VPD) and One Mile from US64 (61k VPD) (Source: CoStar, 2022).
Well Established State Street Retail Corridor | Nearby National Retailers Include: Target, Kroger, Home Depot, KFC, Arby's, Five Guys, Chick-fil-A, Starbucks, Walgreens, CVS, Fairfield Inn, and Oth
Thriving Community with an Average Household Income of Over $65K within Five Miles of the Subject Asset, as of 2023.
Subject is 6 Miles from Downtown Louisville Kentucky with a Population of 1,365,557.
Parks and Outdoor Recreational Facilities Nearby Include: Churchill Downs, Louisville Zoo, Long Run Park, Valhalla Golf Club, Tom Sawyer State Park, Iceland Sports Complex, and More
Building Details
Building Size
2,325 SF
Listing Agency:
New York City Office
(212) 430-5291
Listed By:
Jesse Limon · License #IN: RB14048415, NY: 10401271892
(212) 430-5291
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 2:33AM
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 New York City Office
Investment Insights
Based on property information with market context.
This newly constructed, build-to-suit Chipotle restaurant is offered for sale as a traditional net lease asset. The property includes a 15-year base term with just under 13 years remaining, along with 10% rental increases every five years. The lease also provides three additional five-year options. The site is positioned on a 0.8-acre lot and includes ample parking and pylon signage.
The restaurant is located at a signalized intersection and is designed for easy ingress and egress, supporting straightforward access for customers and delivery operations. The offering is described as requiring minimal landlord responsibility and warranties as part of the net lease structure.
The restaurant is located at a signalized intersection and is designed for easy ingress and egress, supporting straightforward access for customers and delivery operations. The offering is described as requiring minimal landlord responsibility and warranties as part of the net lease structure.
Key Highlights
- Newly constructed 2,325 SF build‑to‑suit Chipotle on a 0.8‑acre lot
- Traditional Chipotle net lease with minimal landlord responsibility and warranties
- 15‑year base term with just under 13 years remaining
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
$117,637
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
5.00%
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%
$2,352,740
$2.4M
Cap Rate 7%
$1,680,529
$1.7M
Cap Rate 9%
$1,307,078
$1.3M
Market Conditions
NOI Build-Up for 2,325 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
$163.2K $70.20/SF
− Vacancy
−$6.4K −$2.74/SF
EGI
$156.8K $67.46/SF
− OpEx
−$39.2K −$16.87/SF
NOI
$117.6K $50.60/SF
Area
Floyd County, IN
Vacancy
3.90%
Lease Rate
$70.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,352,740
Cap Rate 7%
$1,680,529
Cap Rate 9%
$1,307,078
Alternative Uses
Best Use
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,637 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,085
Businesses Nearby
53k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 29%
Hotels & Casinos 10%
Circle K
Shops & Services
16,840 visits/mo
0.1 miles
Circle K
Shops & Services
8,727 visits/mo
0.5 miles
Waffle House
Dining
8,072 visits/mo
0.3 miles
Wild Eggs
Dining
7,332 visits/mo
0.4 miles
Chase Bank
Shops & Services
6,686 visits/mo
0.2 miles
Demographics for 47150, IN
49,395
Population
22,834
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
45.0 sq mi
ZIP Area
1,098
Density / Sq Mi
$62,212
Median Household Income
$40,837
Median Earnings
$984
Median Rent
$191,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Newly constructed build-to-suit Chipotle with ample parking and pylon signage at a signalized intersection.
Where is this conventional restaurant located?
The property is located at 2133 State St New Albany, IN.
What is the asking price?
The asking price for this property is $2,350,607.
What are key features of this property?
This property features: Newly constructed 2,325 SF build‑to‑suit Chipotle on a 0.8‑acre lot; Traditional Chipotle net lease with minimal landlord responsibility and warranties; 15‑year base term with just under 13 years remaining
