Building Details

Building Size 7,564 SF

Year Built 1981

Tenancy Multi

Listing Agency: Batts Real Estate Group

Listed By: Lisa Batts Show Phone

Source: Battsrealestategroup

Added: Mar 30, 2023 Changed: Oct 22 Last Checked: Oct 23 at 9:34PM

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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 Batts Real Estate Group

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Investment Insights

Based on property information with market context.

Built in 1981, this 7,564-square-foot retail center contains six units, all currently leased. State Farm is among the tenants and has a 10-year lease following its renewal. The exterior has been repainted, and a curb cut provides wheelchair access to the units. The property is zoned Retail.

The center has exposure to State Road 267 and access from Stafford Road. Traders Point Church, which occupies the former Marsh grocery store site, is next to the property.

Key Highlights

• Six retail units, all leased
• 7,564 square feet; built in 1981
• State Farm tenant signed a 10‑year lease at renewal

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$91,113

Cap Rate

5.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,822,260 $1.8M

Cap Rate 7%

$1,301,614 $1.3M

Cap Rate 9%

$1,012,367 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,564 SF

Gross rent

$136.2K $18.00/SF

− Vacancy

−$6.0K −$0.79/SF

EGI

$130.2K $17.21/SF

− OpEx

−$39.0K −$5.16/SF

NOI

$91.1K $12.05/SF

Area

Hendricks County, IN

Vacancy

4.40%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,822,260

Cap Rate 7%

$1,301,614

Cap Rate 9%

$1,012,367

Alternative Uses

Best Use

Retail

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,113 @ 7.0% cap · market cap 5.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.90M

$1.66M – $2.22M (±1% cap)

NOI $132,913 @ 7.0% cap · market cap 7.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Simply Custom Apparel Textile Manufacturer Jim Flanagan - State ... Insurance Agency Better Hearing Inc Medical Clinic Indy Smoke Shop (Bike/Boat/Book/etc) Store BLAZE Salon off ... Hair Salon

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Law Firm Restaurant Auto Parts Store Storage Facility

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

100%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

276

Businesses Nearby

46k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 54% Dining 36% Groceries 10%

Village Pantry Shops & Services

8,890 visits/mo 0.2 miles

Dunkin' Donuts Dining

8,574 visits/mo 0.1 miles

Chase Bank Shops & Services

6,647 visits/mo 0.3 miles

Huntington Bank Shops & Services

5,537 visits/mo 0.2 miles

Penn Station East Coast Subs Dining

5,332 visits/mo 0.2 miles

Demographics for 46168, IN

37,681

Population

14,426

Households

2.6

Avg Household Size

38

Median Age

37%

College-Educated

92%

High-School Grad

32.8 sq mi

ZIP Area

1,149

Density / Sq Mi

$87,315

Median Household Income

$45,252

Median Earnings

$1,307

Median Rent

$271,400

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

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Frequently Asked Questions

What type of property is this?

Strip mall - The fully occupied retail property offers visibility along State Road 267 and access from Stafford Road.

Where is this strip mall located?

The property is located at 2028 Stafford Road Plainfield, IN.

What is the asking price?

The asking price for this property is $1,690,000.

What are key features of this property?

This property features: Six retail units, all leased; 7,564 square feet; built in 1981; State Farm tenant signed a 10‑year lease at renewal