Dollar General Market Grocery
For Sale
Contact for pricing
1900 S Anderson St, Elwood, IN 46036
Double-sized Dollar General Market concept combines full-service grocery offerings with a Dollar General store.
Property Size24,341 SF
Price / SF$143.91
Days on Market200
Property Features for 1900 S Anderson St
General Information
Standard status
Active
Size
24,341 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$245,229
Additional Details
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
KELCO Investments
Listed By:
Kelly Huang · License #IL 471008018
Source:
Crexi
Added: Feb 17
Changed: Sep 4
Last Checked: Sep 3 at 1:42AM
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 KELCO Investments
Investment Insights
Based on property information with market context.
This offering is a Dollar General Market store, described by the operator as a supermarket concept that is double the size of a typical DG Market. The concept is positioned to function as a traditional full-service grocery store and a Dollar General store. Public remarks also note a proposed 10-year renewal prior to the commencement of Dollar General’s second renewal option period. The operator has also indicated it will install a brand new HVAC system at its own expense in 2026.
The property is located at 1900 S Anderson St in Elwood, Indiana. Elwood is described as being 20–30 miles northeast of Noblesville and Indianapolis within the Indy-Carmel-Anderson MSA, and approximately 15 minutes from Interstate 69 to the east, according to the provided remarks.
The property is located at 1900 S Anderson St in Elwood, Indiana. Elwood is described as being 20–30 miles northeast of Noblesville and Indianapolis within the Indy-Carmel-Anderson MSA, and approximately 15 minutes from Interstate 69 to the east, according to the provided remarks.
Key Highlights
- Double‑sized Dollar General Market concept combining full‑service grocery offerings with a Dollar General store
- Placer.ai reports the Elwood store ranks #1 performing DG store in Indiana and in the top 90% nationally
- DG proposed a 10‑year renewal prior to the start of its second renewal option period
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
$230,022
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
6.57%
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%
$4,600,440
$4.6M
Cap Rate 7%
$3,286,029
$3.3M
Cap Rate 9%
$2,555,800
$2.6M
Market Conditions
NOI Build-Up for 24,341 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
$365.1K $15.00/SF
− Vacancy
−$36.5K −$1.50/SF
EGI
$328.6K $13.50/SF
− OpEx
−$98.6K −$4.05/SF
NOI
$230.0K $9.45/SF
Area
Madison County, IN
Vacancy
10.00%
Lease Rate
$15.00 /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%
$4,600,440
Cap Rate 7%
$3,286,029
Cap Rate 9%
$2,555,800
Alternative Uses
Best Use
Specialty Retail
$4.86M
$4.25M – $5.67M
NOI $340,249 @ 7.0% cap · market cap 9.71%
Second Best
Retail
$3.29M
$2.88M – $3.83M
NOI $230,022 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$5.61M
$4.91M – $6.55M
NOI $392,721 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Groceries 47%
Speedway
Shops & Services
12,343 visits/mo
0.1 miles
Dollar General Market
Groceries
11,044 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Double-sized Dollar General Market concept combines full-service grocery offerings with a Dollar General store.
Where is this grocery and convenience store located?
The property is located at 1900 S Anderson St Elwood, IN.
What is the asking price?
The asking price for this property is $3,503,000.
What are key features of this property?
This property features: Double‑sized Dollar General Market concept combining full‑service grocery offerings with a Dollar General store; Placer.ai reports the Elwood store ranks #1 performing DG store in Indiana and in the top 90% nationally; DG proposed a 10‑year renewal prior to the start of its second renewal option period
