Corporate-Leased Auto
For Sale
$2,390,000
215 S Creasy Ln, Lafayette, IN 47905
Automotive facility subject to a corporate-guaranteed net lease executed in September 2022.
Property Size8,246 SF
Price / SF$289.84
Days on Market52
Property Features for 215 S Creasy Ln
General Information
Standard status
Active
Size
8,246 SF
Property subtype
Auto Service - Gas-Conv
Occupancy
100%
Lease Type
NNN
Additional Details
Road Access
Yes
Amenities
Corporate guaranty — lease guaranteed by Wand Newco 3, Inc., parent of Caliber Collision, the largest collision repair operator in the U.S. with 1,800+ centers across 41 states
2% annual rent increases — every year of the term and both renewal options, no flat periods. Yield grows to 7.50% by base-term expiration and 9.14% if both options are exercised
Prime signalized corner — 8,246 SF on 0.87 acres with full drive-around access and 10 grade-level roll-up doors. Fronts South Creasy Lane at 26,282 VPD, 2,200 feet south of SR 26 & Creasy, the busiest
True net lease — tenant pays all operating expenses. Caliber remodeled the building and added offices in 2023, modifying the HVAC system and taking on its maintenance in the process
Proven location — Caliber acquired the prior operator, Collision Express, at this site and leased the real estate to continue running it, then invested further in the building
Growth market — nearly $6 billion of announced investment across Greater Lafayette, led by SK hynix's $3.87 billion semiconductor plant and Caterpillar's $725 million engine center upgrade. Purdue University is 13 minutes west.
Building Details
Building Size
8,246 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
Listed By:
Scott Gould · License #License(s): FL: SL3288412
(407) 557-3824
Source:
Marcusmillichap
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 28 at 5:49AM
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 - Orlando
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Investment Insights
Based on property information with market context.
This auto shop facility is occupied by Caliber Collision under a corporate-guaranteed net lease executed in September 2022. The lease was established in connection with Caliber's acquisition of the prior operator, Collision Express.
The property is located at 215 South Creasy Lane in Lafayette, Indiana.
The property is located at 215 South Creasy Lane in Lafayette, Indiana.
Key Highlights
- Caliber Collision occupies the automotive facility
- Corporate‑guaranteed net lease executed in September 2022
- Lease followed Caliber's acquisition of Collision Express
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,773
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,655,460
$1.7M
Cap Rate 7%
$1,182,471
$1.2M
Cap Rate 9%
$919,700
$919.7K
Market Conditions
NOI Build-Up for 8,246 SF
Gross rent
$123.7K $15.00/SF
− Vacancy
−$5.4K −$0.66/SF
EGI
$118.2K $14.34/SF
− OpEx
−$35.5K −$4.30/SF
NOI
$82.8K $10.04/SF
Area
Tippecanoe County, IN
Vacancy
4.40%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,655,460
Cap Rate 7%
$1,182,471
Cap Rate 9%
$919,700
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,773 @ 7.0% cap · market cap 3.46%
Second Best
Industrial
$614.2K
$537.5K – $716.6K
NOI $42,997 @ 7.0% cap · market cap 1.80%
Theoretical Best
Office A
$1.90M
$1.67M – $2.22M
NOI $133,265 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47905, IN
41,787
Population
18,309
Households
2.3
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
120.4 sq mi
ZIP Area
347
Density / Sq Mi
$63,115
Median Household Income
$41,595
Median Earnings
$1,101
Median Rent
$215,500
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- T.C.B. Auto Service — 1170 s creasy ln, lafayette, in 47905
- ProFormance Sound & Graphics — 1152 S Creasy Ln, Lafayette, IN 47905
- Sands Body Shop — 1170 S Creasy Ln #C, Lafayette, IN 47905
- Auto Glass Express — farabee dr, lafayette, in 47905
- Caliber Collision — 215 S Creasy Ln, Lafayette, IN 47905
Frequently Asked Questions
What type of property is this?
Auto shop - Automotive facility subject to a corporate-guaranteed net lease executed in September 2022.
Where is this auto shop located?
The property is located at 215 S Creasy Ln Lafayette, IN.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: Caliber Collision occupies the automotive facility; Corporate‑guaranteed net lease executed in September 2022; Lease followed Caliber's acquisition of Collision Express
