Grocery and Convenience Store with
For Sale
$430,000
4454 N State Road 13 Highway, Leesburg, IN 46538
COMMERCIAL, Leesburg, IN
Property Size2,080 SF
Lot Size5.80 Acres
Price / SF$206.73
Days on Market310
Property Features for 4454 N State Road 13 Highway
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Off Street
Lot features
Commercial, Rural
Directions
South of North Webster, IN on East side of N State Road 13
Subdivision
Kosciusko County
Standard status
Active
APN
43-08-23-300-147.000-023
Lot size
5.80 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Metes and Bounds See Documents
Tax Annual Amount
2098
Legal Description
Metes and Bounds See Documents
Utilities
Cooling system
Central Air, Multi Units, Wall Unit(s)
Building Details
Year built
1981
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Needham Moeller & Associates, LLC.
(260) 414-7015
Listed By:
Thomas Needham · License #RB14042587
(260) 414-7015
Added: Oct 27, 2025
Changed: Aug 30
Last Checked: Sep 1 at 10:06PM
MLS# 202543488
Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Triple T Outlet is a retail grocery and convenience operation occupying a 2,080-square-foot commercial building, with attic space excluded from the reported total. Merchandise categories include groceries, canned goods, dry goods, pet supplies, cleaning products, and personal items. Inventory may be included with the property or handled separately.
The property encompasses 5.803 acres and provides 200 feet of road frontage along N State Road 13 Highway in Leesburg, Indiana. Built in 1981, the building has a metal roof, concrete flooring, central air, multiple cooling units, wall-unit cooling, and off-street parking. Additional information regarding permitted and exception zoning uses is available in the property documents.
The property encompasses 5.803 acres and provides 200 feet of road frontage along N State Road 13 Highway in Leesburg, Indiana. Built in 1981, the building has a metal roof, concrete flooring, central air, multiple cooling units, wall-unit cooling, and off-street parking. Additional information regarding permitted and exception zoning uses is available in the property documents.
Key Highlights
- 2,080 SF building; attic area is excluded from the reported total
- 5.803‑acre property with 200 feet of road frontage
- Located at 4454 N State Road 13 Highway, Leesburg, IN 46538
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
$22,417
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
5.21%
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%
$448,340
$448.3K
Cap Rate 7%
$320,243
$320.2K
Cap Rate 9%
$249,078
$249.1K
Market Conditions
NOI Build-Up for 2,080 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
$31.2K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$29.9K $14.37/SF
− OpEx
−$7.5K −$3.59/SF
NOI
$22.4K $10.78/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.00 /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%
$448,340
Cap Rate 7%
$320,243
Cap Rate 9%
$249,078
Alternative Uses
Best Use
Specialty Retail
$320.2K
$280.2K – $373.6K
NOI $22,417 @ 7.0% cap · market cap 5.21%
Second Best
Retail
$301.3K
$263.6K – $351.5K
NOI $21,090 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$362.4K
$317.1K – $422.8K
NOI $25,366 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
6k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
6,138 visits/mo
0.4 miles
Demographics for 46538, IN
4,047
Population
2,783
Households
1.5
Avg Household Size
46
Median Age
31%
College-Educated
95%
High-School Grad
32.0 sq mi
ZIP Area
126
Density / Sq Mi
$86,923
Median Household Income
$41,177
Median Earnings
$954
Median Rent
$258,700
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?
Grocery and convenience store - Retail operation offers groceries, household supplies, and personal-care products.
Where is this grocery and convenience store located?
The property is located at 4454 N State Road 13 Highway Leesburg, IN.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 2,080 SF building; attic area is excluded from the reported total; 5.803‑acre property with 200 feet of road frontage; Located at 4454 N State Road 13 Highway, Leesburg, IN 46538
