Wendy’s NNN Ground Lease
For Sale
Contact for pricing
5055 West Washington Street, Indianapolis, IN 46241
Absolute NNN ground lease property associated with Wendy’s and positioned within a Kroger shadow setting.
Property Size2,995 SF
Price / SF$283.81
Days on Market61
Property Features for 5055 West Washington Street
General Information
Standard status
Active
Size
2,995 SF
Property subtype
Retail
Lease Type
Absolute Net
Net Operating Income
$46,929
Building Details
Year Built
2005
Tenancy
Single
Listing Agency:
Matthews
(216) 503-3610
Listed By:
Jonah Yulish · License #2018004451
Source:
Crexi
Added: Jul 2
Changed: Aug 30
Last Checked: Aug 30 at 5:54PM
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 Matthews
Investment Insights
Based on property information with market context.
This Wendy’s property is structured as an absolute NNN ground lease and was built in 2005. The asset is located at 5055 West Washington Street in Indianapolis, Indiana, with a reported property size of 2,995. Its setting is identified as Kroger shadow, placing the property within a retail environment associated with Kroger. The offering is presented for sale and combines an established restaurant brand with a long-term ground-lease structure.
Key Highlights
- Absolute NNN ground lease structure
- Wendy’s‑branded property at 5055 West Washington Street
- Built in 2005
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
$37,400
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
4.40%
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%
$748,000
$748.0K
Cap Rate 7%
$534,286
$534.3K
Cap Rate 9%
$415,556
$415.6K
Market Conditions
NOI Build-Up for 2,995 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
$53.9K $18.00/SF
− Vacancy
−$4.0K −$1.35/SF
EGI
$49.9K $16.65/SF
− OpEx
−$12.5K −$4.16/SF
NOI
$37.4K $12.49/SF
Area
Indianapolis, IN
Vacancy
7.50%
Lease Rate
$18.00 /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%
$748,000
Cap Rate 7%
$534,286
Cap Rate 9%
$415,556
Alternative Uses
Best Use
Specialty Retail
$534.3K
$467.5K – $623.3K
NOI $37,400 @ 7.0% cap · market cap 4.40%
Second Best
Retail
$460.4K
$402.8K – $537.1K
NOI $32,227 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$745.5K
$652.3K – $869.8K
NOI $52,185 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 46241, IN
33,568
Population
12,414
Households
2.7
Avg Household Size
33
Median Age
15%
College-Educated
73%
High-School Grad
23.9 sq mi
ZIP Area
1,405
Density / Sq Mi
$51,598
Median Household Income
$33,477
Median Earnings
$1,118
Median Rent
$111,500
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN ground lease property associated with Wendy’s and positioned within a Kroger shadow setting.
Where is this nnn property located?
The property is located at 5055 West Washington Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Absolute NNN ground lease structure; Wendy’s‑branded property at 5055 West Washington Street; Built in 2005
