PetSmart NNN Lease
5151 E 82nd St Indianapolis, IN
For Sale
Contact for pricing
Absolute NNN PetSmart with new 12-year lease in Castleton, IN.
Property Size26,290 SF
Lot Size31.98 Acres
Price / SF$298.06
Days on Market706
Property Features for 5151 E 82nd St
General Information
Standard status
Active
Size
26,290 SF
Lot size
31.98 Acres
Property subtype
RETAIL
Listing Agency:
Colliers
(949) 724-5552
Listed By:
Jereme Snyder · License #01809955
(949) 724-5552
Source:
Moodyscre
Added: Aug 22, 2024
Changed: Jul 6
Last Checked: Jul 21 at 5:13AM
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 Colliers
Investment Insights
Based on property information with market context.
This property offers investors the opportunity to purchase a PetSmart location in Castleton, Indiana, operating at this location for 24 years. The tenant recently extended their lease for a new 12-year term. The roof was replaced in 2017 by the tenant. The property is strategically located between The Fashion Mall at Keystone, anchored by Nordstrom, and the Castleton Square Mall, the largest mall in the state with 1.1 million square feet. Situated on 82nd Street, a high-traffic commercial thoroughfare, the location benefits from an Average Annual Daily Traffic (AADT) count exceeding 86,300 at its intersection. The surrounding trade area is characterized by an affluent demographic, with a population of over 168,400 residents and an average household income exceeding $121,000. The property is located near retailers including Trader Joes, Whole Foods, Chick-fil-A, REI, Fresh Thyme Market, HomeGoods, Floor & Decor, The Container Store, Lifetime Fitness, PGA Tour Superstore, and Nordstrom Rack. The property is approximately 26,290 square feet.
Key Highlights
- Absolute NNN Lease with PetSmart, offering a passive investment opportunity
- New 12‑year lease term extension, providing long‑term stability
- 24‑year operating history at this location, demonstrating strong performance
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $441.7k | $16.80 |
| − Vacancy | −$37.5k | −$1.43 |
| EGI | $404.1k | $15.37 |
| − OpEx | −$121.2k | −$4.61 |
| NOI | $282.9k | $10.76 |
26,290 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$4.04M
$3.54M – $4.71M
NOI $282,891 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.54M
$5.73M – $7.63M
NOI $458,077 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Absolute NNN PetSmart with new 12-year lease in Castleton, IN.
Where is this retail space located?
The property is located at 5151 E 82nd St Indianapolis, IN.
What is the asking price?
The asking price for this property is $7,836,000.
What are key features of this property?
This property features: Absolute NNN Lease with PetSmart, offering a passive investment opportunity; New 12‑year lease term extension, providing long‑term stability; 24‑year operating history at this location, demonstrating strong performance
