Listing Agency: Colliers Show Phone

Listed By: Jereme Snyder Show Phone

Source: Moodyscre

Added: Aug 22, 2024 Changed: Oct 26 Last Checked: Oct 26 at 4:47PM

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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

Estimated NOI and Cap Rate

NOI / Yr

$282,891

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,657,820 $5.7M

Cap Rate 7%

$4,041,300 $4.0M

Cap Rate 9%

$3,143,233 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 26,290 SF

Gross rent

$441.7K $16.80/SF

− Vacancy

−$37.5K −$1.43/SF

EGI

$404.1K $15.37/SF

− OpEx

−$121.2K −$4.61/SF

NOI

$282.9K $10.76/SF

Area

Indianapolis, IN

Vacancy

8.50%

Lease Rate

$16.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,657,820

Cap Rate 7%

$4,041,300

Cap Rate 9%

$3,143,233

Alternative Uses

Best Use

Retail

$4.04M

$3.54M – $4.71M (±1% cap)

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 (±1% cap)

NOI $458,077 @ 7.0% cap · market cap 5.85%

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

Banfield Pet Hospital Veterinary Clinic ALDI Specialty Food Shop Michaels (Bike/Boat/Book/etc) Store Regions Bank Bank Justin Lucas - Regions ... Financial Advisor

Suggested Use

Top Pick Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store HVAC Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

796

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Retail in Indianapolis, IN

6.6% 2019

7.4% 2020

6.4% 2021

5% 2022

4.7% 2023

4.6% 2024

4.8% 2025

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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