Single-Tenant NNN Retail
For Sale
Contact for pricing
618 S MAIN ST, North Webster, IN 46555
Established pharmacy facility with an absolute net lease and dual-street frontage in a retail corridor.
Property Size10,083 SF
Lot Size1.59 Acres
Price / SF$185.56
Days on Market61
Property Features for 618 S MAIN ST
General Information
Standard status
Active
Size
10,083 SF
Class
A
Lot size
1.59 Acres
Property subtype
Retail
Zoning
COMME (Store Building)
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$100,100
Additional Details
Gross Income
$100,100
Building Details
Year Built
2003
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SAB Capital
(646) 809-8856
Listed By:
Asher Wenig · License #10301219652
Source:
Crexi
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 30 at 7:09PM
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 SAB Capital
Investment Insights
Based on property information with market context.
This 10,083-square-foot single-tenant retail property was built in 2003 and is occupied by CVS Pharmacy. The asset is subject to an absolute net lease, with the tenant responsible for property taxes, insurance, maintenance, and other operating expenses. A 2021 lease amendment established a new 20-year primary term, leaving approximately 15 years of remaining lease term. CVS Health Corporation provides investment-grade tenant credit, rated BBB by S&P and Baa2 by Moody’s.
The property occupies approximately 1.59 acres at 618 S Main St in North Webster, Indiana. It has frontage on both S Main Street, also identified as State Road 13, and Effie Mae Street. The site is positioned within an established retail corridor and has served as a CVS location for more than 20 years.
The property is zoned COMME (Store Building), supporting its existing retail use. Its single-tenant configuration, absolute net lease structure, and established pharmacy occupancy provide a straightforward ownership profile for an investor seeking a leased retail asset.
The property occupies approximately 1.59 acres at 618 S Main St in North Webster, Indiana. It has frontage on both S Main Street, also identified as State Road 13, and Effie Mae Street. The site is positioned within an established retail corridor and has served as a CVS location for more than 20 years.
The property is zoned COMME (Store Building), supporting its existing retail use. Its single-tenant configuration, absolute net lease structure, and established pharmacy occupancy provide a straightforward ownership profile for an investor seeking a leased retail asset.
Key Highlights
- 10,083‑square‑foot CVS Pharmacy property built in 2003
- Absolute net lease assigns taxes, insurance, maintenance, and operating expenses to the tenant
- 2021 lease amendment established a new 20‑year primary term
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
$108,670
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
5.81%
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%
$2,173,400
$2.2M
Cap Rate 7%
$1,552,429
$1.6M
Cap Rate 9%
$1,207,444
$1.2M
Market Conditions
NOI Build-Up for 10,083 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
$151.2K $15.00/SF
− Vacancy
−$6.4K −$0.63/SF
EGI
$144.9K $14.37/SF
− OpEx
−$36.2K −$3.59/SF
NOI
$108.7K $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%
$2,173,400
Cap Rate 7%
$1,552,429
Cap Rate 9%
$1,207,444
Alternative Uses
Best Use
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,670 @ 7.0% cap · market cap 5.81%
Second Best
Retail
$1.46M
$1.28M – $1.70M
NOI $102,236 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,963 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Home Improvements & Furnishings 40%
Family Express
Shops & Services
5,024 visits/mo
0.2 miles
North Webster Ace Hardware
Home Improvements & Furnishings
4,068 visits/mo
0.1 miles
Napa Auto Parts
Shops & Services
987 visits/mo
0.3 miles
Demographics for 46555, IN
2,729
Population
1,770
Households
1.5
Avg Household Size
45
Median Age
24%
College-Educated
92%
High-School Grad
10.1 sq mi
ZIP Area
270
Density / Sq Mi
$70,268
Median Household Income
$36,034
Median Earnings
$977
Median Rent
$203,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Established pharmacy facility with an absolute net lease and dual-street frontage in a retail corridor.
Where is this nnn property located?
The property is located at 618 S MAIN ST North Webster, IN.
What is the asking price?
The asking price for this property is $1,871,028.
What are key features of this property?
This property features: 10,083‑square‑foot CVS Pharmacy property built in 2003; Absolute net lease assigns taxes, insurance, maintenance, and operating expenses to the tenant; 2021 lease amendment established a new 20‑year primary term
