Single-Tenant NNN Retail
New
For Sale
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626 South Main Street, Hebron, IN 46341
Newly built retail asset leased on an absolute triple-net basis through July 2040.
Property Size10,640 SF
Price / SF$195.74
Days on Market4
Property Features for 626 South Main Street
General Information
Standard status
Active
Size
10,640 SF
Property subtype
Retail
Additional Details
Traffic Count
8,000 vehicles/day
Building Details
Year Built
2025
Buildings
1
Tenancy
Single
Listing Agency:
The Boulder Group
Listed By:
Randy Blankstein · License #IL 471005983
(847) 562-0003
Source:
Crexi
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 2:40PM
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 The Boulder Group
Investment Insights
Based on property information with market context.
Completed in 2025, this 10,640-square-foot retail property is occupied by Dollar General Market under an absolute triple-net lease extending through July 2040. The structure carries no landlord responsibilities, and the lease provides 5% rental escalations during the primary term and each of five 5-year renewal options. Dollar General is rated BBB by Standard & Poor’s.
The property fronts US Route 231, a corridor reporting 8,000+ vehicles per day, and sits roughly 6 miles east of Interstate 65, where traffic is reported at 57,000 VPD. Interstate access connects the site with the greater Chicago metropolitan area, approximately 55 miles to the northwest. Nearby commercial and institutional uses include Hebron High School, Walgreens, Ace Hardware, Dairy Queen, and Casey’s.
The property fronts US Route 231, a corridor reporting 8,000+ vehicles per day, and sits roughly 6 miles east of Interstate 65, where traffic is reported at 57,000 VPD. Interstate access connects the site with the greater Chicago metropolitan area, approximately 55 miles to the northwest. Nearby commercial and institutional uses include Hebron High School, Walgreens, Ace Hardware, Dairy Queen, and Casey’s.
Key Highlights
- Absolute triple‑net lease with no landlord responsibilities
- Lease term extends through July 2040 with five 5‑year renewal options
- 5% rental escalations during the primary term and renewal options
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
$149,839
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
7.19%
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%
$2,996,780
$3.0M
Cap Rate 7%
$2,140,557
$2.1M
Cap Rate 9%
$1,664,878
$1.7M
Market Conditions
NOI Build-Up for 10,640 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
$223.4K $21.00/SF
− Vacancy
−$9.4K −$0.88/SF
EGI
$214.1K $20.12/SF
− OpEx
−$64.2K −$6.04/SF
NOI
$149.8K $14.08/SF
Area
Porter County, IN
Vacancy
4.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,996,780
Cap Rate 7%
$2,140,557
Cap Rate 9%
$1,664,878
Alternative Uses
Best Use
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $207,919 @ 7.0% cap · market cap 9.98%
Second Best
Retail
$2.14M
$1.87M – $2.50M
NOI $149,839 @ 7.0% cap · market cap 7.19%
Theoretical Best
Healthcare Medical
$4.03M
$3.53M – $4.70M
NOI $282,285 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 24%
Home Improvements & Furnishings 7%
Family Express
Shops & Services
9,138 visits/mo
0.1 miles
Dollar Tree
Shops & Services
7,268 visits/mo
0.2 miles
Dollar General
Shops & Services
6,974 visits/mo
0.2 miles
Taco Bell
Dining
4,464 visits/mo
0.1 miles
Hebron Ace Hardware
Home Improvements & Furnishings
2,359 visits/mo
0.3 miles
Demographics for 46341, IN
10,518
Population
4,179
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
94%
High-School Grad
95.5 sq mi
ZIP Area
110
Density / Sq Mi
$99,444
Median Household Income
$55,298
Median Earnings
$897
Median Rent
$248,900
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 - Newly built retail asset leased on an absolute triple-net basis through July 2040.
Where is this nnn property located?
The property is located at 626 South Main Street Hebron, IN.
What is the asking price?
The asking price for this property is $2,082,726.
What are key features of this property?
This property features: Absolute triple‑net lease with no landlord responsibilities; Lease term extends through July 2040 with five 5‑year renewal options; 5% rental escalations during the primary term and renewal options
