Building Details

Year Built 2008

Year Renovated 2025

Tenancy Single

Listing Agency: CBRE - Indianapolis k***@cbre.com Show Phone

Listed By: Kevin Broderick · License #IN RB14046136

Source: Crexi

Added: Apr 15 Changed: Aug 31 Last Checked: Aug 30 at 9:47AM

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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 CBRE - Indianapolis

Investment Insights

Based on property information with market context.

This 9,100-square-foot automotive retail property was built in 2008 and is associated with AutoZone. The asset is leased on an NNN basis with a corporate guaranty, providing a defined lease structure for the property.

Located in Trafalgar, Indiana, the property is identified with a 2025 store opening and serves an automotive retail use. The site address is 783 Nathan Dr, Trafalgar, IN 46181.

Key Highlights

• 9,100‑square‑foot automotive retail property
• AutoZone tenant identified in the listing
• NNN lease structure

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

$99,525

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

6.63%

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%

$1,990,500 $2.0M

Cap Rate 7%

$1,421,786 $1.4M

Cap Rate 9%

$1,105,833 $1.1M

Market Conditions

NOI Build-Up for 9,100 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

$152.9K $16.80/SF

− Vacancy

−$10.7K −$1.18/SF

EGI

$142.2K $15.62/SF

− OpEx

−$42.7K −$4.69/SF

NOI

$99.5K $10.94/SF

Area

Johnson County, IN

Vacancy

7.00%

Lease Rate

$16.80 /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%

$1,990,500

Cap Rate 7%

$1,421,786

Cap Rate 9%

$1,105,833

Alternative Uses

Best Use

Retail

$1.42M

$1.24M – $1.66M (±1% cap)

NOI $99,525 @ 7.0% cap · market cap 6.63%

Second Best

Industrial

$581.1K

$508.5K – $678.0K (±1% cap)

NOI $40,680 @ 7.0% cap · market cap 2.71%

Theoretical Best

Office A

$2.29M

$2.01M – $2.68M (±1% cap)

NOI $160,524 @ 7.0% cap · market cap 10.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Dollar General Discount Store Western Union Bank Redbox Cinema FedEx OnSite Postal Service

Suggested Use

Top Pick Building Supply Auto Parts Store Dental Office Garden Center (Bike/Boat/Book/etc) Store Furniture & Home Goods

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

205

Businesses Nearby

Explore this area Business Placement

Demographics for 46181, IN

5,280

Population

1,959

Households

2.7

Avg Household Size

43

Median Age

28%

College-Educated

95%

High-School Grad

45.5 sq mi

ZIP Area

116

Density / Sq Mi

$85,625

Median Household Income

$49,503

Median Earnings

$951

Median Rent

$278,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Automotive retail property with a corporate-guaranteed lease and a 2025 store opening.

Where is this nnn property located?

The property is located at 783 Nathan Dr Trafalgar, IN.

What is the asking price?

The asking price for this property is $1,501,000.

What are key features of this property?

This property features: 9,100‑square‑foot automotive retail property; AutoZone tenant identified in the listing; NNN lease structure