2801 Lk Cir Dr Indianapolis, IN 46268-4205
- Turn key restaurants
- 9,280 SF
- 4.18 lot acres
Current Use by Public Records
- The Juicy Seafood Restaurant & Bar- Lake Cir Dr / Oyster Bar Restaurant / Sports Bar
Property Details for 2801 Lk Cir Dr
- Year built
- 1992
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 4.18 lot acres
- Property size
- 9,280 SF
- Zone code
- ZO01
- Property type
- Turn key restaurants
- APN
- 49-03-17-124-024.000-600
- APU
- 490317124024000600
Description
This exceptional investment opportunity presents a 4.18-acre (approx. 2.5 net acres) ground lease in Indianapolis, Indiana, featuring an 8,000 sq ft restaurant built in 2004. The current lease, a Net Lease (NNN) agreement, has a remaining term of approximately 4.1 years with two five-year option periods, each featuring a CPI rent adjustment. The tenant is responsible for all property taxes, insurance, maintenance, repairs, and replacements. The current annual ground rent is significantly below market value for comparable restaurant and retail ground leases in the area, at approximately $72,500 per net acre. The asking price is $2,265,000, representing $542,385 per gross acre and approximately $906,000 per net acre. The property boasts a strong 8.00% cap rate and a Net Operating Income (NOI) of $181,221. The location benefits from high visibility at the signaled northeast corner of West 86th Street and Lake Circle Drive, with an average daily traffic count of approximately 32,000 vehicles. It's situated near major employers like Ascension St. Vincent Hospital and surrounded by established retail including Kroger, Trader Joe's, Walmart, At Home, Lowe's, and Costco. The immediate area has a dense population with strong average household incomes: 11,953 residents within one mile, 60,882 within three miles, and 157,479 within five miles, with average household incomes of $83,056, $111,627, and $128,695 respectively. There are 32,529 employees within a one-mile radius. The property's APN is 6021116.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $300,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Marion
- State
- Indiana
- Longitude
- -86.2094
- Latitude
- 39.9126
- CBSA code
- 26900
- CBSA name
- INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA
