Retail Investment Opportunity in
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8989 U.S Highway 20, New Carlisle, IN 46552
10,296 SF retail building in a high-traffic area.
Property Size10,296 SF
Price / SF$202.02
Days on Market205
Property Features for 8989 U.S Highway 20
General Information
Standard status
Active
Size
10,296 SF
Class
B
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Core+
Net Operating Income
$166,249
Building Details
Year Built
2005
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Acadia Commercial
(260) 377-5002
Listed By:
Tyler Binkley · License #RB14037279
Source:
Crexi
Added: Jan 28
Changed: Aug 16
Last Checked: Aug 18 at 8:34PM
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 Acadia Commercial
Investment Insights
Based on property information with market context.
This property at 8989 E Us Highway 20, New Carlisle, IN, presents an investment opportunity for retail purposes. Constructed in 2005, the 10,296 square foot building is zoned PUDM and is currently 100% occupied. The property is located in the New Carlisle area, offering high-traffic exposure and proximity to established retail businesses such as Kroger, Walgreens, and Discount Tire. This single-tenant property operates under an Absolute Triple Net Lease.
Key Highlights
- Absolute triple net lease (NNN)
- 100% occupancy
- High‑traffic location on US Highway 20
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
$142,918
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
6.87%
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%
$2,858,360
$2.9M
Cap Rate 7%
$2,041,686
$2.0M
Cap Rate 9%
$1,587,978
$1.6M
Market Conditions
NOI Build-Up for 10,296 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
$226.1K $21.96/SF
− Vacancy
−$21.9K −$2.13/SF
EGI
$204.2K $19.83/SF
− OpEx
−$61.3K −$5.95/SF
NOI
$142.9K $13.88/SF
Area
St. Joseph County, IN
Vacancy
9.70%
Lease Rate
$21.96 /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%
$2,858,360
Cap Rate 7%
$2,041,686
Cap Rate 9%
$1,587,978
Alternative Uses
Best Use
Retail
$2.04M
$1.79M – $2.38M
NOI $142,918 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 46552, IN
6,478
Population
2,981
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
94%
High-School Grad
63.9 sq mi
ZIP Area
101
Density / Sq Mi
$79,464
Median Household Income
$53,849
Median Earnings
$811
Median Rent
$211,500
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?
Retail space - 10,296 SF retail building in a high-traffic area.
Where is this retail space located?
The property is located at 8989 U.S Highway 20 New Carlisle, IN.
What is the asking price?
The asking price for this property is $2,080,000.
What are key features of this property?
This property features: Absolute triple net lease (NNN); 100% occupancy; High‑traffic location on US Highway 20
