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    1207 Heaton St Knox, IN 46534

    For Sale
    $3,431,000

    Corporate-guaranteed Walgreens; strong ROI.

    Property size:
    14,259 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional investment opportunity presents the fee simple ownership of a freestanding Walgreens located at 1207 S Heaton St, Knox, IN 46534. The property, built in 2005 and encompassing 14,259 square feet on a 2.04-acre lot, boasts a 100% occupancy rate with a corporate guaranteed Walgreens lease. The current lease, commenced January 1st, 2006, has a remaining term of 6.2 years with ten 5-year renewal options, extending to January 31st, 2031. The property features 62 parking spaces and is zoned C-2: General Commercial. The Net Lease (NN) structure minimizes landlord responsibilities, making this an ideal low-management investment. Situated as an outparcel to a grocery-anchored center experiencing over 1.9 million annual visits, the Walgreens benefits from high visibility and significant crossover traffic. The property enjoys limited competition within a 15-mile radius and serves a strong demographic area with over 9,700 residents and 3,600 employees within a 5-mile radius, boasting an average household income of $73,363. The asking price is $3,431,000, representing a price per square foot of $240.62 and an 8.00% cap rate with a current NOI of $274,500. This strategically located asset offers a compelling combination of strong tenant, long-term lease, and attractive financial metrics. The property's prime location along US Highway 35 (13,300 vehicles per day) further enhances its appeal.

    Property Features for 1207 Heaton St

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,259 SF
    Lot Size
    88,862 SF

    Building Details

    Year Built
    2005

    HighLights

    • Fee simple ownership of a Walgreens; 6‑year lease with 10 five‑year options.
    • Net lease (NN) with limited landlord responsibilities.
    • Freestanding building, outparcel to a 100,000+ SF shopping center; excellent visibility and limited competition within 15 miles.
    • Strong demographics: 9,700+ residents and 3,600+ employees within a 5‑mile radius, average household income $73,363.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Knox
    County
    Starke
    State
    Indiana
    Longitude
    -86.6213071
    Latitude
    41.2854782

    Nearby Similar for Sale

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      Prime Knox Retail Space - Pizza King Franchise

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    • $379,900
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      Knox Commercial Building - High Traffic Area

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    FAQs

    What type of property is this?
    Individual retail property - Corporate-guaranteed Walgreens; strong ROI.
    Where is this individual retail property located?
    The property is located at 1207 Heaton St Knox, IN.
    What is the asking price?
    The asking price for this property is $3,431,000.
    What are key features of this property?
    This property features: Fee simple ownership of a Walgreens; 6-year lease with 10 five-year options.; Net lease (NN) with limited landlord responsibilities.; Freestanding building, outparcel to a 100,000+ SF shopping center; excellent visibility and limited competition within 15 miles.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1207 Heaton St Knox, IN 46534
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