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    505 Main St Delphi, IN 46923

    For Sale
    $3,000,000

    High-yield CVS Pharmacy investment. Strong tenant, long lease.

    Property size:
    10,722 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a fee-simple ownership of a 10,722 square foot CVS Pharmacy located at 505 W Main St, Delphi, IN 46923. The property sits on a 1.37-acre lot and enjoys a prominent position on a major commercial thoroughfare in Carroll County. The single-story building is currently 100% occupied under a Net Lease (NNN) agreement with CVS Pharmacy, a highly reputable and financially stable national tenant. The lease commenced February 5, 1998, and has a remaining term of approximately 11.7 years, extending to July 30, 2036. Four, five-year lease options are included, with a 5% rent increase every five years on those options. The current asking price is $3,000,000, representing a price per square foot of $279.80 and a 5.00% cap rate based on a current Net Operating Income (NOI) of $150,000. This CVS Pharmacy is the only national drugstore within a 12-mile radius, serving the Delphi community. The landlord is responsible only for roof and structure maintenance. Nearby retailers include Dollar General, McDonald's, Subway, and Dairy Queen, indicating a strong commercial area. This is a rare opportunity to acquire a stable, long-term net lease investment with a dominant tenant in a desirable location.

    Property Features for 505 Main St

    General Information

    Property type
    Individual retail properties
    Square Feet
    10,722 SF
    Lot Size
    59,677 SF

    Building Details

    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • Fee‑simple ownership of a 10,722 SF CVS Pharmacy on a 1.37‑acre lot in Delphi, IN.
    • 100% occupied under a NNN lease with CVS Pharmacy, expiring July 30, 2036, with four 5‑year options and 5% rent increases.
    • Asking price: $3,000,000 ($279.80/SF), offering a 5.00% cap rate based on a $150,000 NOI.
    • Located on a major commercial thoroughfare, the only national drugstore within a 12‑mile radius.
    • Landlord responsible for roof and structure maintenance only; strong surrounding retail presence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CVS Photo Passport Photo Processor CVS Drug Store CDReload - Online Bitcoin ... Crypto Atm Buy Bitcoin Crypto Atm CDReload Instant Bitcoin Crypto Atm

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Delphi
    County
    Carroll
    State
    Indiana
    Longitude
    -86.6794657
    Latitude
    40.5847275

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    FAQs

    What type of property is this?
    Individual retail property - High-yield CVS Pharmacy investment. Strong tenant, long lease.
    Where is this individual retail property located?
    The property is located at 505 Main St Delphi, IN.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Fee-simple ownership of a 10,722 SF CVS Pharmacy on a 1.37-acre lot in Delphi, IN.; 100% occupied under a NNN lease with CVS Pharmacy, expiring July 30, 2036, with four 5-year options and 5% rent increases.; Asking price: $3,000,000 ($279.80/SF), offering a 5.00% cap rate based on a $150,000 NOI.
    Request Owner's contact information
    505 Main St Delphi, IN 46923
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    Delphi, IN 46923
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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
    505 Main St Delphi, IN 46923
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