NNN Property with Dollar
For Sale
$1,012,000
Pending
9620 N U.s Highway 31, Columbus, IN 47201
Commercial Sale, Columbus, IN
Property Size9,100 SF
Lot Size2.27 Acres
Days on Market181
Property Features for 9620 N U.s Highway 31
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Parking
32
Interior features
Ceiling Fan(s), Open Floorplan, High Ceilings
Exterior features
Lighting
Elementary school district
Bartholomew County
Middle school district
Bartholomew County
High school district
Bartholomew County
Directions
From I-65, take Exit 76 for US-31 toward Columbus. Head south on US-31 for approximately 3 miles. Property will be on the right (west) side of the highway at 9620 N US Highway 31.
Standard status
Pending
APN
030522000002604009
Size
9,100 SF
Lot size
2.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Part Of Lot 2 Skotzke Minor Subdivision (Q/366 C)
Tax Annual Amount
12877
Legal Description
Part Of Lot 2 Skotzke Minor Subdivision (Q/366 C)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Year built
2008
Listing Agency:
Realest.com
(219) 808-1520
Listed By:
Joshua Austgen
(219) 293-1657
Added: Mar 30
Changed: Sep 19
Last Checked: Sep 26 at 1:06AM
MLS# 836580
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,100-square-foot retail property occupies 2.27 acres along US Highway 31 in Columbus, Indiana. Constructed in 2008, the building features an open floorplan, high ceilings, ceiling fans, central heating, and exterior lighting. Public water and public sewer serve the property, with cable available.
Dollar General occupies the building under an NNN lease and has executed a new five-year lease extension. The site is positioned on US Highway 31 with access from the surrounding commercial corridor. Its single-tenant configuration, established national retailer, and limited landlord obligations provide a straightforward structure for ownership.
Dollar General occupies the building under an NNN lease and has executed a new five-year lease extension. The site is positioned on US Highway 31 with access from the surrounding commercial corridor. Its single-tenant configuration, established national retailer, and limited landlord obligations provide a straightforward structure for ownership.
Key Highlights
- 9,100‑square‑foot retail building on 2.27 acres
- Dollar General is the current tenant
- New five‑year lease extension executed
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
$58,152
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
5.75%
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%
$1,163,040
$1.2M
Cap Rate 7%
$830,743
$830.7K
Cap Rate 9%
$646,133
$646.1K
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
$92.8K $10.20/SF
− Vacancy
−$9.7K −$1.07/SF
EGI
$83.1K $9.13/SF
− OpEx
−$24.9K −$2.74/SF
NOI
$58.2K $6.39/SF
Area
Bartholomew County, IN
Vacancy
10.50%
Lease Rate
$10.20 /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%
$1,163,040
Cap Rate 7%
$830,743
Cap Rate 9%
$646,133
Alternative Uses
Best Use
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,690 @ 7.0% cap · market cap 11.63%
Second Best
Retail
$830.7K
$726.9K – $969.2K
NOI $58,152 @ 7.0% cap · market cap 5.75%
Theoretical Best
Healthcare Medical
$1.76M
$1.54M – $2.05M
NOI $123,145 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
104
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 36%
Circle K
Shops & Services
22,180 visits/mo
0.4 miles
Burger King
Dining
13,863 visits/mo
0.5 miles
Dollar General
Shops & Services
8,772 visits/mo
0.2 miles
Waffle House
Dining
4,836 visits/mo
0.4 miles
Carver Toyota Of Columbus
Shops & Services
2,521 visits/mo
0.4 miles
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Fully leased retail building with public utilities and an open floorplan.
Where is this nnn property located?
The property is located at 9620 N U.s Highway 31 Columbus, IN.
What is the asking price?
The asking price for this property is $1,012,000.
What are key features of this property?
This property features: 9,100‑square‑foot retail building on 2.27 acres; Dollar General is the current tenant; New five‑year lease extension executed
