Restaurant Property with
For Sale
Contact for pricing
Pending
9802 N Michigan Rd, Carmel, IN 46032
Operating restaurant with a drive-through, outdoor patio, and access to a regional interstate network.
Property SizeContact for details
Days on Market141
Property Features for 9802 N Michigan Rd
General Information
Standard status
Pending
Property subtype
Retail
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Additional Details
Cap Rate
6.86%
Patio
Yes
Listing Agency:
Marcus & Millichap - Los Angeles
(310) 909-5500
Listed By:
Robert Narchi · License #01324570
Source:
Crexi
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 30 at 4:12AM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This conventional restaurant property in Carmel includes a functioning drive-through and outdoor patio. The site shares an entrance with a Marathon gas station and sits along US 421, with direct access to I-465. Home Depot, Kohl’s, Costco, and Target are identified among the nearby retailers in the surrounding commercial corridor.
The property is leased to Arechiga Restaurant Group, which operates nine Indianapolis-area locations and five in Illinois. The lease has over 9 years remaining on a 10-year term and provides 10% rent increases every five years. Tenant obligations include taxes and insurance through CAM charges, while the landlord remains responsible for roof and structural maintenance. The offering carries a 6.86% cap rate.
The property is leased to Arechiga Restaurant Group, which operates nine Indianapolis-area locations and five in Illinois. The lease has over 9 years remaining on a 10-year term and provides 10% rent increases every five years. Tenant obligations include taxes and insurance through CAM charges, while the landlord remains responsible for roof and structural maintenance. The offering carries a 6.86% cap rate.
Key Highlights
- 6.86% cap rate with over 9 years remaining on a 10‑year lease
- Operating restaurant with a drive‑through and outdoor patio
- Located along US 421 with direct access to I‑465
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
381k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Apparel 23%
Home Improvements & Furnishings 17%
Shops & Services 17%
Kohl's
Apparel
36,328 visits/mo
0.3 miles
McDonald's
Dining
33,160 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
32,987 visits/mo
0.3 miles
Marshalls
Apparel
32,442 visits/mo
0.5 miles
HomeGoods
Home Improvements & Furnishings
31,806 visits/mo
0.4 miles
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
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?
Conventional restaurant - Operating restaurant with a drive-through, outdoor patio, and access to a regional interstate network.
Where is this conventional restaurant located?
The property is located at 9802 N Michigan Rd Carmel, IN.
What are key features of this property?
This property features: 6.86% cap rate with over 9 years remaining on a 10‑year lease; Operating restaurant with a drive‑through and outdoor patio; Located along US 421 with direct access to I‑465
