124 Us Highway 66 Tell City, IN 47586
- Neighborhood centers
- 30,185 SF
- 2.43 lot acres
Current Use by Public Records
- Neighborhood centers
Property Details for 124 Us Highway 66
- Year built
- 1978
- Lot size
- 2.43 lot acres
- Property size
- 30,185 SF
- Property type
- Neighborhood centers
- Property subtype
- Retail properties
Description
This prime Tell City, Indiana retail property offers a significant value-add opportunity. The 30,185 square foot strip center, built in 1978, sits on a 2.43-acre lot and features nine units currently occupied at 59% capacity by five tenants under NNN leases. The property boasts a strong location along US Hwy 66 E, experiencing high traffic counts exceeding 18,000 vehicles daily. With below-market rents and 40% vacancy, there's substantial upside potential for increased NOI. The asking price is $1,050,000, representing a compelling $34.79 per square foot, significantly below the estimated $250/SF replacement value. The property features a well-maintained, rugged standing-seam roof. The current Net Operating Income (NOI) is $44,298, yielding a 4.22% cap rate. Its proximity to Owensboro, KY (a 60,000+ population center, just 30 miles away) further enhances its investment appeal. The property is offered fee simple and presents a rare chance to acquire a well-situated retail asset with considerable upside potential in a growing market. The property's parcel number is 62-18-05-200-009.000-007.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tell City
- County
- Perry
- State
- Indiana
- Longitude
- -86.76
- Latitude
- 37.9387
