2511 Chester Blvd, Richmond, IN 47374

Property Details for 2511 Chester Blvd

Year built

2024

Lot size

1.07 lot acres

Property type

Retail properties & Spaces

Description

This exceptional investment opportunity presents a fee-simple interest in a brand-new, 2,350 square-foot Chipotle restaurant located at 2511 Chester Boulevard in Richmond, Indiana. Built in 2024, this single-tenant property boasts a strong 15-year net lease with a corporate guarantee from Chipotle, the second-largest Mexican restaurant chain globally. The lease includes four, five-year renewal options and attractive 10% rent increases every five years, ensuring consistent income growth. The property benefits from a prime location as an outparcel to a high-traffic Meijer grocery store, attracting over 2 million annual visits and situated within a 30-mile radius with no other Meijer locations. Its visibility is further enhanced by frontage along Chester Boulevard, experiencing over 16,000 vehicles daily, and proximity to Interstate 70 (38,000 VPD). The property's strategic location also benefits from its adjacency to Indiana University East, Ivy Tech Community College, and Purdue Polytechnic Richmond (over 4,940 students) and Reid Health, a 223-bed regional medical center employing over 3,500 people. The property sits on a 1.07-acre lot and offers a compelling 5.50% cap rate with a current NOI of $158,100 and an asking price of $2,875,000 ($1,223.40/sq ft). This is a rare opportunity to acquire a high-performing, low-maintenance asset with significant long-term growth potential in a thriving market. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any investment portfolio.

Location Insight

City

Richmond

County

Wayne

State

Indiana

Longitude

-84.8878

Latitude

39.8692