10679 Michigan Rd, Zionsville, IN 46077

Property Details for 10679 Michigan Rd

Year built

1999

Lot size

9.61 lot acres

Property type

Retail properties & Spaces

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a 65,182 square foot Kroger grocery store in Zionsville, Indiana, a suburb of Indianapolis. The property boasts a strong 12.5-year remaining lease term (expiring 04/30/2037) with a corporate-guaranteed Absolute NNN lease structure, ensuring minimal landlord responsibilities. The lease commenced on 11/22/2006 and includes attractive 7% rental increases every five years, providing built-in inflation protection and significant NOI growth. The property sits on a 9.61-acre lot, zoned B-2, and was built in 1999. With a current NOI of $1,070,000 and an asking price of $17,833,000, this translates to a 6.00% cap rate. The property enjoys a prime location on North Michigan Road, experiencing high daily traffic volume (51,000 vehicles per day), and benefits from proximity to Interstate 465 and major shopping centers, including West Carmel Marketplace, Traders Point, and College Park Plaza. The affluent surrounding area, with an average household income exceeding $151,849 within a 5-mile radius, ensures a robust customer base. This is a management-free investment opportunity with significant long-term potential. The property's location within the Indianapolis MSA further enhances its value and appeal. The property's APN is 29-13-06-012-002.000-018. 100% occupancy ensures consistent cash flow.

Location Insight

City

Zionsville

County

Hamilton

State

Indiana

Longitude

-86.2366

Latitude

39.9433