Property Details for 9919 Pointe Vw Dr

Year built

2024

Lot size

1.00 lot acres

Property size

2,166 SF

Property type

Retail properties & Spaces

Description

This offering presents a unique opportunity to acquire a fee-simple, newly constructed (2024) Starbucks located in Newburgh, Indiana, a rapidly growing suburb of Evansville. The property boasts a 2,166 square foot building on a one-acre lot, featuring 44 parking spaces and excellent visibility on Pointe View Drive. The property benefits from a strong, credit-rated tenant with a 9.4-year remaining lease term (expiring 03/31/2034) and four 5-year renewal options. The lease is a triple-net (NNN) agreement, meaning the tenant covers all expenses except roof and structure maintenance. Rental income is further secured by a 7.5% rent increase every five years. The property currently generates a net operating income (NOI) of $167,000, representing a 5.75% capitalization rate. The location is strategically positioned within a thriving commercial corridor, near major employers like Deaconess Gateway Hospital and within close proximity to I-69 and IN-66, ensuring high traffic volume (40,593 average daily cars). The surrounding area features a strong demographic profile, with a 3-mile average household income of $139,678. This investment offers a stable, high-yield return with significant long-term growth potential in a prime location. The property's roof is covered by a warranty extending to 2039. This is a 100% occupied, single-tenant property with minimal landlord responsibilities. The asking price is $2,904,348, translating to $1,340.88 per square foot.

Location Insight

City

Newburgh

County

Warrick

State

Indiana

Longitude

-87.4303

Latitude

37.9768