8585 37Th Ave Hobart, IN 46342
- Specialty properties
- 2,740 SF
- 0.58 lot acres
Current Use by Public Records
- Specialty properties
Property Details for 8585 37Th Ave
- Year built
- 2019
- Lot size
- 0.58 lot acres
- Property size
- 2,740 SF
- Property type
- Specialty properties
- Property subtype
- Car washes
Description
This exceptional investment opportunity presents a fee-simple 2,740 square-foot car wash located at 8585 E 37th Ave, Hobart, IN 46342. Built in 2019, this property boasts a 6.00% cap rate and a substantial net operating income (NOI) of $256,000. The property sits on a 0.58-acre lot with 48 parking spaces and benefits from a Highway Oriented Business (B3) zoning designation. The tenant, Circle K, is backed by a corporate guarantee, ensuring consistent income. The lease is an absolute NNN, meaning zero landlord responsibilities. The property features annual rent bumps throughout the initial lease term and each option period, providing consistent growth potential. With 7 years remaining on the lease and options to extend, this is a secure, low-maintenance investment. The property enjoys a prime location at a signalized, hard-corner intersection with a high volume of daily traffic (37,000 vehicles per day). Strong demographics within a 5-mile radius further enhance the investment's appeal. The property's APN is 45-09-28-126-002.000-018. Asking price is $4,267,000. 100% occupancy ensures immediate cash flow.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hobart
- County
- Lake
- State
- Indiana
- Longitude
- -87.2348
- Latitude
- 41.5507
