Property Details for 720 Henderson Way

Year built

2024

Lot size

0.72 lot acres

Property size

2,300 SF

Property type

Retail properties & Spaces

Description

This exceptional investment opportunity presents a brand-new, Class A, freestanding Starbucks with a drive-thru. Located at 720 Henderson Way, Pendleton, IN 46064, this 2,300 square foot property sits on a 0.72-acre lot and boasts a 9.6-year remaining lease term (expiring 6/30/2034) with a corporate guarantee. The lease commenced June 4th, 2024, and includes six, five-year options with rent bumps of 7.5% in year six and 6% at each option renewal. The property features a strong 5.85% cap rate and a current NOI of $143,082, with an asking price of $2,445,846 ($1,063.41/sq ft). This single-tenant, net lease property benefits from its strategic location directly off I-69 Exit (89,576 combined VPD), adjacent to multiple new developments including Wolfie’s Bar & Grill, 3 Rivers Credit Union, BP Gas Station, and Community Health Network Medical Office. The area is experiencing significant growth, with proposed developments including 324 multi-family units, a Hampton Inn & Suites, and additional retail and QSR establishments within a one-mile radius. The property is part of the Pendleton I-69 Interchange Master Plan, a 2,325-acre planned development. Pendleton is a thriving northeastern suburb of Indianapolis, experiencing significant population growth and located within the Indianapolis MSA. The property is zoned for commercial use and is an outparcel to the Pendleton Business Park, with future planned expansion to 264 acres. This is a rare opportunity to acquire a high-performing, investment-grade asset in a rapidly developing market. No early termination or kick-out clauses exist.

Location Insight

City

Pendleton

County

Madison

State

Indiana

Longitude

-85.7664

Latitude

40.0035