2732 State StGreenfield, IN 46140

Property Details for 2732 State St

Year built

2024

Lot size

1.37 AC

Property size (Sq ft)

2,164 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a newly constructed, fee-simple Starbucks located at 2732 N State St, Greenfield, Indiana, within the Indianapolis MSA. Boasting a 6.00% cap rate and a strong NOI of $183,500, this 2,164 square foot QSR/Fast Food property sits on a 1.371-acre lot and offers a substantial 9.8 years remaining on a triple-net (NNN) lease with a credit-rated tenant. The lease commenced August 12, 2024, and includes four 5-year renewal options with a 7.5% rental increase every five years. The property benefits from a prime location at the I-70 and State St interchange, experiencing high daily traffic volume (53,893 AVD on I-70 and 28,095 AVD on State St). Surrounded by major national retailers like Walmart, Kroger, Home Depot, and numerous others, this Starbucks enjoys a thriving retail corridor in a rapidly growing area. Hancock County, where Greenfield serves as the county seat, saw impressive 3.70% residential growth in 2023, further enhancing the property's long-term value. The ample parking (39 spaces) and drive-thru capacity (20 cars) cater to high customer demand. The property features a 100% occupancy rate and benefits from the tenant's responsibility for all CAM, real estate taxes, and insurance expenses, maximizing cash flow for the owner. This is a stabilized investment with transferable warranties, offering a secure and lucrative return. The average household income within a 5-mile radius is $101,768, with a projected 5% household growth from 2024-2029.

Location Insight

City

Greenfield

County

Hancock

State

Indiana

Latitude

39.8246

Longitude

-85.7708

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