Current Use by Public Records
- Retail properties & Spaces
Property Details for 2732 State St
- Year built
- 2024
- Lot size
- 1.37 lot acres
- Property type
- Retail properties & Spaces
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Greenfield
- County
- Hancock
- State
- Indiana
- Longitude
- -85.7708
- Latitude
- 39.8246
