2135 State St, New Albany, IN 47150

Property Details for 2135 State St

Lot size

2.40 lot acres

Property type

Retail properties & Spaces

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a portfolio of three newly constructed retail buildings totaling 10,817 square feet on a 2.4-acre lot in New Albany, Indiana. The property boasts a prime location at a signalized intersection on State Street, a high-traffic retail corridor with ample parking, pylon signage, and easy ingress/egress. Tenants include Chipotle, Panera Bread, and Bank of America, all under long-term triple-net (NNN) leases with minimal landlord responsibilities. The leases feature corporate guarantees, providing significant financial security. Each lease includes a 10% rent increase every five years, with at least three 5-year options, ensuring consistent income growth. The portfolio benefits from a strong tenant mix, with established national brands and a weighted average lease term (WALT) exceeding 12 years. The property's location offers excellent visibility and accessibility, situated near major roadways including US-265 and US-64, and surrounded by other national retailers such as Target, Kroger, and Home Depot. The thriving community boasts an average household income exceeding $65,000 within a five-mile radius, further enhancing the investment's appeal. The asking price is $10,527,033, representing a 4.90% cap rate and a price per square foot of $973.19, based on a net operating income (NOI) of $515,359. The buildings were constructed in 2022 and 2023 and are currently 100% occupied. This portfolio offers a compelling combination of strong tenants, long-term leases, and a desirable location, making it an ideal investment for discerning buyers. The property is conveniently located just six miles from downtown Louisville, Kentucky.

Location Insight

City

New Albany

County

Floyd

State

Indiana

Longitude

-85.8397

Latitude

38.3048