1320 State Road 2, La Porte, IN 46350

Property Details for 1320 State Road 2

Year built

2023

Lot size

0.93 lot acres

Property type

Retail properties & Spaces

Property subtype

Medical centers

Description

This exceptional investment opportunity presents a 3,726 square foot, single-tenant net-leased retail property in La Porte, Indiana. Built in 2023, the property is occupied by Fast Pace Health under a 15.4-year lease commencing January 9, 2024, and expiring May 31, 2039, with 14.5 years remaining. The lease includes 10% rent bumps every five years and three five-year renewal options, providing significant long-term income growth. The property boasts a 6.35% cap rate and a strong NOI of $196,885. Located on a 0.93-acre lot on State Road 2 (approx. 14,000 vehicles per day), the property benefits from high visibility and traffic counts. The strategic location is part of a shopping center outparcel anchored by Rural King and Dunham's Sports, with nearby retailers including Walgreens, Ace Hardware, and more. The area demographics are favorable, with over 33,200 people residing within a five-mile radius and an average household income exceeding $94,332. The property's tenant, Fast Pace Health, is a rapidly expanding urgent care provider with over 250 locations across multiple states, offering a diverse range of medical services. The building itself features multiple exam rooms, on-site lab testing, and x-ray capabilities, ensuring a comprehensive healthcare experience. This NNN lease minimizes landlord responsibilities, making it an attractive, low-maintenance investment. The corporate guarantee from Fast Pace Health adds further security to this compelling investment opportunity. The asking price is $3,100,551, representing a price per square foot of $832.14.

Location Insight

City

La Porte

County

LaPorte

State

Indiana

Longitude

-86.7351

Latitude

41.6004