320 Scatterfield RdAnderson, IN 46012

Property Details for 320 Scatterfield Rd

Year built

2003

Construction

TYPE NOT SPECIFIED

Lot size

1.44 AC

Property size (Sq ft)

14,406 SF

Property type

Retail properties

Property subtype

Outlet malls

APN

48-12-08-302-150.000-003

APU

481208302150000003

Description

This exceptional investment opportunity presents a 14,418-square-foot Walgreens located at 320 S Scatterfield Rd, Anderson, IN 46012. The property, built in 2004 and situated on 1.38 acres, boasts a prominent location on a high-traffic corridor (24,886 VPD) with excellent visibility. The single-tenant building is leased to Walgreens under an absolute NNN lease with a corporate guarantee, offering minimal landlord responsibilities. The lease, commencing August 1, 2004, has a remaining term of 4.7 years with ten 5-year options. The property features a drive-thru, ample surface parking (55 spaces), and pylon signage. The strong tenant, Walgreens (S&P: BBB), ensures a stable income stream, reflected in the $300,000 NOI and a 6.00% cap rate. The asking price is $5,000,000, translating to $346.79 per square foot. The property's strategic location is further enhanced by its proximity to numerous national retailers, including Dollar General, Advance Auto Parts, and several fast-food restaurants. Its location less than half a mile from Anderson University adds to its appeal. This is a rare opportunity to acquire a stabilized, high-performing retail asset with a long-term, creditworthy tenant. The property offers significant upside potential due to the lease options and strong market fundamentals. The 100% occupancy since August 1, 2004, underscores the property's enduring appeal and consistent performance.

• CAP approach

  CAP return

  Valuation

  6%

  $2,637,948

  6.5%

  $2,435,029

  7%

  $2,261,098

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,508,484

  Geo Method

  $4,508,484

• Alternative Use

  Use

  Valuation

  Residential

  $2,054,038

  Hospitality

  $1,881,488

  Educational

  $1,565,376

  Medical

  $1,619,211

  Retail

  $2,435,029

Location Insight

City

Anderson

County

Madison

State

Indiana

Latitude

40.1125

Longitude

-85.6522

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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