10216 Michigan Rd Carmel, IN 46032-7947

Property Details for 10216 Michigan Rd

Year built

1962

Lot size

1.71 lot acres

Property size

2,040 SF

Property type

Commercial land

APN

29-13-07-000-006.000-018

APU

291307000006000018

Description

This exceptional investment opportunity presents a 10,985 square foot, newly constructed (2023) Guidepost Montessori daycare center in Carmel, Indiana. Located at 10216 North Michigan Road, 46032, this property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $428,400. The property sits on a 1.41-acre lot and is leased under a triple-net (NNN) lease to the largest corporate Montessori operator in the U.S., providing significant tenant credit strength and limited landlord responsibilities. The lease commenced May 15, 2023, and has a remaining term of 18.8 years, extending to August 31, 2043, with four 5-year renewal options. Rent increases are built in at 2% annually. The asking price is $6,120,000, translating to a price per square foot of $557.12. The property benefits from its location in Carmel, Indiana, a wealthy suburb of Indianapolis, with seven elementary feeder schools within a five-mile radius. The 100% occupancy rate further underscores the strength of this investment. This is a rare opportunity to acquire a high-performing, long-term, low-maintenance investment property in a prime location with a strong tenant and significant growth potential.