145 Chestnut St Monrovia, IN 46157-9564

Property Details for 145 Chestnut St

Year built

2009

Construction

TYPE NOT SPECIFIED

Lot size

0.96 lot acres

Property size

9,230 SF

Property type

Outlet malls

APN

55-04-12-180-004.002-022

APU

550412180004002022

Description

This fee-simple offering presents a compelling investment opportunity: a 9,100-square-foot Dollar General storefront in Monrovia, Indiana. The property, built in 2009, boasts a Class A rating and is situated on a 0.96-acre lot. The current lease, a Net Net (NN) single-tenancy agreement with Dollar General, has a remaining term of 1.5 years, expiring May 31, 2026, with five five-year lease options including a 10% rent bump at each option. The property generates a strong net operating income (NOI) of $82,500, resulting in an attractive 8.25% capitalization rate. The asking price is $1,000,000, translating to $109.89 per square foot. This location is a top performer, ranking in the top 30% of Indiana and top 33% nationwide in visits per Placer. The property benefits from its position in a booming suburb of Indianapolis, with a three-mile average household income of $106,528. Its strategic location near the intersection of IN-42 and IN-39 (combined VPD of 8,570), 1.5 miles from I-70 (64,430 VPD), and proximity to major residential developments and industrial parks, including Westpoint Business Park (a 6M SF, 550-acre industrial park), further enhances its value. The area also benefits from the presence of major distribution facilities for companies such as Sunbeam, Geodis, DHL, FedEx, Chewy, GXO, Johnson & Johnson, and XPO Logistics, with approximately 1,500 combined employees. Significant future residential growth is anticipated, with 742 additional homes scheduled for construction between 2022 and 2027. The property includes a concrete parking lot and a concrete dumpster enclosure. Monrovia's advantageous location within the Indianapolis MSA, a 24-mile drive from Indianapolis' city center and a 13-minute drive to Indianapolis International Airport, adds to its appeal.

Location Insight

City

Monrovia

County

Morgan

State

Indiana

Longitude

-86.4789

Latitude

39.5806

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments