2536 Michigan Rd Madison, IN 47250

Property Details for 2536 Michigan Rd

Lot size

2.88 lot acres

Property type

Commercial land

APN

39-08-23-300-021.004-007

APU

390823300021004007

Description

This exceptional 120,868-square-foot shopping center in Madison, Indiana, presents a compelling investment opportunity. Completed in 2023, the property boasts 100% occupancy with four credit-rated tenants under absolute NNN and ground leases, ensuring zero landlord responsibilities. The center features ample parking, pylon signage, and convenient ingress/egress at a signalized intersection. Situated on an 11-acre lot, Sunrise Crossing benefits from a prime location in a well-established retail corridor, surrounded by national retailers such as Kroger, Walmart, and others. The property's strong financial performance is highlighted by a 6.75% cap rate and a net operating income (NOI) of $1,152,925. The asking price is $17,080,000, translating to $141.31 per square foot. Leases commenced August 31, 2023, and include rent bumps. The affluent surrounding community, with an average household income exceeding $68,000 within a five-mile radius (2020 data), ensures a stable tenant base. High traffic counts on Michigan Road (10,786 VPD) and Highway 62 (18,290 VPD) (Source: LandVision, CoStar, 2022) further enhance the property's appeal. Its proximity to Louisville International Airport (45 miles), Downtown Louisville (40 miles), and Downtown Cincinnati (55 miles) provides excellent accessibility. Nearby recreational facilities include Clifty Falls State Park and Sunrise Golf Course. A recent financing quote indicates a 10-year, 60% LTV loan at 6.55% interest-only, projecting a 7.05% pre-tax return in the first year.