2920 38th St Indianapolis, IN 46218-1232

Property Details for 2920 38th St

Lot size

0.01 lot acres

Zone code

ZO01

Property type

Commercial land

APN

49-07-20-105-251.006-101

APU

490720105251006101

Description

This exceptional investment opportunity presents a newly constructed (2023), 2,500 square foot Walgreens Pharmacy in Indianapolis, Indiana. Located at 2920 E 38th St, this small-format prototype store benefits from a long-term, NNN lease with approximately 8.5 years remaining until April 29, 2033, including a mid-term rental increase effective May 1, 2028, boosting the cap rate to 6.35%. The property boasts a 6.05% cap rate based on a current NOI of $117,500 and an asking price of $1,942,000. Situated on a 0.56-acre lot with 14 parking spaces, the property enjoys high visibility and excellent frontage, benefiting from approximately 40,000 vehicles per day passing the intersection of N. Keystone Avenue and 38th Street. The location is surrounded by residential areas, government services, recreational facilities, and schools, serving a dense population exceeding 272,000 within a 5-mile radius, with average household incomes of approximately $95,000. Indianapolis's robust economy, anchored by major employers like Eli Lilly and Elevance Health, along with a significant healthcare sector including numerous hospitals and thousands of healthcare employees, further enhances the property's value. The property's proximity to major attractions like the Indiana State Fairgrounds and the Indianapolis Motor Speedway, along with easy access to Interstates 65, 69, 70, and 74, and Indianapolis International Airport, contributes to its strong investment potential. The landlord's responsibilities are limited to roof/structure maintenance, covered by a 15-year transferable warranty. This presents a low-management, high-return investment ideal for 1031 exchange buyers.