3451 37th Ave Hobart, IN 46342-1751
- Commercial land
- 0.52 lot acres
May 14, 2025
Current Use by Public Records
- Commercial land
Property Details for 3451 37th Ave
- Lot size
- 0.52 lot acres
- Property type
- Commercial land
- APN
- 45-08-26-226-005.000-018
- APU
- 450826226005000018
Description
This exceptional investment opportunity presents a brand-new, 12,480-square-foot freestanding Dollar General grocery store located at 3451 W 37th Ave, Hobart, IN 46342. The property sits on a 1.94-acre lot and boasts a single-story building constructed in 2024. It features an absolute NNN lease with a highly reputable tenant, Dollar General, ensuring minimal landlord responsibilities. The 15-year lease commenced in December 2024, and includes a favorable 5% rent increase every five years, providing consistent and growing income. The current annual net operating income (NOI) is $141,195, yielding a 6.5% cap rate at the asking price of $2,223,551. A July 2, 2024 appraisal valued the property at $2,172,000. The property is zoned for commercial use and offers a strong return on investment with an average cap rate of 6.83% over the 15-year lease term. This is a rare opportunity to acquire a high-quality, newly constructed retail property with a long-term lease in a desirable location. The property's strong tenant, favorable lease terms, and attractive cap rate make it an ideal addition to any investment portfolio. The occupancy date was September 2, 2024.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hobart
- County
- Lake
- State
- Indiana
- Longitude
- -87.3017
- Latitude
- 41.5508
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
