4580 Elkhart Rd Elkhart, IN 46517-3569

Property Details for 4580 Elkhart Rd

Year built

2006

Lot size

0.41 lot acres

Property size

1,708 SF

Zone code

ZO01

Property type

Parking lots & garages

APN

20-06-26-426-027.000-013

APU

200626426027000013

Description

This exceptional investment opportunity presents a fee-simple Starbucks located at 4580 Elkhart Rd, Elkhart, IN 46517. The 1,764 square foot building, constructed in 2006, sits on a 0.53-acre lot and boasts 24 parking spaces. This single-tenant, net lease property benefits from a corporate guarantee and a remaining lease term of approximately 11.6 years, expiring June 28, 2036. The lease includes 10% rent bumps every five years, providing consistent income growth. The property's strong performance is evidenced by its NOI of $97,020 and a 5.75% cap rate, with an asking price of $1,687,000 ($956.35/sq ft). This highly visible location is shadow-anchored by a remodeled Meijer grocery store (2017), including a pharmacy and gas station, ensuring consistent high traffic. Situated on a signalized, hard-corner intersection with over 26,500 vehicles daily, the property is part of the Goshen Village Shoppes, a vibrant retail center with diverse tenants. The Starbucks location ranks in the top 10% nationally, with over 346,600 visits (June 1, 2023 - May 31, 2024, per Placer.ai). The surrounding area is densely populated, with over 72,000 residents within five miles and a strong average household income. Recent capital improvements include HVAC unit replacements in 2023. Lease options include 4 and 5-year terms. The property's APN is 20-06-26-426-030.000-013, 20-06-26-426-027.000-013. This is a rare opportunity to acquire a high-performing, established Starbucks in a prime location with significant long-term growth potential.

Location Insight

City

Elkhart

County

Elkhart

State

Indiana

Longitude

-85.91

Latitude

41.6281

CBSA code

21140

CBSA name

ELKHART-GOSHEN, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments