505 Main St, Delphi, IN 46923-1441
- Retail space
- 10,646 SF
- 1.54 lot acres
Current Use by Public Records
- CVS Photo / (Bike/Boat/Book/etc) Store
- CVS / Pharmacy
- CDReload - Online Bitcoin ATM / Crypto Atm / Atm
- Buy Bitcoin / Crypto Atm
- CDReload Instant Bitcoin / Crypto Atm
Property Details for 505 Main St
- Year built
- 1997
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.54 lot acres
- Property type
- Retail space
- APN
- 08-06-30-017-039.000-007
- APU
- 80630017039000007
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 5, 2022 | $2,550 | Delphi Bj Partners LLC | Delphi Orion LLC | Limited Warranty Deed | $1.9M · Capstar Bank |
| Nov 12, 2015 | — | Alexander Fund Vi LLC | G B Delphi Developers LLC | Warranty Deed | — |
Description
This exceptional investment opportunity presents a fee-simple ownership of a 10,722 square foot CVS Pharmacy located at 505 W Main St, Delphi, IN 46923. The property sits on a 1.37-acre lot and enjoys a prominent position on a major commercial thoroughfare in Carroll County. The single-story building is currently 100% occupied under a Net Lease (NNN) agreement with CVS Pharmacy, a highly reputable and financially stable national tenant. The lease commenced February 5, 1998, and has a remaining term of approximately 11.7 years, extending to July 30, 2036. Four, five-year lease options are included, with a 5% rent increase every five years on those options. The current asking price is $3,000,000, representing a price per square foot of $279.80 and a 5.00% cap rate based on a current Net Operating Income (NOI) of $150,000. This CVS Pharmacy is the only national drugstore within a 12-mile radius, serving the Delphi community. The landlord is responsible only for roof and structure maintenance. Nearby retailers include Dollar General, McDonald's, Subway, and Dairy Queen, indicating a strong commercial area. This is a rare opportunity to acquire a stable, long-term net lease investment with a dominant tenant in a desirable location.
Value Estimations
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $895,000 Current use
- COMMERCIAL (GENERAL)
- $870,000 Change: -3% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Delphi
- County
- Carroll
- State
- Indiana
- Longitude
- -86.6794
- Latitude
- 40.5846
- CBSA code
- 29200
- CBSA name
- LAFAYETTE-WEST LAFAYETTE, IN METROPOLITAN STATISTICAL AREA
