505 Main St Delphi, IN 46923

Property Details for 505 Main St

Year built

1997

Construction

TYPE NOT SPECIFIED

Lot size

1.54 lot acres

Property size

10,646 SF

Property type

Retail space

APN

08-06-30-017-039.000-007

APU

80630017039000007

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.

Location Insight

City

Delphi

County

Carroll

State

Indiana

Longitude

-86.6794

Latitude

40.5846

CBSA code

29200

CBSA name

LAFAYETTE-WEST LAFAYETTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments