587 Main St, Austin, IN 47102
- Grocery and convenience stores
- 10,000 SF
- 0.91 lot acres
Current Use by Public Records
- Grocery and convenience stores
Property Details for 587 Main St
- Year built
- 2024
- Lot size
- 0.91 lot acres
- Property type
- Grocery and convenience stores
- Property subtype
- Gas stations
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 23, 2024 | — | Dpg Single Tenant Indiana LLC | Joey L Murphy | Deed · related | — |
| Sep 1, 2023 | $375,000 | Dpg Single Tenant Indiana LLC | Joey L Murphy | Personal Rep. Deed | $1.7M · Oakworth Capital Bank |
Description
This exceptional investment opportunity presents a fee-simple ownership of a 10,000-square-foot retail property in Austin, Indiana. Currently occupied by Dollar Tree under a Net Lease (NN+) agreement, the property boasts a strong 9.8 years remaining on the initial 10-year lease, with four additional 5-year renewal options, each including a $5,000 ($0.50 PSF) rent increase. The lease is corporately guaranteed by a credit-rated tenant, providing significant security. Built in 2024, this single-story building sits on a 0.91-acre lot and benefits from a 20-year roof warranty. The property enjoys a prime location, situated near a PepsiCo plant, with daily traffic counts exceeding 33,500 vehicles on Highway 65. The strong demographics further enhance the investment's appeal, with a 5-mile population of 17,544 and a 10-mile population of 29,383, boasting an average annual household income of $59,040. The property's Net Operating Income (NOI) is $141,000, yielding a 7.50% cap rate, and the asking price is $1,880,000. This is a rare opportunity to acquire a high-performing, credit-rated, net-leased retail property in a desirable location with significant growth potential. The property's location offers excellent visibility and accessibility, making it an ideal investment for long-term growth and passive income.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Scott
- State
- Indiana
- Longitude
- -85.8120819
- Latitude
- 38.7411531
