601 Mt Tabor Rd New Albany, IN 47150-2210
- Parking lots & garages
- 7,000 SF
- 1.53 lot acres
Feb 28, 2025
Current Use by Public Records
- Morton's Auto & Truck Repair LLC / Auto Repair Shop / Auto Tune Up Service
Property Details for 601 Mt Tabor Rd
- Year built
- 1998
- Construction
- WOOD
- Lot size
- 1.53 lot acres
- Property size
- 7,000 SF
- Property type
- Parking lots & garages
- APN
- 22-05-01-400-133.000-008
- APU
- 220501400133000008
Description
This exceptional investment opportunity presents a 7,000-square-foot auto shop located at 601 Mt. Tabor Rd, New Albany, IN 47150. Situated on a 1.53-acre lot, the property boasts a strong 100% occupancy rate under a 20-year triple net (NNN) lease with a remaining term of 20 years. The current annual net operating income (NOI) is $168,000, yielding an attractive 7.00% capitalization rate. Built in 1998, this single-tenant property benefits from a long-term lease with built-in annual rent increases of 2.00%, providing predictable and growing income. The lease structure shifts all responsibility for property taxes, insurance, and maintenance to the tenant, minimizing landlord expenses. This investment offers significant long-term stability and potential for appreciation, making it an ideal addition to any portfolio. The property's location in New Albany, Indiana, provides convenient access to major roadways and a strong local market. This is a rare opportunity to acquire a well-established, high-performing auto shop with a secure, long-term lease.
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
- New Albany
- County
- Floyd
- State
- Indiana
- Longitude
- -85.8261
- Latitude
- 38.3326
- CBSA code
- 31140
- CBSA name
- LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA
