602 Broadway St Loogootee, IN 47553-2440

This fee-simple property offers a compelling investment opportunity with an absolute NNN lease to Old National Bank, a major Midwest regional bank with over $48 billion in assets. Located at 602 W Broadway St, Loogootee, IN 47553, this 1,452 square foot, single-story building sits on a 0.91-acre lot and was built in 1986. The lease, commencing October 31, 2022, and expiring October 30, 2027, has a remaining term of approximately 2.9 years, with annual rent increases based on the CPI. The current annual net operating income (NOI) is $77,000, resulting in a 7.50% capitalization rate and a price per square foot of $707.07. The property benefits from a corporate guarantee and a single, 100% occupancy rate. A five-year lease option is included. The strong tenant, Old National Bank, boasts deposits exceeding $54 million. The location is advantageous, surrounded by numerous apartment complexes (Southwind Manor, County Place, Larkin, Jules Cave, Burch Estates, and Olive Lane Apartments), Loogootee Elementary School (291 students), and the Martin Community Learning Center. Daily traffic counts exceed 12,599 vehicles. This is a rare opportunity to acquire a stable, high-performing net lease investment in a desirable location.