6125 Central Ave Portage, IN 46368-3632
- Retail space
- 6,900 SF
- 0.96 lot acres
Nov 25, 2024
Current Use by Public Records
- UPS Access Point location / Shipping And Mailing Service / Mailing Service
- Advance Auto Parts / Auto Parts Store / Car Accessories Store
Property Details for 6125 Central Ave
- Year built
- 2004
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.96 lot acres
- Property size
- 6,900 SF
- Property type
- Retail space
- APN
- 64-05-13-156-001.000-016
- APU
- 640513156001000016
Description
This fee-simple investment opportunity presents a 7,000-square-foot Advance Auto Parts store in Portage, Indiana. The property, built in 2004 and situated on a 0.96-acre lot, boasts a strong 20-year operating history with a recently exercised lease extension through December 31, 2029. This highly passive net lease minimizes landlord responsibilities, encompassing only the building's structure, slab, and foundation. The lease includes a 5% rental increase at each option period, providing consistent income growth. The property enjoys a prime location on Central Avenue (14,000 vehicles per day), benefiting from high visibility and proximity to Interstate 90. This thriving retail corridor features numerous national retailers, including other auto parts stores, enhancing the property's value and appeal. The property also benefits from its proximity to a 300-unit apartment complex and a one-mile average household income exceeding $103,000. The property includes 45 parking spaces and generates a Net Operating Income (NOI) of $137,268, representing a 7.50% capitalization rate. This investment offers a stable, long-term income stream with significant upside potential. The current occupancy is 100%.
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
- Portage
- County
- Porter
- State
- Indiana
- Longitude
- -87.1782
- Latitude
- 41.5756
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
