886 Sycamore St Rockport, IN 47635-1108

Property Details for 886 Sycamore St

Year built

1986

Construction

WOOD

Lot size

0.55 lot acres

Property size

4,870 SF

Property type

Banks

APN

74-15-22-401-024.000-018

APU

741522401024000018

Description

This exceptional investment opportunity presents a fee-simple ownership of a 4,600 square foot retail property, currently leased to Old National Bank under an absolute NNN lease. The lease commenced October 31, 2022, with a remaining term of approximately 2.9 years, extending to October 30, 2027, and includes a five-year option. The property, located at 886 Sycamore Street in Rockport, Indiana, 47635, sits on a 0.55-acre lot and is a single-story, 1986-built building with 100% occupancy. The asking price is $756,800, representing a compelling $164.52 per square foot and a 7.50% cap rate based on a Net Operating Income (NOI) of $56,760. Annual rent increases are tied to the Consumer Price Index (CPI). The tenant, Old National Bank, provides a corporate guarantee, ensuring financial stability. This strategically located property benefits from its proximity to numerous colleges and universities, as well as several apartment complexes, contributing to a strong and stable tenant base. The bank boasts strong deposits exceeding $54 million in 2023. This is a rare opportunity to acquire a high-quality, net-leased property with a strong tenant and attractive financial metrics.