990 Grn Riv Rd Evansville, IN 47715-4108

Property Details for 990 Grn Riv Rd

Year built

1983

Construction

WOOD

Lot size

1.47 lot acres

Property size

10,141 SF

Property type

Turn key restaurants

APN

82-06-25-014-219.001-027

APU

820625014219001027

Description

This exceptional investment opportunity presents a fee-simple ownership of a 11,565 square foot, single-story, Class A Hacienda Mexican Restaurant in Evansville, Indiana. Located on a 1.47-acre lot at a signalized intersection, the property boasts excellent visibility and high traffic counts. The absolute NNN lease with a corporate guarantee provides significant investor security, featuring a remaining term of 13 years expiring November 23, 2037. Rent increases are built in, with adjustments in year 2 and 3, and every 5 years thereafter. The tenant, Hacienda, has a 40-year operational history at this location, demonstrating strong market presence and brand loyalty. The property benefits from a strong retail co-tenancy including Big Lots, Home Outlet, Dollar Tree, Planet Fitness, and Schnucks, further enhancing its appeal and drawing significant customer traffic. The property includes 50 parking spaces and is zoned C-4. The annual net operating income (NOI) is $187,000, resulting in a 7.50% cap rate. The asking price is $2,493,333, translating to $215.59 per square foot. This property offers a compelling combination of long-term lease stability, strong tenant performance, and a prime location within a thriving retail environment. The tenant is responsible for maintaining the property, including the parking lot, HVAC, roof, and interior/exterior. The landlord's responsibilities are limited to taxes and insurance, which are reimbursed by the tenant. Evansville's robust demographics, including a population of 126,402 within a 5-mile radius and an average household income of $71,716, further solidify this investment's potential. The city's strong job market and presence of multiple colleges contribute to a positive economic outlook.