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Auto Flex-Retail Property 3402 N Shadeland Ave 12,275 SF 100% Leased Retail Building Indianapolis, IN 46226 $1,850,000 ($150.71/SF) 10.30% Cap Rate
INVESTMENT HIGHLIGHTS
- Multiple Tenant Property, High Traffic Area, Interstate Access Nearby, Desired Zoning for Automotive Businesses
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
Own/Operate your own auto themed flex suites property. Ideal for investor or Owner/User.
Property Highlights:
• 1.16 acres with 12,275 sf building
• Zoned C4
• Currently subdivided into 12 flex spaces (only one space is vacant currently)
• All tenants on 1 yr leases that allow 60 day Notice to Terminate
• Multiple restrooms, offices and a guest waiting area.
• Fenced rear storage lot
• Ample front & side parking
• Pole signage
• Current NOI $195,000/ CAP 11.8%
• Current OPEX $2.93/sf
• Asking Price $1,650,000
Own/Operate your own auto themed flex suites property. Ideal for investor or Owner/User.
Property Highlights:
• 1.16 acres with 12,275 sf building
• Zoned C4
• Currently subdivided into 12 flex spaces (only one space is vacant currently)
• All tenants on 1 yr leases that allow 60 day Notice to Terminate
• Multiple restrooms, offices and a guest waiting area.
• Fenced rear storage lot
• Ample front & side parking
• Pole signage
• Current NOI $195,000/ CAP 11.8%
• Current OPEX $2.93/sf
• Asking Price $1,650,000
FINANCIAL SUMMARY (PRO FORMA - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$226,800
|
$18.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,840
|
$0.56
|
| Effective Gross Income |
$219,960
|
$17.92
|
| Taxes |
$8,944
|
$0.73
|
| Operating Expenses |
$20,535
|
$1.67
|
| Total Expenses |
$29,479
|
$2.40
|
| Net Operating Income |
$190,481
|
$15.52
|
FINANCIAL SUMMARY (PRO FORMA - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $226,800 |
| Annual Per SF | $18.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,840 |
| Annual Per SF | $0.56 |
| Effective Gross Income | |
|---|---|
| Annual | $219,960 |
| Annual Per SF | $17.92 |
| Taxes | |
|---|---|
| Annual | $8,944 |
| Annual Per SF | $0.73 |
| Operating Expenses | |
|---|---|
| Annual | $20,535 |
| Annual Per SF | $1.67 |
| Total Expenses | |
|---|---|
| Annual | $29,479 |
| Annual Per SF | $2.40 |
| Net Operating Income | |
|---|---|
| Annual | $190,481 |
| Annual Per SF | $15.52 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
12,275 SF
Building Class
C
Year Built
1978
Price
$1,850,000
Price Per SF
$150.71
Cap Rate
10.30%
NOI
$190,517
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.24
Lot Size
1.16 AC
Zoning
C-4 - Commercial- Current owner does have a C5 variance. Buyer will have to go through Marion County Zoning to have variance transferred.
Parking
25 Spaces (2.04 Spaces per 1,000 SF Leased)
Frontage
159’ on N Shadeland Ave
AMENITIES
- 24 Hour Access
- Bus Line
- Corner Lot
- Fenced Lot
- Mezzanine
- Pylon Sign
- Security System
- Storage Space
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 49-07-23-122-031.000-700 | Total Assessment | $297,600 (2024) |
| Land Assessment | $166,800 (2024) | Annual Taxes | $8,944 ($0.73/SF) |
| Improvements Assessment | $130,800 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
49-07-23-122-031.000-700
Land Assessment
$166,800 (2024)
Improvements Assessment
$130,800 (2024)
Total Assessment
$297,600 (2024)
Annual Taxes
$8,944 ($0.73/SF)
Tax Year
2023
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