STNL NNN Big O Tires | 1298 N Madison Ave
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STNL NNN Big O Tires 1298 N Madison Ave
8,902 SF Retail Building Greenwood, IN 46142 $2,547,000 ($286/SF) 6% Cap Rate
Investment Highlights
- 37-Year Established Tire Service Center Location
- Extremely Rare 3% Annual Rent Increases
- eCommerce-Resistant, Site-Reliant Tenant
- A+ Signalized Real Estate in front of Greenwood Park Mall
- Triple Net (NNN) Lease Structure
Executive Summary
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc. , as exclusive investment sales advisors to seller, are pleased to present the opportunity to acquire the fee simple (land & building) interest in a Big O Tires facility located in Indianapolis (Greenwood), Indiana (the “Property”). The Property features a long-term triple net (NNN) lease to Steve Towers Enterprise (“Tenant”) a seasoned Big O Tire franchisee with nine (9) Big O Tires locations.
The high-performing Tenant, which recently acquired the site (formerly a Goodyear Tire) at the end of its lease term, expects to continue to achieve above-average store sales at this location. The Tenant has aggressive plans to acquire existing Big O Tires locations throughout Indiana (20 locations) and Kentucky (24 locations). The lease features rare 3% annual rent increases throughout the base term and the option terms.
The Property boasts an established, 37+ year occupancy as a tire facility within Greenwood in addition to an excellent location at the hard-corner signalized intersection of Madison Ave and County Line Rd, both significant arterial traffic carriers. Located as an outparcel to Greenwood Park Mall, the Property has unbeatable access and visibility to one of the largest shopping corridors in the Indianapolis metro, with nearby occupancy by major national names such as Costco, Walmart, and Lowe’s. Rounding out the stellar occupancy within the corridor are multiple traffic and employment drivers which include Franciscan Health and Community Hospital South, both significant regional hospitals.
The high-performing Tenant, which recently acquired the site (formerly a Goodyear Tire) at the end of its lease term, expects to continue to achieve above-average store sales at this location. The Tenant has aggressive plans to acquire existing Big O Tires locations throughout Indiana (20 locations) and Kentucky (24 locations). The lease features rare 3% annual rent increases throughout the base term and the option terms.
The Property boasts an established, 37+ year occupancy as a tire facility within Greenwood in addition to an excellent location at the hard-corner signalized intersection of Madison Ave and County Line Rd, both significant arterial traffic carriers. Located as an outparcel to Greenwood Park Mall, the Property has unbeatable access and visibility to one of the largest shopping corridors in the Indianapolis metro, with nearby occupancy by major national names such as Costco, Walmart, and Lowe’s. Rounding out the stellar occupancy within the corridor are multiple traffic and employment drivers which include Franciscan Health and Community Hospital South, both significant regional hospitals.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
8,902 SF
Building Class
C
Year Built/Renovated
1984/2023
Price
$2,547,000
Price Per SF
$286
Cap Rate
6%
NOI
$152,770
Tenancy
Single
Building Height
1 Story
Slab To Slab
15’
Building FAR
0.29
Lot Size
0.71 AC
Parking
15 Spaces (1.69 Spaces per 1,000 SF Leased)
Frontage
Amenities
- 24 Hour Access
- Corner Lot
- Signalized Intersection
- Monument Signage
- Air Conditioning
Walk Score ®
Very Walkable (70)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 41-02-29-022-002.000-026 | Improvements Assessment | $205,300 |
| Land Assessment | $559,200 | Total Assessment | $764,500 |
PROPERTY TAXES
Parcel Number
41-02-29-022-002.000-026
Land Assessment
$559,200
Improvements Assessment
$205,300
Total Assessment
$764,500
(310) 691-1350
x101
Contacts
-
David Chasin -
Daylin Ackerman -
Corey Allen -
Andrew Leon -
Pegasus Investments
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STNL NNN Big O Tires | 1298 N Madison Ave
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