835 Beachway Dr
Indianapolis, IN 46224
Westlake Shoppes · Retail Property For Sale

Westlake Shoppes (Outparcel to Lowe's and Walmart) Westlake Shoppes is a four-tenant retail center investment offering located in Indianapolis, Indiana. The subject property is located on an outlot to a Lowe' s Home Improvement, a Walmart Neighborhood Market, and directly on Interstate 465,Indianapolis' beltway, with traffic counts exceeding 138,000+ cars daily. Constructed in 2000, the subject property is 8,250 square feet on 1.35 acres. The property is 100 percent occupied by Leslie' s Pool Supplies, Penn Station East Coast Subs, Peking Restaurant and Lil Lou' s Barber Shop. Situated near strong retail anchors, the property is well-positioned with over 210,000 residents living within a five-mile retail trade area. The average net rental rate of $11 per square foot annually is very competitive in the submarket and should provide an incoming investor with income stream sustainability and rental growth opportunities in the future. This competitive rental rate also contributes to an attractive price per square foot of $128 and an opportunity to generate a leveraged, going-in cash-on-cash return of 13 percent-plus on current in-place income. The roof of the subject property was also recently replaced within the past two years.