For Sale
$10,527,033

2135 State StNew Albany, IN 47150

Triple-Net Lease, High-Growth Area

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional investment opportunity presents a portfolio of three newly constructed retail buildings totaling 10,817 square feet on a 2.4-acre lot in New Albany, Indiana. The property boasts a prime location at a signalized intersection on State Street, a high-traffic retail corridor with ample parking, pylon signage, and easy ingress/egress. Tenants include Chipotle, Panera Bread, and Bank of America, all under long-term triple-net (NNN) leases with minimal landlord responsibilities. The leases feature corporate guarantees, providing significant financial security. Each lease includes a 10% rent increase every five years, with at least three 5-year options, ensuring consistent income growth. The portfolio benefits from a strong tenant mix, with established national brands and a weighted average lease term (WALT) exceeding 12 years. The property's location offers excellent visibility and accessibility, situated near major roadways including US-265 and US-64, and surrounded by other national retailers such as Target, Kroger, and Home Depot. The thriving community boasts an average household income exceeding $65,000 within a five-mile radius, further enhancing the investment's appeal. The asking price is $10,527,033, representing a 4.90% cap rate and a price per square foot of $973.19, based on a net operating income (NOI) of $515,359. The buildings were constructed in 2022 and 2023 and are currently 100% occupied. This portfolio offers a compelling combination of strong tenants, long-term leases, and a desirable location, making it an ideal investment for discerning buyers. The property is conveniently located just six miles from downtown Louisville, Kentucky.

Highlights

  • Investment-grade tenants include Chipotle, Panera Bread, and Bank of America.
  • High traffic counts: 30,000 VPD on State Street, proximity to US-265 (70,000 VPD) and US-64 (61,000 VPD).
  • Excellent location in established State Street retail corridor with strong national co-tenancy.
  • Affluent trade area with average household income exceeding $65,000 within a five-mile radius.
  • Abundant nearby recreational amenities including Churchill Downs, Louisville Zoo, and numerous parks.
  • Conveniently located six miles from downtown Louisville, KY.

Property Details for 2135 State St

Property type
Retail properties, Restaurants
Square Feet
10,817 SF
Stories
1
Lot Size (sq. ft)
104,544 SF
Units
3

Location Insight

City
New Albany
County
Floyd
State
Indiana
Latitude
38.30476448
Longitude
-85.83969649
2135 State St, New Albany, Indiana

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2135 State St
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