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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Contacts
Jesse Limon
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2135 State St, New Albany, Indiana, 47150
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2135 State St
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