For Sale
$2,493,333

990 Green River Rd Evansville, IN 47715

Hacienda Restaurant: Strong NNN Lease, High NOI

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This exceptional investment opportunity presents a fee-simple ownership of a 11,565 square foot, single-story, Class A Hacienda Mexican Restaurant in Evansville, Indiana. Located on a 1.47-acre lot at a signalized intersection, the property boasts excellent visibility and high traffic counts. The absolute NNN lease with a corporate guarantee provides significant investor security, featuring a remaining term of 13 years expiring November 23, 2037. Rent increases are built in, with adjustments in year 2 and 3, and every 5 years thereafter. The tenant, Hacienda, has a 40-year operational history at this location, demonstrating strong market presence and brand loyalty. The property benefits from a strong retail co-tenancy including Big Lots, Home Outlet, Dollar Tree, Planet Fitness, and Schnucks, further enhancing its appeal and drawing significant customer traffic. The property includes 50 parking spaces and is zoned C-4. The annual net operating income (NOI) is $187,000, resulting in a 7.50% cap rate. The asking price is $2,493,333, translating to $215.59 per square foot. This property offers a compelling combination of long-term lease stability, strong tenant performance, and a prime location within a thriving retail environment. The tenant is responsible for maintaining the property, including the parking lot, HVAC, roof, and interior/exterior. The landlord's responsibilities are limited to taxes and insurance, which are reimbursed by the tenant. Evansville's robust demographics, including a population of 126,402 within a 5-mile radius and an average household income of $71,716, further solidify this investment's potential. The city's strong job market and presence of multiple colleges contribute to a positive economic outlook.

Highlights

  • $2,493,333 asking price for a 11,565 SF Class A retail property, currently leased to Hacienda Mexican Restaurant.
  • Absolute NNN lease with 13 years remaining, expiring November 23, 2037.
  • 7.50% cap rate with a $187,000 NOI.
  • 5% rent increases every 5 years, next increase in 2027.
  • Tenant responsible for all property maintenance; landlord responsible for taxes and insurance (reimbursed by tenant).
  • Located in a strong retail corridor in Evansville, IN, with co-tenants including Big Lots, Home Outlet, Dollar Tree, and Schnucks.

Property Details for 990 Green River Rd

Property type
Retail properties, Restaurants
Square Feet
11,565 SF
Class
A
Year Built
1984
Buildings
1
Stories
1
Lot Size (sq. ft)
64,033 SF

Location Insight

City
Evansville
County
Vanderburgh
State
Indiana
Latitude
37.962592192934
Longitude
-87.492039495693

FAQs

What type of property is this?
Retail property - Hacienda Restaurant: Strong NNN Lease, High NOI
Where is the retail property located?
The property is located at 990 Green River Rd Evansville, IN.
What is the asking price?
The asking price for this property is $2,493,333.
What are key features of this property?
This property features: $2,493,333 asking price for a 11,565 SF Class A retail property, currently leased to Hacienda Mexican Restaurant.; Absolute NNN lease with 13 years remaining, expiring November 23, 2037.; 7.50% cap rate with a $187,000 NOI.
How can I contact the broker?
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990 Green River Rd
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