For Sale
$2,493,333

990 Green River RdEvansville, IN 47715

Hacienda Restaurant: Strong NNN Lease, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
118
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
990 Green River Rd, Evansville, Indiana

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990 Green River Rd
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