For Sale
$756,800

886 Sycamore St Rockport, IN 47635

7.5% Cap Rate, Fee Simple, Strong Tenant

Overview

Added:
Dec 11, 2024
Days on market:
137
This exceptional investment opportunity presents a fee-simple ownership of a 4,600 square foot retail property, currently leased to Old National Bank under an absolute NNN lease. The lease commenced October 31, 2022, with a remaining term of approximately 2.9 years, extending to October 30, 2027, and includes a five-year option. The property, located at 886 Sycamore Street in Rockport, Indiana, 47635, sits on a 0.55-acre lot and is a single-story, 1986-built building with 100% occupancy. The asking price is $756,800, representing a compelling $164.52 per square foot and a 7.50% cap rate based on a Net Operating Income (NOI) of $56,760. Annual rent increases are tied to the Consumer Price Index (CPI). The tenant, Old National Bank, provides a corporate guarantee, ensuring financial stability. This strategically located property benefits from its proximity to numerous colleges and universities, as well as several apartment complexes, contributing to a strong and stable tenant base. The bank boasts strong deposits exceeding $54 million in 2023. This is a rare opportunity to acquire a high-quality, net-leased property with a strong tenant and attractive financial metrics.

Highlights

  • Absolute NNN lease with Old National Bank; strong deposits exceeding $54 million.
  • Fee simple ownership with annual rent increases.
  • Old National Bank located at 886 Sycamore Street, Rockport, Indiana, along the Ohio River.
  • Surrounded by numerous colleges and universities, including Vincennes University (16,773 students), Owensboro Community & Technical College (4,621 students), and Brescia University (841 students).
  • High density of surrounding apartment complexes including Rockport High Rise, Health Acres, Zulu Duplexes, Spencer Village, East View, Simpson, Garden Grace, Greentree, and Lee Manor.
  • Old National Bank is a major Midwest regional bank (Old National Bancorp), with over 200 retail branches and $48 billion in assets.

Property Details for 886 Sycamore St

Property type
Retail properties, Banks
Square Feet
4,600 SF
Year Built
1986
Buildings
1
Stories
1
Lot Size (sq. ft)
23,958 SF
Units
1

Location Insight

City
Rockport
County
Spencer
State
Indiana
Latitude
37.8926104
Longitude
-87.0579376

FAQs

What type of property is this?
Retail property - 7.5% Cap Rate, Fee Simple, Strong Tenant
Where is the retail property located?
The property is located at 886 Sycamore St Rockport, IN.
What is the asking price?
The asking price for this property is $756,800.
What are key features of this property?
This property features: Absolute NNN lease with Old National Bank; strong deposits exceeding $54 million.; Fee simple ownership with annual rent increases.; Old National Bank located at 886 Sycamore Street, Rockport, Indiana, along the Ohio River.
How can I contact the broker?
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886 Sycamore St
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