For Sale
$756,800

886 Sycamore StRockport, IN 47635

7.5% Cap Rate, Fee Simple, Strong Tenant

Overview

Added:
Dec 11, 2024
Days on market:
117
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
886 Sycamore St, Rockport, Indiana

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
886 Sycamore St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message