587 Main StAustin, IN 47102

Property Details for 587 Main St

Year built

2024

Lot size

0.91 AC

Property size (Sq ft)

10,000 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a 10,000-square-foot retail property in Austin, Indiana. Currently occupied by Dollar Tree under a Net Lease (NN+) agreement, the property boasts a strong 9.8 years remaining on the initial 10-year lease, with four additional 5-year renewal options, each including a $5,000 ($0.50 PSF) rent increase. The lease is corporately guaranteed by a credit-rated tenant, providing significant security. Built in 2024, this single-story building sits on a 0.91-acre lot and benefits from a 20-year roof warranty. The property enjoys a prime location, situated near a PepsiCo plant, with daily traffic counts exceeding 33,500 vehicles on Highway 65. The strong demographics further enhance the investment's appeal, with a 5-mile population of 17,544 and a 10-mile population of 29,383, boasting an average annual household income of $59,040. The property's Net Operating Income (NOI) is $141,000, yielding a 7.50% cap rate, and the asking price is $1,880,000. This is a rare opportunity to acquire a high-performing, credit-rated, net-leased retail property in a desirable location with significant growth potential. The property's location offers excellent visibility and accessibility, making it an ideal investment for long-term growth and passive income.

Location Insight

City

Austin

County

Scott

State

Indiana

Latitude

38.7412

Longitude

-85.8121

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