2420 146Th StCarmel, IN 46033

Property Details for 2420 146Th St

Year built

2005

Construction

TYPE NOT SPECIFIED

Lot size

0.16 AC

Property size (Sq ft)

2,299 SF

Property type

Retail properties

Property subtype

Drive through restaurants

APN

29-10-18-000-014.207-015

APU

291018000014207015

Description

This exceptional investment opportunity presents a 2,470 square foot, single-tenant, absolute NNN leased Chipotle restaurant located at 2420 E 146th St, Carmel, IN 46033. The property sits on a 0.164-acre lot within the premier Cool Creek Commons shopping center, boasting strong retail synergy with brands like The Fresh Market, Orange Theory Fitness, and Crumbl Cookies. Built in 2005, this one-story building offers a 100% occupancy rate with a corporate guaranteed lease from Chipotle Mexican Grill, Inc. The current lease features a 4-year remaining term with five, 5-year renewal options, each including a 7% rent increase. The asking price is $1,721,952, representing a 5.50% cap rate. This is an ideal passive investment opportunity due to the absolute NNN lease structure, eliminating landlord responsibilities. The property benefits from its location in Carmel, Indiana, a highly affluent area with an average household income exceeding $157,000 within a one-mile radius. Chipotle's strong brand and demonstrated commitment to the location, evidenced by a lease renewal in 2018, further enhance this investment's appeal. The Hamilton County location is further identified by APN 29-10-18-000-014.207-015.

• CAP approach

  CAP return

  Valuation

  6%

  $439,981

  6.5%

  $406,136

  7%

  $377,126

• Comparable approach

  Method

  Valuation

  Relative Method

  $719,492

  Geo Method

  $719,492

• Alternative Use

  Use

  Valuation

  Residential

  $342,591

  Hospitality

  $313,812

  Educational

  $261,088

  Medical

  $270,067

  Retail

  $406,136

Location Insight

City

Carmel

County

Hamilton

State

Indiana

Latitude

40.0008

Longitude

-86.119

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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