531 Range Line RdCarmel, IN 46032

Property Details for 531 Range Line Rd

Year built

1974

Construction

TYPE NOT SPECIFIED

Lot size

0.40 AC

Property size (Sq ft)

6,600 SF

Property type

Retail properties

Property subtype

Retail space

APN

29-10-30-316-023.000-018

APU

291030316023000018

Description

This exceptional investment opportunity presents a 6,600-square-foot freestanding Tires Plus auto shop in Carmel, Indiana. Located at 531 S Rangeline Rd, this property boasts a strong 6.50% cap rate and a substantial remaining lease term of approximately 4.3 years, extending to February 28, 2029, with three 5-year renewal options. The absolute NNN lease structure eliminates landlord responsibilities for maintenance, taxes, and insurance, providing a passive income stream. The tenant, Tires Plus, is backed by the corporate guarantee of Bridgestone Retail Operations, LLC, a nationally recognized company operating over 2,200 stores. Built in 1974 and renovated in 2001, the single-story, concrete block building sits on a 0.4-acre lot and benefits from excellent visibility and accessibility on Rangeline Road, strategically positioned between West Main Street and City Center Drive. The property's prime location in an affluent Indianapolis suburb, with an average household income of $127,492, ensures consistent demand and strong tenant performance. The lease includes 10% rent increases at the start of each option period, further enhancing the investment's long-term value. This property offers a secure, low-maintenance investment with significant upside potential. The asking price is $3,446,246, representing a price per square foot of $525.18. The property's proximity to the Indianapolis Metropolitan Airport and Highway 465 provides convenient access to major transportation routes. The Net Operating Income (NOI) is $225,306.

• CAP approach

  CAP return

  Valuation

  6%

  $1,263,213

  6.5%

  $1,166,042

  7%

  $1,082,754

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,065,528

  Geo Method

  $2,065,528

• Alternative Use

  Use

  Valuation

  Residential

  $983,600

  Hospitality

  $900,973

  Educational

  $749,599

  Medical

  $775,379

  Retail

  $1,166,042

Location Insight

City

Carmel

County

Hamilton

State

Indiana

Latitude

39.9738

Longitude

-86.1266

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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