145 Chestnut StMonrovia, IN 46157

Property Details for 145 Chestnut St

Year built

2009

Construction

TYPE NOT SPECIFIED

Lot size

0.96 AC

Property size (Sq ft)

9,230 SF

Property type

Outlet malls

APN

55-04-12-180-004.002-022

APU

550412180004002022

Description

This fee-simple offering presents a compelling investment opportunity: a 9,100-square-foot Dollar General storefront in Monrovia, Indiana. The property, built in 2009, boasts a Class A rating and is situated on a 0.96-acre lot. The current lease, a Net Net (NN) single-tenancy agreement with Dollar General, has a remaining term of 1.5 years, expiring May 31, 2026, with five five-year lease options including a 10% rent bump at each option. The property generates a strong net operating income (NOI) of $82,500, resulting in an attractive 8.25% capitalization rate. The asking price is $1,000,000, translating to $109.89 per square foot. This location is a top performer, ranking in the top 30% of Indiana and top 33% nationwide in visits per Placer. The property benefits from its position in a booming suburb of Indianapolis, with a three-mile average household income of $106,528. Its strategic location near the intersection of IN-42 and IN-39 (combined VPD of 8,570), 1.5 miles from I-70 (64,430 VPD), and proximity to major residential developments and industrial parks, including Westpoint Business Park (a 6M SF, 550-acre industrial park), further enhances its value. The area also benefits from the presence of major distribution facilities for companies such as Sunbeam, Geodis, DHL, FedEx, Chewy, GXO, Johnson & Johnson, and XPO Logistics, with approximately 1,500 combined employees. Significant future residential growth is anticipated, with 742 additional homes scheduled for construction between 2022 and 2027. The property includes a concrete parking lot and a concrete dumpster enclosure. Monrovia's advantageous location within the Indianapolis MSA, a 24-mile drive from Indianapolis' city center and a 13-minute drive to Indianapolis International Airport, adds to its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $1,673,687

  6.5%

  $1,544,942

  7%

  $1,434,589

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,002,186

  Geo Method

  $2,002,186

• Alternative Use

  Use

  Valuation

  Residential

  $1,303,216

  Hospitality

  $1,193,739

  Educational

  $993,177

  Medical

  $1,027,334

  Retail

  $1,544,942

Location Insight

City

Monrovia

County

Morgan

State

Indiana

Latitude

39.5806

Longitude

-86.4789

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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