169 Main StNorth Salem, IN 46165

Property Details for 169 Main St

Year built

2020

Construction

TYPE NOT SPECIFIED

Lot size

2.00 AC

Property size (Sq ft)

9,100 SF

Property type

Outlet malls

APN

32-05-04-211-001.000-008

APU

320504211001000008

Description

This exceptional investment opportunity presents a 9,026-square-foot Dollar General store located at 169 N Main St, North Salem, Indiana 46165. Built in 2021, the property boasts a strong 7.15% cap rate and a substantial net operating income (NOI) of $89,989. The absolute NNN lease, backed by a corporate guarantee, provides significant investor protection with minimal landlord responsibilities. The lease features a remaining term of 11.1 years, extending to January 1, 2036, and includes five 5-year renewal options. The property's strategic location on N Main Street, next to North Salem Elementary School, benefits from an estimated 2,062 vehicles per day. Dollar General, a highly reputable and recession-resistant tenant with a BBB credit rating, operates as the sole corporate tenant in the area, ensuring minimal competition. The asking price is $1,258,600, translating to $139.44 per square foot. This is a rare chance to acquire a stable, high-performing retail asset with a long-term lease and significant upside potential. The property is classified as a convenience store, grocery store, and storefront, catering to the local community's needs.

• CAP approach

  CAP return

  Valuation

  6%

  $1,650,114

  6.5%

  $1,523,182

  7%

  $1,414,383

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,973,986

  Geo Method

  $1,973,986

• Alternative Use

  Use

  Valuation

  Residential

  $1,284,861

  Hospitality

  $1,176,926

  Educational

  $979,188

  Medical

  $1,012,864

  Retail

  $1,523,182

Location Insight

City

North Salem

County

Hendricks

State

Indiana

Latitude

39.8617

Longitude

-86.642

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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