1303 Harrison StShelbyville, IN 46176

Property Details for 1303 Harrison St

Year built

1960

Construction

WOOD

Lot size

0.51 AC

Property size (Sq ft)

2,874 SF

Property type

Auto shops

APN

73-11-05-300-484.000-002

APU

731105300484000002

Description

This exceptional investment opportunity presents a 2,874 square foot Meineke car care center located at 1303 S Harrison St, Shelbyville, IN 46176. The property boasts a new 14-year absolute NNN lease with two 5-year renewal options, secured by a highly experienced Meineke franchisee operating a successful 17-unit multi-franchise operation within the Indianapolis MSA. The franchisee completed a significant renovation in 2024, demonstrating a strong long-term commitment. The building, constructed in 1970 and renovated in 2024, sits on a 0.66-acre lot (APN: 731105300484000000) and enjoys a prime location on a major North-South thoroughfare, conveniently situated near US I-74 and just 30 minutes from downtown Indianapolis. The property benefits from strong surrounding demographics, including nearby residential complexes like The Mill Apartments (168 units) and Loper Commons Apartments (72 units), and is surrounded by national retailers such as Walmart, Kroger, Valero, Speedway, and Starbucks. The asking price is $738,462, representing a price per square foot of $256.95 and a 6.50% cap rate, with a current NOI of $48,000. This single-unit property offers investors a stable, income-producing asset with significant upside potential. The franchisee's hands-on management style, overseeing all locations within a 90-minute radius, ensures efficient operations and strong performance. This property is also available as part of a two-property portfolio in the Indianapolis metro area.

• CAP approach

  CAP return

  Valuation

  6%

  $623,899

  6.5%

  $575,907

  7%

  $534,771

• Comparable approach

  Method

  Valuation

  Relative Method

  $899,444

  Geo Method

  $899,444

• Alternative Use

  Use

  Valuation

  Residential

  $485,799

  Hospitality

  $444,989

  Educational

  $370,226

  Medical

  $382,959

  Retail

  $575,907

Location Insight

City

Shelbyville

County

Shelby

State

Indiana

Latitude

39.5131

Longitude

-85.7749

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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