5920 Madison AveIndianapolis, IN 46227

Property Details for 5920 Madison Ave

Year built

2001

Construction

TYPE NOT SPECIFIED

Lot size

2.90 AC

Property size (Sq ft)

15,389 SF

Zone code

ZO01

Property type

Retail space

APN

49-15-06-146-009.000-500

APU

491506146009000500

Description

Exceptional investment opportunity: a Fee Simple owned CVS Pharmacy located at 5920 Madison Avenue, Indianapolis, IN 46227. This 15,406 square foot property sits on a 2.9-acre lot and boasts a strong, investment-grade credit tenant (S&P: BBB) with a full corporate guaranty. The current lease, a NNN lease, commenced December 1, 2006, and expires January 31, 2032, with 7.2 years remaining and ten 5-year renewal options. The property enjoys 100% occupancy, generating a substantial NOI of $254,737 and an 8.00% cap rate at an asking price of $3,184,218 ($207/sq ft). Built in 2001, the property features approximately 75 parking spaces and benefits from high visibility along Madison Avenue (approximately 20,200 vehicles per day). Its strategic location is enhanced by proximity to other national retailers including Kroger, McDonald's, Subway, Arby's, and Big Lots, and a significant population density (approximately 206,957 within 5 miles) with projected growth. Further bolstering its value are planned developments including a new industrial complex opening in Fall 2024 and over $2 billion in projects aimed at maintaining Indianapolis's appeal as a prime tourist destination. The property also features single-lane drive-thru access and is approximately 1.5 miles from a medical office complex, with approximately 85,000 daytime employees within a 5-mile radius.

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.6804

Longitude

-86.133

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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