9240 Rockville RdIndianapolis, IN 46234

Property Details for 9240 Rockville Rd

Year built

2003

Construction

TYPE NOT SPECIFIED

Lot size

1.75 AC

Property size (Sq ft)

14,895 SF

Property type

Outlet malls

APN

49-12-04-136-010.000-900

APU

491204136010000900

Description

This exceptional investment opportunity presents a freestanding Walgreens conveniently located at 9240 Rockville Rd, Indianapolis, IN 46234. The 14,490 square foot property boasts a strong 8.25% cap rate and a substantial net operating income (NOI) of $350,000. The Walgreens tenant has a remaining lease term of 9.6 years with favorable 5% rent bumps every five years and three additional 5-year extension options. This is a true triple-net (NNN) lease, minimizing landlord responsibilities. The property benefits from its high-traffic location along Rockville Road and North Raceway Road, experiencing over 60,000 vehicles per day. It's situated as an outparcel to Raceway Market Centre, a shopping center attracting over 1.4 million annual visitors. The surrounding area is affluent, with over 8,200 residents within a one-mile radius and average annual household incomes exceeding $102,500. Population growth in this area has exceeded 9.7% since 2010. Furthermore, the property is near three top-performing retail centers, ranking in the 75th, 78th, and 86th percentiles nationally. The asking price is $4,242,000, translating to a price per square foot of $292.75. This property offers a passive income opportunity with significant long-term growth potential, backed by an industry-leading tenant in a prime location. Built in 2005, this Walgreens location reports over $1,736,000 in store-level sales (excluding prescription sales) and receives over 225,000 visitors annually. This is a rare opportunity to acquire a high-performing retail asset with exceptional real estate fundamentals.

• CAP approach

  CAP return

  Valuation

  6%

  $2,700,928

  6.5%

  $2,493,164

  7%

  $2,315,081

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,231,047

  Geo Method

  $3,231,047

• Alternative Use

  Use

  Valuation

  Residential

  $2,103,077

  Hospitality

  $1,926,408

  Educational

  $1,602,748

  Medical

  $1,657,869

  Retail

  $2,493,164

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7643

Longitude

-86.3262

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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