3808 Washington StIndianapolis, IN 46201

Property Details for 3808 Washington St

Year built

1997

Construction

TYPE NOT SPECIFIED

Lot size

1.03 AC

Property size (Sq ft)

11,826 SF

Zone code

ZO01

Property type

Retail properties

Property subtype

Retail space

APN

49-10-04-134-063.000-101

APU

491004134063000101

Description

This fee-simple, net-leased CVS Pharmacy in Indianapolis, IN offers a compelling investment opportunity. The 12,585 square foot property, built in 1996, sits on a 1.03-acre lot at a high-traffic intersection (E. Washington St & Sherman Dr) and includes a drive-thru. Boasting a strong 8.50% cap rate and $165,500 NOI, the property benefits from a credit-rated tenant with a lease expiring August 31, 2026, including three 5-year renewal options with 5% rent bumps each. The location within the Indianapolis MSA (population over 2.14 million) provides excellent demographics, with over 254,000 residents and 108,000 households within a 5-mile radius, projected to grow through 2029. Proximity to Interstates 65 and 70 (300,000+ VPD) and nearby new developments (luxury apartments and hotel) further enhance its value. The CVS Pharmacy has operated at this location for over 28 years, establishing a strong community presence. The asking price is $1,947,000 ($154.71/sq ft). This is a 100% occupied, single-tenant property offering a stable, long-term investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,260,383

  6.5%

  $2,086,507

  7%

  $1,937,471

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,809,646

  Geo Method

  $2,809,646

• Alternative Use

  Use

  Valuation

  Residential

  $1,760,047

  Hospitality

  $1,612,194

  Educational

  $1,341,326

  Medical

  $1,387,456

  Retail

  $2,086,507

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7697

Longitude

-86.1017

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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