3451 37Th AveHobart, IN 46342

Property Details for 3451 37Th Ave

Lot size

0.52 AC

Property type

Commercial land

APN

45-08-26-226-005.000-018

APU

450826226005000018

Description

This exceptional investment opportunity presents a brand-new, 12,480-square-foot freestanding Dollar General grocery store located at 3451 W 37th Ave, Hobart, IN 46342. The property sits on a 1.94-acre lot and boasts a single-story building constructed in 2024. It features an absolute NNN lease with a highly reputable tenant, Dollar General, ensuring minimal landlord responsibilities. The 15-year lease commenced in December 2024, and includes a favorable 5% rent increase every five years, providing consistent and growing income. The current annual net operating income (NOI) is $141,195, yielding a 6.5% cap rate at the asking price of $2,223,551. A July 2, 2024 appraisal valued the property at $2,172,000. The property is zoned for commercial use and offers a strong return on investment with an average cap rate of 6.83% over the 15-year lease term. This is a rare opportunity to acquire a high-quality, newly constructed retail property with a long-term lease in a desirable location. The property's strong tenant, favorable lease terms, and attractive cap rate make it an ideal addition to any investment portfolio. The occupancy date was September 2, 2024.

• Alternative Use

  Use

  Valuation

  Residential

  $8,284,277

  Hospitality

  $7,588,353

  Educational

  $6,313,420

  Medical

  $6,530,549

  Retail

  $9,820,877

Location Insight

City

Hobart

County

Lake

State

Indiana

Latitude

41.5508

Longitude

-87.3017

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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