201 Pine Lake AveLa Porte, IN 46350

Property Details for 201 Pine Lake Ave

Year built

2021

Construction

TYPE NOT SPECIFIED

Lot size

0.59 AC

Property size (Sq ft)

3,828 SF

Property type

Grocery and convenience stores

APN

46-06-35-109-040.000-043

APU

460635109040000043

Description

Exceptional investment opportunity featuring a 3,991 square foot 7-Eleven convenience store and gas station located at 201 Pine Lake Ave, La Porte, IN 46350. This property boasts a brand new, 15-year absolute NNN lease with 11.4 years remaining, commencing May 1, 2021, and expiring May 1, 2036. The lease includes three 5-year renewal options with a 7.5% rent increase every five years during the primary term and options. The property sits on a 0.79-acre lot and benefits from a strong 5.00% cap rate and a substantial net operating income (NOI) of $261,025. Built in 2021, the property enjoys 100% occupancy with a corporate guarantee from 7-Eleven, the world's largest chain store operator. Its strategic location directly off Highway 35 (28,805+ vehicles per day) provides excellent visibility and accessibility. The area also benefits from proximity to Northwest Health – La Porte (5 miles) and Purdue University Northwest (12 miles). La Porte's location, 10 miles from Michigan City, 25 miles from South Bend, and 50 miles from Chicago, further enhances its appeal. The property's price per square foot is $1,308.07, and the asking price is $5,220,500. This is a rare opportunity to acquire a high-performing, low-risk investment with a blue-chip tenant in a desirable location. The La Porte MSA boasts a population exceeding 9.57 million.

• CAP approach

  CAP return

  Valuation

  6%

  $1,808,409

  6.5%

  $1,669,300

  7%

  $1,550,065

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,256,464

  Geo Method

  $1,256,464

• Alternative Use

  Use

  Valuation

  Residential

  $1,408,117

  Hospitality

  $1,289,828

  Educational

  $1,073,122

  Medical

  $1,110,028

  Retail

  $1,669,300

Location Insight

City

La Porte

County

Laporte

State

Indiana

Latitude

41.6166

Longitude

-86.7321

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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