2626 Central AveLake Station, IN 46405

Property Details for 2626 Central Ave

Year built

2001

Construction

TYPE NOT SPECIFIED

Lot size

1.23 AC

Property size (Sq ft)

10,920 SF

Zone code

R33

Property type

Retail space

APN

45-09-17-326-011.000-021

APU

450917326011000021

Description

This Lake Station, Indiana Family Dollar presents a compelling investment opportunity. Boasting a 10,920 square foot building on .79 acres, this property features a 25.8-year Net Net lease with a corporate guarantee from Family Dollar, expiring December 31, 2026, with 2.1 years remaining. The property includes 40 parking spaces and benefits from a 6.62% cap rate and a pro-forma cap rate of 8.05%. The current NOI is $58,891, with a pro-forma NOI of $71,614. Recent improvements include new HVAC units (2020) and a newly paved parking lot (2022). The Family Dollar tenant completed extensive renovations in 2022, bringing the store to their current format. The asking price is $890,000, translating to $81.50 per square foot. Five five-year lease options exist, with rent bumps of 17% in Option #3 and 10% in Options #4-7. The vacant .79 acres offers significant redevelopment potential, valued at $50,000 based on comparable sales. The property's strategic location ensures high visibility and convenient access, contributing to the store's consistent success. Built in 2001, this property offers a blend of established income and future growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $5,158,784

  6.5%

  $4,761,954

  7%

  $4,421,814

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,584,272

  Geo Method

  $3,584,272

• Alternative Use

  Use

  Valuation

  Residential

  $4,016,887

  Hospitality

  $3,679,446

  Educational

  $3,061,256

  Medical

  $3,166,538

  Retail

  $4,761,954

Location Insight

City

Lake Station

County

Lake

State

Indiana

Latitude

41.5729

Longitude

-87.2516

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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