1207 Heaton StKnox, IN 46534

Property Details for 1207 Heaton St

Year built

2005

Construction

TYPE NOT SPECIFIED

Lot size

2.04 AC

Property size (Sq ft)

14,187 SF

Property type

Retail properties

Property subtype

Retail space

APN

75-06-27-202-005.000-004

APU

750627202005000004

Description

This exceptional investment opportunity presents the fee simple ownership of a freestanding Walgreens located at 1207 S Heaton St, Knox, IN 46534. The property, built in 2005 and encompassing 14,259 square feet on a 2.04-acre lot, boasts a 100% occupancy rate with a corporate guaranteed Walgreens lease. The current lease, commenced January 1st, 2006, has a remaining term of 6.2 years with ten 5-year renewal options, extending to January 31st, 2031. The property features 62 parking spaces and is zoned C-2: General Commercial. The Net Lease (NN) structure minimizes landlord responsibilities, making this an ideal low-management investment. Situated as an outparcel to a grocery-anchored center experiencing over 1.9 million annual visits, the Walgreens benefits from high visibility and significant crossover traffic. The property enjoys limited competition within a 15-mile radius and serves a strong demographic area with over 9,700 residents and 3,600 employees within a 5-mile radius, boasting an average household income of $73,363. The asking price is $3,431,000, representing a price per square foot of $240.62 and an 8.00% cap rate with a current NOI of $274,500. This strategically located asset offers a compelling combination of strong tenant, long-term lease, and attractive financial metrics. The property's prime location along US Highway 35 (13,300 vehicles per day) further enhances its appeal.

Location Insight

City

Knox

County

Starke

State

Indiana

Latitude

41.2855

Longitude

-86.6213

Property Tax & Assessments

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