865 Jefferson StPlymouth, IN 46563

Property Details for 865 Jefferson St

Year built

1989

Construction

TYPE NOT SPECIFIED

Lot size

5.16 AC

Property size (Sq ft)

48,064 SF

Property type

Grocery and convenience stores

APN

50-32-93-202-237.000-019

APU

503293202237000019

Description

This exceptional investment opportunity presents a 47,677 square foot, single-story Martin's Super Market situated on a 5.14-acre lot in Plymouth, Indiana. The property boasts a strong 100% occupancy rate under a triple-net (NNN) lease with a corporate guarantee from SpartanNash Company (NASDAQ: SPTN). The lease, commencing March 27, 2000, has approximately 8.4 years remaining, with two 5-year renewal options. The building, constructed in 1989 and renovated in 2021, features a new roof with a transferable warranty. The property offers 240 parking spaces and benefits from high visibility and accessibility on E. Jefferson Street (9,110 vehicles per day), with proximity to US Highways 30 and 31 (combined 33,760 vehicles per day). The location is strategically positioned near Plymouth High School, numerous residential areas, and several national retailers. A key differentiator is the in-store Starbucks, the only one within a 25-mile radius, attracting significant foot traffic (averaging over 10,800 weekly visits). The asking price is $2,143,000, representing a $44.94 per square foot price and a 7.00% cap rate, with a net operating income (NOI) of $150,000. The land value is $9.56 per square foot. This presents a compelling investment with a long-term, stable tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $13,288,690

  6.5%

  $12,266,483

  7%

  $11,390,306

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,776,047

  Geo Method

  $15,776,047

• Alternative Use

  Use

  Valuation

  Residential

  $10,347,237

  Hospitality

  $9,478,014

  Educational

  $7,885,596

  Medical

  $8,156,794

  Retail

  $12,266,483

Location Insight

City

Plymouth

County

Marshall

State

Indiana

Latitude

41.3451

Longitude

-86.2977

CBSA code

38500

CBSA name

PLYMOUTH, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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