1215 Detroit StWarsaw, IN 46580

Property Details for 1215 Detroit St

Year built

2005

Construction

TYPE NOT SPECIFIED

Lot size

0.83 AC

Property size (Sq ft)

6,930 SF

Zone code

C-2 G

Property type

Retail properties

Property subtype

Retail space

APN

43-11-05-300-284.000-032

APU

431105300284000032

Description

This 7,000 sq ft Advance Auto Parts in Warsaw, IN, presents a compelling investment opportunity. Built in 2005, the property boasts a 10.1-year remaining lease term (expiring 12/31/2034) with a significant 21% rent increase in the first renewal option. The property sits on a 0.83-acre lot and enjoys a prime location on North Detroit Street (22,600 vehicles per day) near US Highway 30 (30,000 VPD). The strong tenant, Advance Auto Parts, a publicly traded company, has demonstrated long-term commitment to the site with multiple lease extensions. The property benefits from a high occupancy rate (100%), a substantial NOI of $74,970, and a 6.65% cap rate. The surrounding area features numerous national retailers and a strong demographic profile, with over 37,500 people within a five-mile radius and an average household income exceeding $98,299. The lease is a Net Lease (NNN) structure, minimizing landlord responsibilities. This investment offers a rare opportunity to acquire a well-located, high-performing retail property with a strong tenant and significant upside potential. The asking price is $1,127,368 ($161.05/sq ft). The lease includes three 5-year options.

• CAP approach

  CAP return

  Valuation

  6%

  $1,916,000

  6.5%

  $1,768,615

  7%

  $1,642,286

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,274,634

  Geo Method

  $2,274,634

• Alternative Use

  Use

  Valuation

  Residential

  $1,491,893

  Hospitality

  $1,366,566

  Educational

  $1,136,967

  Medical

  $1,176,069

  Retail

  $1,768,615

Location Insight

City

Warsaw

County

Kosciusko

State

Indiana

Latitude

41.2502

Longitude

-85.8528

CBSA code

47700

CBSA name

WARSAW, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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