533 Line StColumbia City, IN 46725

Property Details for 533 Line St

Year built

1922

Construction

WOOD

Lot size

1.02 AC

Property size (Sq ft)

3,304 SF

Property type

Retail space

APN

92-06-03-000-216.000-004

APU

920603000216000004

Description

This exceptional investment opportunity presents a 2,372 square foot Class B auto shop/used car dealership located at 533 N Line St, Columbia City, IN 46725. Currently 100% occupied by Superior Auto under a modified lease with a corporate guarantee, the property boasts a strong 10.41% cap rate and a substantial net operating income (NOI) of $34,874. The lease commenced September 1, 2023, and has a remaining term of approximately 1.8 years, expiring August 31, 2026, with lease options available. Situated on a 1.02-acre lot, the property includes 10 parking spaces and benefits from high visibility due to its location just past the US 30 stoplight, connecting to two shopping centers with significant daily traffic (an average of 10,410 vehicles in 2022). The property's strategic location offers excellent exposure and accessibility. Built in 1922, this single-unit building is zoned GB, allowing for a variety of uses including restaurants with drive-throughs and retail stores. Nearby businesses include Little Caesar's, Blue Collar Cuts, and Walgreens. This is a rare chance to acquire a well-performing asset in a thriving commercial area. Contact for rent bump details.

• CAP approach

  CAP return

  Valuation

  6%

  $913,487

  6.5%

  $843,219

  7%

  $782,989

• Comparable approach

  Method

  Valuation

  Relative Method

  $548,398

  Geo Method

  $163,941

• Alternative Use

  Use

  Valuation

  Residential

  $711,286

  Hospitality

  $651,535

  Educational

  $542,069

  Medical

  $560,712

  Retail

  $843,219

Location Insight

City

Columbia City

County

Whitley

State

Indiana

Latitude

41.1672

Longitude

-85.4922

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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