219 Walnut StHartford City, IN 47348

Property Details for 219 Walnut St

Year built

1960

Construction

TYPE NOT SPECIFIED

Lot size

0.53 AC

Property size (Sq ft)

6,000 SF

Zone code

ZO01

Property type

Auto shops

APN

05-03-10-404-061.000-006

APU

50310404061000006

Description

This exceptional investment opportunity presents a 6,000 square foot Meineke car care center located at 219 N Walnut St, Hartford City, Indiana, 47348. The property boasts a new 14-year absolute triple net (NNN) lease with two 5-year renewal options, secured by an experienced Meineke franchisee. The franchisee is an established multi-unit operator with 17 locations in the Indianapolis MSA, ensuring strong tenant performance. The building underwent a complete renovation in 2023, with the tenant investing $150,000 in capital expenditures. This single-story building, constructed in 1960 and situated on a 0.58-acre lot (APN: 05-03-10-404-038-000-006), benefits from a prime location along Hartford City's main north-south thoroughfare, surrounded by a high-density retail hub including national brands like McDonald's, CVS, Taco Bell, and Save A Lot. The property's strategic location midway between Indianapolis and Fort Wayne provides excellent accessibility. The asking price is $738,462, representing a $123.08 per square foot price and a 6.50% cap rate, with a Net Operating Income (NOI) of $48,000. The strong tenant, recent renovations, and favorable lease terms make this a compelling investment opportunity. This property is also available as part of a two-property portfolio. Detailed financial information is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $1,384,941

  6.5%

  $1,278,407

  7%

  $1,187,092

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,313,362

  Geo Method

  $1,252,490

• Alternative Use

  Use

  Valuation

  Residential

  $1,078,384

  Hospitality

  $987,794

  Educational

  $821,833

  Medical

  $850,097

  Retail

  $1,278,407

Location Insight

City

Hartford City

County

Blackford

State

Indiana

Latitude

40.4528

Longitude

-85.3706

Property Tax & Assessments

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