421 Jefferson StCovington, IN 47932

Property Details for 421 Jefferson St

Year built

1999

Construction

TYPE NOT SPECIFIED

Lot size

0.40 AC

Property size (Sq ft)

8,000 SF

Property type

Retail space

APN

23-06-35-224-024.000-016

APU

230635224024000016

Description

This exceptional investment opportunity presents a net-leased Dollar General store located at 421 Jefferson St, Covington, IN 47932. The property boasts 8,000 square feet on a 0.408-acre lot, built in 1999, and features a single-story building with commercial zoning. Currently operating at 100% occupancy, the property offers a strong net operating income (NOI) of $66,000, resulting in an 8.00% cap rate. The lease, a triple-net (NNN) agreement with Dollar General, has a remaining term of approximately 4.1 years, extending to December 31, 2028, with a 5-year option including a 10% rent increase. The asking price is $825,000, translating to $103.12 per square foot. This prime retail location is situated in Covington's town center, benefiting from high foot traffic and its position as the only Dollar General store in the immediate area. Its proximity to US Hwy 136 and an Interstate 74 interchange enhances accessibility and visibility. The property's strong tenant, Dollar General, a Fortune 150 company with a strong BBB credit rating, provides significant investment security. The property's location within a thriving downtown neighborhood, near other retail establishments, banks, restaurants, and the Fountain County courthouse, further solidifies its value and potential for long-term growth. The property's Parcel Number (APN) is 23-06-35-224-024.000-016.

• CAP approach

  CAP return

  Valuation

  6%

  $3,779,329

  6.5%

  $3,488,611

  7%

  $3,239,425

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,625,840

  Geo Method

  $2,625,840

• Alternative Use

  Use

  Valuation

  Residential

  $2,942,774

  Hospitality

  $2,695,565

  Educational

  $2,242,679

  Medical

  $2,319,808

  Retail

  $3,488,611

Location Insight

City

Covington

County

Fountain

State

Indiana

Latitude

40.1389

Longitude

-87.3961

Property Tax & Assessments

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