2200 Elmwood Ave - Storefront FOR SALE


Lafayette, IN 47904
$12,155,000 USD
216-562-1981
2200 Elmwood Ave, Lafayette, IN for Sale
$12,155,000 USD
Storefront - FOR SALE
1/41
null | 8.6% Cap Rate

2200 Elmwood Ave
Lafayette, IN 47904


HIGHLIGHTS

  • Attractive 8.50% CAP Rate and Low $91/S.F. Sales Price with Significant Upside Available (To Be 85% Occupancy) Through Lease-Up and Rent Growth
  • Huge Draw: 2.5 Miles to Purdue University: 40k+ Students and 15k+ Employees (Tenant: NeoVision’s Official Eyecare Provider for Purdue Athletics)
  • Growing Community with Average Household Incomes of $83k+ and High Population Density of Approx. 140k Within 5-Miles (Not Including Purdue Students)
  • In 2023, The Wall Street Journal and Realtor.com Have Ranked Greater Lafayette the No. 1 Emerging Housing Market in America Based
  • Directly Adjacent to Northend Community Center: $14 Million/97k S.F. Development Built in 2018, Huge Traffic Driver
  • Multiple Signalized Entrances & Corner Location Between 3 Main Roadways, Highly Visible Pylon & Monument Signage & Center Visibility w/ 7 Entrances

OVERVIEW

• Attractive 8.60% CAP Rate and Low $91/S.F. Sales Price with Significant Upside Available (85% Occupancy) Through Lease-Up and Rent Growth. • Huge Draw: 2.5 Miles to Purdue University with 40,000+ Students and 15,000+ Employees (Tenant: NeoVision’s Privilege to be the Official Eyecare Provider for Purdue Athletics) • Community Staple: Service-Oriented Retail Shopping Center Featuring a Diverse Mix of Recession Resistant Users, Shadow Anchored by High-Traffic Grocery, New (6-Acre-97,000 S.F.) Community Center and Market Square Lanes • Growing Community with Average Household Incomes of Over $83,000 and High Population Density of Approx. 140,000 Within 5- Miles, Not Including Students Residing at Purdue University • Multiple Signalized Entrances and Corner Location Between 3 Main Roadways, Highly Visible Pylon and Monument Signage and Center Visibility with Multiple Points of Ingress/Egress (7!) • Strong Leases Backed by Solid Corporate and Personal Guarantees: Well-Known Retailers (Dollar General, First Merchants Bank and Rent-a-Center), Stable Government Tenants (BMV and State of Indiana) and Medical (NeoVision, FFR Health, Cornerstone Caregiving, Versiti & Calm Waters Float Therapy) • Home to the Area’s Most Popular Pizza Restaurant - Arni’s: Flagship Location Who’s Success Has Kept Them at Market Square Since 1965! • In 2023, The Wall Street Journal and Realtor.com Have Ranked Greater Lafayette the No. 1 Emerging Housing Market in America Based on Comparatively Affordable Housing, a Strong Growing Local Economy, and a Skilled Technology-Based Workforce • Directly Adjacent to Northend Community Center: $14 Million/97k S.F. Development Built in 2018 Drawing the Community to the Corridor and the Wabash Center/Paramount Charter School with Over 400 Employees • Lafayette Growth: Evonik, One of the World's Leading Providers of Drug Delivery Technologies, Broke Ground on its $220 Million Global-Scale Production Facility (2025 Expected Opening), Along with the City Currently Underway for Streetscape Projects, Several Neighborhood Plans/Revitalization and Redevelopment Projects (https://www.lafayette.in.gov/217/Projects) • Strong Employment Base: Purdue University (15,100 Employees) Wabash National (6,500 Employees), Subaru of Indiana Automotive Inc. (SIA), (6,500+ Employees), Caterpillar Trucking (1,900+ Employees), Landis+Gyr (7,800 Worldwide Employees), Evonik Industries (830+ Employees), Primient (1,900 Employees), IU Health Arnett Hospital + 23 Outpatient Clinics (1,500 Physicians) and Wabash Center (400 Employees) • Ideal Geographic Location: Positioned 60 Miles to the Northwest of Indianapolis (Densely Populated Capital Ranked 12th Largest by Population in the Country & Largest in the State of Indiana) and 115 Miles Southeast of Chicago, Illinois • Convenient Access to the Indianapolis Intl. Airport (60 Miles)

FOR SALE DETAILS

PRICE

$12,155,000 USD

PRICE/SF

$92 USD /SF

CAP RATE

8.6%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value-Add: 8.6% CAP Ctr. w/ New Long Leases

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

ADD'L SUBTYPES

Bank, Supermarket, Medical

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1958

SPRINKLERS

-

PARKING SPACES

189

LAND DETAILS

LAND ACRES

20.6 AC

LAND SF

897,336 SF

ZONING

GB

APN/PARCEL ID

79-07-21-226-004.000-004

ASK ABOUT THIS PROPERTY

Daniel CooperCooper Commercial Investment GroupMore Info
216-562-1981

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Daniel CooperCooper Commercial Investment GroupMore Info
216-562-1981

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.