2920 38th St - Drug Store FOR SALE


Indianapolis, IN 46205
$1,942,000 USD
440-915-7902
2920 38th St, Indianapolis, IN for Sale
$1,942,000 USD
Drug Store - FOR SALE
1/6
null | 6.05% Cap Rate

2920 38th St
Indianapolis, IN 46205


HIGHLIGHTS

  • New Walgreens Pharmacy Small-Format Prototype Store: Personalized Pharmacy Care Geared Towards Health and Wellness and Over-the-Counter Medications
  • Long-Term, NNN Lease with Approximately 8.5 Years of Term Remaining and Rare Mid-Term Rental Increase (5/1/2028) Taking Price to 6.35% CAP
  • Corporately Backed, Single-Tenant Pharmacy Location with High-Profile, Publicly-Traded Walgreens (NASDAQ: WBA/S&P “BBB-”/Moody’s “Baa2”)
  • No Daily Mgmt: New 2023 Store| Tenant Responsible for All Daily Management | Landlord Responsible for Roof/Structure(15-Year Transferrable Warranty)
  • High Traffic Location: Approximately 40,000 Vehicles Per Day at N. Keystone Avenue and 38th Street
  • Ideal Demographics in 29th Largest Metropolitan Economy in the U.S.: High Population Density of 272k+ People & Avg. Household Income $95k in 5 Miles

OVERVIEW

• New Walgreens Pharmacy Small-Format Prototype Store: Personalized Pharmacy Care Geared Towards Health and Wellness and Over-the-Counter Medications - Walgreens Success with Pilot Store Locations and Continued Growth Adding Additional Locations • Long-Term, NNN Lease with Approximately 8.5 Years of Term Remaining and Rare Mid-Term Rental Increase (5/1/2028) Taking Price to 6.35% CAP • Handpicked Relocation Site in Proven Market • Corporately Backed, Single-Tenant Pharmacy Location with High-Profile, Publicly Traded Walgreens (NASDAQ: WBA/S&P “BBB-”/Moody’s “Baa2”) • No Daily Management Responsibilities: Tenant Responsible for All Daily Management, While Landlord is Only Responsible for Roof/Structure (15-Year Transferable Warranty) on Newly Built 2023 Store with Highly Visible Signage with Excellent Frontage • High Traffic Location: Approximately 40,000 Vehicles Per Day at N. Keystone Avenue and 38th Street • Ideal Demographics in 29th Largest Metropolitan Economy in the U.S.: Extremely High Population Density of 272,000+ People and Average Household Incomes of Approximately $95,000 Within a 5-Mile Radius • Low Price Point Deal Compared to a Traditional Walgreens, Ideal for 1031 Buyers • Surrounded by Rooftops, Government Services (BMV, Health Department), Avondale Meadows YMCA and Schools (Indianapolis Public Schools is the Largest District Enrolling Approximately 23,000 Students Across 60 Schools) • Significant Healthcare Industry in Indianapolis Economy: 20 Hospitals Belonging to Ascension St. Vincent Health, Community Health Network, and IU Health - Thousands of Healthcare Facilities and Employees in the Region o IU Health’s Methodist Hospital is the Largest Hospital and a Level I Trauma Center Positioned 4 Miles Away with Over 1,430 Employees o IU Health’s Riley Children’s Hospital Located 6.5 Miles Away with Over 1,000 Employees • Attraction/Destination Location for Major Draw of Visitors and Tourists: Indiana State Fair (800,000 Attendees) + Numerous Other Fairgrounds Events Throughout the Year (1.5 Miles), World's Largest Single-Day Sporting Event, the Indianapolis 500 (300,000 Visitors on Race Day) + Various Other Races, Largest U.S. Children’s Museum (1.2 Million Annual Visitors), Collegiate Events and Professional Sports Draw (Colts, Pacers & Fever) • Strong Tenancy: Annual Revenue Stream of Over $144 Billion Through 12,500 Locations Worldwide • 14.5 Miles to Indianapolis International Airport, Includes FedEx Express's National Hub with 5,800 Employees • Direct Vicinity of Major Employers & Students: Indiana University (25,000 Students at Main Campus) and Purdue University (52,000 Students at All Campuses), Along with Ivy Tech, Butler University, Martin University and Satellite Campus’ for a Number of Colleges/Universities • Short Commute to Downtown Indianapolis (6 Miles): Fortune 500 Elevance Health Headquarters and Eli Lilly Headquarters, Along with Many Other High-Profile Companies and Convention Center

FOR SALE DETAILS

PRICE

$1,942,000 USD

PRICE/SF

$777 USD /SF

CAP RATE

6.05%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

New Format WAG |Low Price| Rare Bump in Term

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding, Storefront, Medical

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2023

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Daniel CooperCooper Commercial Investment GroupMore Info
440-915-7902

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Daniel CooperCooper Commercial Investment GroupMore Info
440-915-7902

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