624 State St - Storefront FOR SALE


New Albany, IN 47150
$2,850,000 USD
502-919-0726
624 State St, New Albany, IN for Sale
$2,850,000 USD
Storefront - FOR SALE
1/23
null | 5.9% Cap Rate

624 State St
New Albany, IN 47150


HIGHLIGHTS

  • Premium Location with Premium Tenants
  • Multi Tenant Investment Opportunity
  • Long term leases, with strong guarantees in place

OVERVIEW

New Albany Multi Tenant Retail Center Opportunity Opportunity to secure a strong city site with premium tenants and premium neighbors in Downtown Historic New Albany. Directly adjacent to ~$100,000,000 Padgett District development site which comprises roughly 8 acres, nearly 200,000 sq ft of mixed use space for Retail, Hospitality and Residential while also combining new build and adaptive re-use of historic space. Vacant space on site provides strong upside for new owners to further develop into 1-3 additional spaces while existing quality tenants cover expenses. Existing Tenants: - Dollar General - Leased Through October 2031, (3) Five Year Options - Bumper To Bumper - Leased Through November 2027, (2) Five Year Options *The property is being offered on an “as-is” basis with ownership or agents making no representations or warranties with respect to the accuracy or completeness of the offering or any and all documents delivered to any acquisition prospect for the purpose of due diligence.

FOR SALE DETAILS

PRICE

$2,850,000 USD

PRICE/SF

$106 USD /SF

CAP RATE

5.9%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Downtown New Albany Multi Tenant Value Add

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1948

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

CROSS STREETS

Spring St

LAND ACRES

1.7 AC

LAND SF

74,052 SF

ZONING

Commercial

APN/PARCEL ID

22-05-03-500-351.000-008

ASK ABOUT THIS PROPERTY

Scott HoweEOS Commercial Real EstateMore Info
502-919-0726

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

Scott HoweEOS Commercial Real EstateMore Info
502-919-0726

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