Address: 3023 S 2nd Street, Terre Haute, Indiana, United States 47802
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $164,834
Net Operating Income: $164,834
Year Built: 2013 / 2017
Rentable Sq/Ft: 5,136 SF
Rent Sq/Ft: $32.09
Price Sq/Ft: $535
Lot Size: +/- 1.28 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 3023 South 2nd Street in Terre Hautte, Indiana. The property consists of 5,136 square feet of building space and is situated on approximately 1.28 acres of land.
The property is subject to a long term triple-net (NNN) lease that commenced on April 28th, 2017. The current rent is $164,834. There are 2% annual rental increases that will continue through four, five-year tenant renewal options. There are over 19 years remaining on the base term of this lease.
This Bob Evans is located on 3023 South 2nd Street in Terre Haute, Indiana. Terre Haute is a city in and the county seat of Vigo County. There are approximately 39,200 people within a three-mile radius of this property and more than 74,200 within a five-mile radius. The property is situated near South U.S. 41 and Interstate-70. South U.S. 41 has average daily traffic counts of 36,200 vehicles. Interstate-70 has average daily traffic counts of 32,000 vehicles. Terre Haute is also the intersection between U.S. 40 and U.S. 41 which connects California to Maryland and Copper Harbor, Michigan to Miami, Florida respectively.
The Bob Evans benefits from being well-positioned in a highly dense retail corridor that features national and local tenants. Major national tenants in the immediate area include: Applebee’s, CVS, Wendy’s, Red Lobster, Staples, IHOP, Texas Roadhouse, NAPA Auto Parts, Moe’s, and Starbucks among many more. There are four higher educations institutions within seven miles of the subject property: Indiana State University, Ivy Tech Community College of Indiana, Rose-Hulman Institute of Technology and Saint Mary of-the Woods College. The total current enrollment for these four universities is over 115,000. Additionally, this Bob Evans is five miles from Union Hospital, which is a multipurpose hospital with 345-beds and multiple facilities. The subject property also sits in a dense accommodation corridor with more than ten hotels in the area totaling over 700 rooms.
Terre Haute is the county seat of Vigo County. The city was a quarter-finalist in the America’s Best Communities contest. Terre Haute Industrial Park is home to some of the world’s leading companies: Companhia Siderurgica Nacional, Staples Corporation, Advics, ThyssenKrupp and CertainTeed. The city is also headquarters for First Financial Bank. The recent expansion of Indiana State University has resulted in an influx of development partnership by the university and local companies to build more student housing in downtown Terre Haute. This new influx of student accommodation has caused many companies to renovate their own infrastructure and invest into the city.
B.O.R Josh Caruana License: IN: RB14034355