Address: 891 US-31, Whiteland, Indiana, United States 46184
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $105,000
Net Operating Income: $105,000
Lease Term Remaining: 20 Years
Rental Increases: 7.5% Every 5 Years
Options: Four (4), Five (5) Year Options
Year Built: 1999/2018
Rentable Sq/Ft: 3,200 SF
Rent Sq/Ft: $32.81
Price Sq/Ft: $547
Lot Size: +/-0.92 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Whiteland, IN. The property consists of approximately 3,200 rentable square feet and is situated on approximately .92 acres of land. The property is subject to a 20-year triple-net (NNN) sale-leaseback. The lease will commence upon the close of escrow. The base annual rent will be $105,000 and the lease calls for 7.5% rental increases every five years during the base term and continuing through the four, five-year tenant renewal options.
The Burger King is positioned on US-31 in Whiteland, Indiana. US-31 experiences approximately 32,000 vehicles per day in front of the subject property. There are approximately 29,000 individuals within a five-mile radius of the subject property and more than 88,800 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a dense retail corridor with proximity to several national and local tenants. Major national tenants include: CVS Pharmacy, Dollar General, Advance Auto Parts, Taco Bell, Hardee’s, Subway, Dairy Queen, along with many gas stations and local tenants. This Burger King is also conveniently located less than a quarter mile from Whiteland Community High School and Whiteland Elementary School, which boast a combined enrollment exceeding 2,275 students. Additionally, the subject property is located less than 20 miles from downtown Indianapolis, as well Indiana University – Purdue University Indianapolis (IUPUI), which enrolls to more than 30,000 students.
Whiteland is a town in Pleasant, Franklin and Clark townships, within Johnson County, Indiana. Whiteland is in north/central Johnson County approximately 19 miles south of Indianapolis. Whiteland is considered a part of the Indianapolis metropolitan area because of its seat inside of Johnson County. Major access roads to get to Whiteland are I-65 and U.S. 31, which runs directly in front of the subject property. Whiteland was formally incorporated as a town on May 3, 1886; however, the town was beginning to blossom as early as 1853. Three businesses formed the center of that early Whiteland; today, many times that number are located in the town. When the first plat was laid out in 1863, it consisted of 40 lots. Today, Whiteland has approximately 1,600 lots. Whiteland is also known for its Clark-Pleasant Community School Corporation, which provides elementary, middle school, and high school education for its residents. Whiteland is also known as tight-knit community with many parks and a great place for couples to raise a family.
Broker of Record: Josh Caruana – License # RB14034355