Address: 1502 North Emerson Ave, Indianapolis, Indiana, United States 46219
Cap Rate: 6.75%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $61,631
Net Operating Income: $61,631
Lease Term Remaining: 19+ Years
Rental Increases: 1.35% Annually
Options: Four (4), Five (5)-Year Options
Rentable Sq/Ft: 2,748 SF
Rent Sq/Ft: $22.43
Price Sq/Ft: $332
Lot Size: +/- 0.08
Marcus & Millichap is pleased to present the exclusive listing for Indy Paws Veterinary Hospital located at 1502 N Emerson Ave in Indianapolis, IN. The site consists of roughly 2,748 rentable square feet of building space on an estimated 0.08-acre parcel of land. Indy Paws Veterinary Hospital is subject to brand new, 20-year, absolute triple-net (NNN) lease, which commenced March 29th, 2019. The current annual rent is $61,631 and is scheduled to increase by 1.35% annually throughout the base term and in each of the four (4), five (5)-year renewal options.
The subject investment property is situated on North Emerson Avenue, which boasts an average daily traffic count exceeding 27,450 vehicles. North Emerson Avenue intersects with Interstate-70, which brings an additional 122,250 vehicles into the immediate area on average daily. There are more than 96,850 individuals residing within a three-mile radius of the property and more than 259,730 individuals within a five-mile radius.
The subject property is well-positioned in a main residential corridor within Indianapolis, surrounded by many single-family homes, hospitals, schools, and national and local tenants all within close proximity of this property. Major national tenants include: Safeway, Dollar General, Family Dollar, CVS Pharmacy, Kroger, McDonald’s, Subway, Hardees, Little Caesars Pizza, as well as many more. The subject property is located less than one mile from Community Hospital East. Community Hospital East is part of the Community Health Network, which is currently investing $175 million in its East Region by building a brand-new hospital that will be completed in 2020. The new hospital will include an all new emergency department, medical imaging, surgery, delivery and inpatient rooms. The subject property benefits from its close proximity to several academic institutions. Most notable is Scecina Memorial High School, located directly behind the subject property, with a total enrollment of 450 students.
Indianapolis is the capital and most populous city in the state of Indiana. As of 2019, Indianapolis is the third most populous city in the American Midwest and 17th most populous in the U.S., with an estimated population of 867,125. Indianapolis anchors the 25th largest economic region in the U.S., based primarily on the sectors of finance and insurance, manufacturing, professional, and business services, education and health care, government, and wholesale trade. Indianapolis has developed niche markets in amateur sports and auto racing. The city is perhaps best known for annually hosting the worlds largest-single day sporting event, the Indianapolis 500. Indianapolis is home to two major sports clubs, the Indiana Pacers of the National Basketball Association and the Indianapolis Colts of the National Football League. The city’s philanthropic community has helped develop its cultural institutions and collections, including the worlds largest children’s museum, one of the nations largest privately funded zoos, historic buildings and sites, and public art. Indianapolis is home to a significant collection of monuments dedicated to veterans and war casualties, the most in the U.S. outside of Washington, D.C.
Broker of Record: Josh Caruana License #RB14034355