Address: 2831 E. 38th Street, Indianapolis, Indiana, United States 46218
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $33,514
Net Operating Income: $33,514
Lease Term Remaining: 14.0 Years
Rental Increases: 10% Every 5 Years
Rentable Sq/Ft: 2,228 SF
Rent Sq/Ft: $15.04
Price Sq/Ft: $251
Lot Size: +/- 0.7 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Long john Silver’s located at 2831 E. 38th Street in Indianapolis, Indiana. The site constructed in 1969, consists of roughly 2,228 rentable square feet of building space on estimated 0.68 acre parcel of land.
This Long John Silver’s is subject to a long term, 15-year triple-net (NNN) lease, which commenced on May 17, 2018. The annual rent is $33,514. There are two (2), five (5)-year tenant renewal options.
The subject investment property is situated on E. 38th Street, which boasts average daily traffic counts exceeding 24,600 vehicles respectively. East 38th Street intersects with N. Keystone Ave, which brings an additional 27,696 vehicles into the immediate area on average daily. There are more than 103,438 individuals residing within a three-mile radius of the property and more than 253,759 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, malls, and landmarks, all within close proximity of this property. Major national tenants include: Walgreens, Save a Lot, Dollar General, Family Dollar, Goodwill, McDonald’s, Taco Bell, Popeye’s, KFC, Subway, White Castle, O’Reilly Auto Parts, Citgo, BP, as well as many more. This Long John Silver’s also benefits from being just down the street from the Indiana State Fair Grounds, which offers many attractions.
Indianapolis is a city, in Marion County, Indiana. Indianapolis is the capital and most populous city in the state of Indiana and the seat of Marion County. As of 2017, Indianapolis is the third most populous city in the American Midwest and the 16th most populous city in the U.S. 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 healthcare, government, and wholesale trade. Indianapolis has developed niche markets in amateur sports and auto racing. The top five industries in the city are finance, insurance, real estate, rental, and leasing, manufacturing, professional and business services, educational services, healthcare, and social assistance, and wholesale trade. The city is designated into six cultural districts to capitalize on cultural institutions within historically significant neighborhoods unique to the city’s heritage. Indianapolis is also home to dozens of festivals and events showcasing local culture. The city also has many universities such as Indiana University – Purdue University Indianapolis (IUPUI), which enrolls to more than 30,000 students. Indianapolis is also home to the largest campus for Ivy Tech Community College of Indiana, a state-funded community college serving 77,600 students statewide. There are also 5 private universities based in Indianapolis. Notable ones are Butler University, Roman Catholic Church, Marian University, University of Indianapolis, and Martin University. These institutions combine to approximately 13,800 students.
Broker of Record: Josh Caruana License #RB14034355