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Appaloosa Crossing Shopping Center 3091 S US 421 23,073 SF 100% Leased Retail Building Zionsville, IN 46077 $15,628,500 CAD ($677.35 CAD/SF) 6.41% Cap Rate
Investment Highlights
- Appaloosa Crossing is a 23,073-SF shopping center delivered in 2023, now at full occupancy, exclusively listed by Bellagio Real Estate Partners, LLC.
- Stabilized income stream via long-term leases with between seven to 12 years remaining and built-in rent escalations every year or every five years.
- Invest in a booming submarket where total households grew by 16% from 2020 to 2024, with a projected 13% increase by 2029 within a 2-mile radius.
- Anchored by Verde, a multi-location concept with a full-service Mexican restaurant and bar, plus an enclosed patio.
- Classic Cleaners and Aspasia Coffee both feature drive-thrus for convenience, increased traffic, and future tenant appeal.
- Supported by affluent communities, the average annual household income within approximately a five-minute drive is over $216,000.
Executive Summary
Bellagio Real Estate Partners, LLC, is pleased to present Appaloosa Crossing, a six-tenant shopping center, located steps from the signalized intersection of Michigan Road (US 421) and E 300 S in Zionsville, Indiana.
Built in 2023, the property comprises approximately 23,073 square feet of retail space on 3.38 acres in a well-established and affluent part of Zionsville. With Michigan Road frontage, the center offers strong visibility and access near major regional connectors, including Interstate 465 and State Road 32. Appaloosa Crossing’s sophisticated design incorporates stone masonry, residential-style eaves, timber beams, and contrasted white-and-black trim, asserting an unmistakable presence.
Appaloosa Crossing is 100% leased to a mix of regional and local service-oriented tenants with diversified uses and space features. Current tenants include Classic Cleaners and Aspasia Coffee & Bake Shop, both of which have drive-thru service. These join Haven Dental Studio, providing in-place medical infrastructure, Uncle Bill’s Pet Center, and Verde, a popular Mexican restaurant featuring a full-service commercial kitchen and a closed-in patio dining area. The tenant mix comprises daily needs and service-oriented operators, creating durable in-person demand that is highly resistant to e-commerce disruption. The center’s modern construction, ample parking, and two drive-thrus create flexibility and long-term tenant appeal. Existing leases range from seven to 12 years in the remaining term, with scheduled rent escalations providing built-in income growth.
Located in one of Indiana’s most affluent communities, Appaloosa Crossing is surrounded by population growth and exciting new commercial and corporate developments. The center has already established itself as a go-to destination for current locals and is well-positioned to benefit further as nearby density increases. With 20,000 vehicles passing by per day on average, as growth continues to rocket, the outlook of this community staple is extremely positive.
Built in 2023, the property comprises approximately 23,073 square feet of retail space on 3.38 acres in a well-established and affluent part of Zionsville. With Michigan Road frontage, the center offers strong visibility and access near major regional connectors, including Interstate 465 and State Road 32. Appaloosa Crossing’s sophisticated design incorporates stone masonry, residential-style eaves, timber beams, and contrasted white-and-black trim, asserting an unmistakable presence.
Appaloosa Crossing is 100% leased to a mix of regional and local service-oriented tenants with diversified uses and space features. Current tenants include Classic Cleaners and Aspasia Coffee & Bake Shop, both of which have drive-thru service. These join Haven Dental Studio, providing in-place medical infrastructure, Uncle Bill’s Pet Center, and Verde, a popular Mexican restaurant featuring a full-service commercial kitchen and a closed-in patio dining area. The tenant mix comprises daily needs and service-oriented operators, creating durable in-person demand that is highly resistant to e-commerce disruption. The center’s modern construction, ample parking, and two drive-thrus create flexibility and long-term tenant appeal. Existing leases range from seven to 12 years in the remaining term, with scheduled rent escalations providing built-in income growth.
Located in one of Indiana’s most affluent communities, Appaloosa Crossing is surrounded by population growth and exciting new commercial and corporate developments. The center has already established itself as a go-to destination for current locals and is well-positioned to benefit further as nearby density increases. With 20,000 vehicles passing by per day on average, as growth continues to rocket, the outlook of this community staple is extremely positive.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
23,073 SF
Building Class
B
Year Built
2023
Price
$15,628,500 CAD
Price Per SF
$677.35 CAD
Cap Rate
6.41%
NOI
$1,002,053 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
3.38 AC
Zoning
C-2 - Commercial
Parking
104 Spaces (4.49 Spaces per 1,000 SF Leased)
Frontage
503’ on South Michigan Road
Amenities
- 24 Hour Access
- Security System
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Nearby Major Retailers
Property Taxes
| Parcel Number | 06-08-23-000-002.014-029 | Improvements Assessment | $7,192,507 CAD |
| Land Assessment | $3,992,606 CAD | Total Assessment | $11,185,113 CAD |
Property Taxes
Parcel Number
06-08-23-000-002.014-029
Land Assessment
$3,992,606 CAD
Improvements Assessment
$7,192,507 CAD
Total Assessment
$11,185,113 CAD
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Appaloosa Crossing Shopping Center | 3091 S US 421
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