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Auto Flex-Retail Property 3402 N Shadeland Ave 12,275 SF 100% Leased Retail Building Indianapolis, IN 46226 $2,571,481 CAD ($209.49 CAD/SF) 10.30% Cap Rate
INVESTMENT HIGHLIGHTS
- Multiple Tenant Property, High Traffic Area, Interstate Access Nearby, Desired Zoning for Automotive Businesses
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
Own/Operate your own auto themed flex suites property. Ideal for investor or Owner/User.
Property Highlights:
• 1.16 acres with 12,275 sf building
• Zoned C4
• Currently subdivided into 12 flex spaces (only one space is vacant currently)
• All tenants on 1 yr leases that allow 60 day Notice to Terminate
• Multiple restrooms, offices and a guest waiting area.
• Fenced rear storage lot
• Ample front & side parking
• Pole signage
• Current NOI $195,000/ CAP 11.8%
• Current OPEX $2.93/sf
• Asking Price $1,650,000
Own/Operate your own auto themed flex suites property. Ideal for investor or Owner/User.
Property Highlights:
• 1.16 acres with 12,275 sf building
• Zoned C4
• Currently subdivided into 12 flex spaces (only one space is vacant currently)
• All tenants on 1 yr leases that allow 60 day Notice to Terminate
• Multiple restrooms, offices and a guest waiting area.
• Fenced rear storage lot
• Ample front & side parking
• Pole signage
• Current NOI $195,000/ CAP 11.8%
• Current OPEX $2.93/sf
• Asking Price $1,650,000
FINANCIAL SUMMARY (PRO FORMA - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$315,250
|
$25.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,508
|
$0.77
|
| Effective Gross Income |
$305,742
|
$24.91
|
| Taxes |
$12,432
|
$1.01
|
| Operating Expenses |
$28,543
|
$2.33
|
| Total Expenses |
$40,976
|
$3.34
|
| Net Operating Income |
$264,767
|
$21.57
|
FINANCIAL SUMMARY (PRO FORMA - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $315,250 |
| Annual Per SF | $25.68 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $9,508 |
| Annual Per SF | $0.77 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $305,742 |
| Annual Per SF | $24.91 |
| Taxes (CAD) | |
|---|---|
| Annual | $12,432 |
| Annual Per SF | $1.01 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $28,543 |
| Annual Per SF | $2.33 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $40,976 |
| Annual Per SF | $3.34 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $264,767 |
| Annual Per SF | $21.57 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
12,275 SF
Building Class
C
Year Built
1978
Price
$2,571,481 CAD
Price Per SF
$209.49 CAD
Cap Rate
10.30%
NOI
$264,817 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.24
Lot Size
1.16 AC
Zoning
C-4 - Commercial- Current owner does have a C5 variance. Buyer will have to go through Marion County Zoning to have variance transferred.
Parking
25 Spaces (2.04 Spaces per 1,000 SF Leased)
Frontage
159’ on N Shadeland Ave
AMENITIES
- 24 Hour Access
- Bus Line
- Corner Lot
- Fenced Lot
- Mezzanine
- Pylon Sign
- Security System
- Storage Space
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 49-07-23-122-031.000-700 | Total Assessment | $410,384 CAD (2024) |
| Land Assessment | $230,014 CAD (2024) | Annual Taxes | $12,432 CAD ($1.01 CAD/SF) |
| Improvements Assessment | $180,371 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
49-07-23-122-031.000-700
Land Assessment
$230,014 CAD (2024)
Improvements Assessment
$180,371 CAD (2024)
Total Assessment
$410,384 CAD (2024)
Annual Taxes
$12,432 CAD ($1.01 CAD/SF)
Tax Year
2023
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Auto Flex-Retail Property | 3402 N Shadeland Ave
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