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Walter E. Smithe 4 W 81st Ave 24,654 SF Retail Building Merrillville, IN 46410 $9,450,792 CAD ($383.34 CAD/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- NNN Walter E. Smithe with 10.5-years of term remaining
- Corporately guaranteed by Walter E. Smithe Furniture, Inc
- Located in a major retail corridor | Surrounded by top ranked retailers and shopping centers
- Build-to-suit building with a tenant that has operated at this location for 20 years and just executed a 10-year extension
- 0.6 miles from on/off ramp of Interstate-65, which sees 103,876 vehicles per day
- From 2010-2020, the population grew 9.47 percent and is expected to grow an additional 1.77 percent by 2029 within a one-mile radius
EXECUTIVE SUMMARY
Walter E. Smithe is secured by a NNN lease with 10.5 years of term remaining and a corporate guarantee. The lease includes 1, 10-year renewal option and scheduled rental increases. The tenant has operated at this location since 2005, demonstrating long-term commitment to the site. Positioned at the signalized intersection of U.S. Hwy 30 and Broadway Street (89,101 VPD) near Interstate-65 (103,876 VPD), the property benefits from exceptional visibility and heavy traffic counts. The site is located within a major retail corridor surrounded by top-performing national retailers including Meijer (3rd most visited in IN), Costco (2nd most visited in IN), and Southlake Mall (4th most visited mall in IN), along with numerous auto dealerships and 23 nearby hotels. The property serves a dense and affluent trade area, with over 38,000 residents and 52,000 daytime employees within three miles, and average household incomes of $91,494 within five miles.
DATA ROOM Click Here to Access
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
24,654 SF
Building Class
B
Year Built
2005
Price
$9,450,792 CAD
Price Per SF
$383.34 CAD
Cap Rate
7.50%
NOI
$708,852 CAD
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.42
Lot Size
1.34 AC
Zoning
C-3 - Highway Commercial
Parking
45 Spaces (1.83 Spaces per 1,000 SF Leased)
Frontage
225’ on 81st Ave
AMENITIES
- Pylon Sign
- Signalized Intersection
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 45-12-21-277-021.000-030 | Improvements Assessment | $2,610,551 CAD |
| Land Assessment | $2,338,621 CAD | Total Assessment | $4,949,172 CAD |
PROPERTY TAXES
Parcel Number
45-12-21-277-021.000-030
Land Assessment
$2,338,621 CAD
Improvements Assessment
$2,610,551 CAD
Total Assessment
$4,949,172 CAD
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Walter E. Smithe | 4 W 81st Ave
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