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401 Washington St 6,364 SF Retail Building Covington, IN 47932 $3,125,091 CAD ($491.06 CAD/SF) 6.50% Cap Rate
Executive Summary
CIRE Partners is pleased to exclusively offer for sale a single tenant bank portfolio located in Indiana. The investment contains a corporately guaranteed lease from an investment grade tenant, First Mid Illinois Bank & Trust and Old National Bank (Aa3 Moody’s Credit Rating). The current lease term runs until 2029 and has four, five year option periods with annual rent increases throughout the remaining lease term and option periods.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
6,364 SF
Building Class
B
Year Built
1978
Price
$3,125,091 CAD
Price Per SF
$491.06 CAD
Cap Rate
6.50%
NOI
$203,131 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
1.17 AC
Zoning
COVIN - Commercial
Parking
26 Spaces (4.09 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
Moderately walkable
60/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 23-06-35-225-037.000-016 | Improvements Assessment | $201,524 CAD |
| Land Assessment | $103,790 CAD | Total Assessment | $305,314 CAD |
Property Taxes
Parcel Number
23-06-35-225-037.000-016
Land Assessment
$103,790 CAD
Improvements Assessment
$201,524 CAD
Total Assessment
$305,314 CAD
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401 Washington St
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