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White Castle 4023 Highway 31 East 2,052 SF Retail Building Clarksville, IN 47129 $1,824,900 CAD ($889.33 CAD/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- NNN Ground Lease, Extended Early — Signaling Commitment to the Location — With Over 9 Years Remaining Plus Four 5-Year Renew
- On U.S. Highway 31 Just 0.25 Miles From 69,300+ AADT Interstate 65, With Freeway Visibility and Easy Ramp Access
- Located Just 4.1 Miles North of the 1,404-Acre Falls of the Ohio State Park and Ohio River Greenway
- Rent Increases of 15 Percent in 2030, 8 Percent in the First Renewal Option, and 10 Percent in Each Remaining Option
- Anchored by 776,396-Square-Foot Green Tree Mall, Retail Corridor Includes Walmart Supercenter, Target, Lowe’s and More
- Only 5.1 Miles to Downtown Louisville, KY, and Within the 1,394,234-Population Louisville, KY-IN MSA
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 2,052-square-foot drive-through quick-service restaurant (the Property) in Clarksville, IN, in which White Castle has over 9 years remaining on its triple-net ground lease. The lease features a 15 percent rent increase in 2030; an 8 percent rent increase in the first 5-year renewal option; and a 10 percent rent increase in each of the second, third, and fourth renewal options.
The Property sits on a 0.79-acre parcel on U.S. Highway 31, just east of Interstate 65 and Green Tree Mall, the only enclosed mall in southern Indiana and home to the first Texas Roadhouse. In addition to major mall tenants JCPenney, Dillard’s, Furniture Fair, At Home and Planet Fitness, the retail area is anchored by Walmart Supercenter, Sam’s Club, Target, Bass Pro Shops, Harbor Freight, Lowe’s, Home Depot, Menards and Best Buy. Just 5.1 miles north of downtown Louisville, KY, the Property is situated within the Louisville metro area and a short drive from the 24,000-student University of Louisville and Louisville Muhammad Ali International Airport (SDF).
Family-owned since 1921, White Castle operates about 340 quick-service restaurants as well as its own meat plants and bakeries. The private company employs around 10,000 people and achieved $683.9 million in sales in 2023. Like nearly 70 percent of White Castle restaurants, the Property is open 24 hours a day, seven days a week.
This exclusive net-lease opportunity offers the security of a triple-net lease, as well as a retail property on U.S. Highway 31 with visibility to Interstate 65 within the Louisville metro area.
Broker of Record: Josh Caruana, Broker of Record, 600 East 96th St., Ste. 500, Indianapolis, IN 46240, P: (317) 218-5300, Lic #: RB14034355
The Property sits on a 0.79-acre parcel on U.S. Highway 31, just east of Interstate 65 and Green Tree Mall, the only enclosed mall in southern Indiana and home to the first Texas Roadhouse. In addition to major mall tenants JCPenney, Dillard’s, Furniture Fair, At Home and Planet Fitness, the retail area is anchored by Walmart Supercenter, Sam’s Club, Target, Bass Pro Shops, Harbor Freight, Lowe’s, Home Depot, Menards and Best Buy. Just 5.1 miles north of downtown Louisville, KY, the Property is situated within the Louisville metro area and a short drive from the 24,000-student University of Louisville and Louisville Muhammad Ali International Airport (SDF).
Family-owned since 1921, White Castle operates about 340 quick-service restaurants as well as its own meat plants and bakeries. The private company employs around 10,000 people and achieved $683.9 million in sales in 2023. Like nearly 70 percent of White Castle restaurants, the Property is open 24 hours a day, seven days a week.
This exclusive net-lease opportunity offers the security of a triple-net lease, as well as a retail property on U.S. Highway 31 with visibility to Interstate 65 within the Louisville metro area.
Broker of Record: Josh Caruana, Broker of Record, 600 East 96th St., Ste. 500, Indianapolis, IN 46240, P: (317) 218-5300, Lic #: RB14034355
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,052 SF
Building Class
C
Year Built
1999
Price
$1,824,900 CAD
Price Per SF
$889.33 CAD
Cap Rate
6.25%
NOI
$114,022 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.79 AC
Parking
37 Spaces (18.03 Spaces per 1,000 SF Leased)
Frontage
204’ on Us-31 Hwy
AMENITIES
- 24 Hour Access
- Freeway Visibility
- Pylon Sign
- Signage
- Drive Thru
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Accommodation and Food Services
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
White Castle, America's first fast-food hamburger chain based in Columbus, Ohio, has been making Bold Moves™ as a family-owned business for more than 98 years. In 1921, Billy Ingram launched a family-owned business with $700 and an idea, selling five-cent, small, square hamburgers so easy to eat, they were dubbed Sliders and sold by the sack. In 2014, Time® Magazine declared their iconic Original Slider® the most influential burger of all time. Today their family-owned business sells the same humble, 100 percent USDA beef patty with onions and pickle, creating memorable moments for Craver generations everywhere. The only thing better than polishing off a Sack of Sliders alone, is doing it with friends. Could it get any better than that? White Castle. Because The Crave Is A Powerful Thing®.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 10-14-03-200-550.000-011 | Improvements Assessment | $1,780,798 CAD |
| Land Assessment | $1,034,940 CAD | Total Assessment | $2,815,738 CAD |
PROPERTY TAXES
Parcel Number
10-14-03-200-550.000-011
Land Assessment
$1,034,940 CAD
Improvements Assessment
$1,780,798 CAD
Total Assessment
$2,815,738 CAD
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White Castle | 4023 Highway 31 East
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