Indianapolis, IN - Bank of America
$2,444,000
10220 E. Washington Street, Indianapolis, IN 46229
4.5
Cap Rate
110,000
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an NNN leased, Bank of America investment property located in Indianapolis, Indiana. The tenant, Bank of America, National Association, has 15 years of term remaining with 4 (5-year) options to extend, demonstrating its commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. The asset is also equipped with a drive-thru, providing ease and convenience for customers.
The Bank of America is located near the signalized, hard-corner intersection of E Washington St and N Mitthoefer Rd, averaging a combined 48,500 vehicles passing by daily. E Washington St is a major retail thoroughfare serving the city of Indianapolis. The Bank of America is an outparcel to Washington Square, a Target-anchored indoor shopping mall that also features national/credit tenants including AMC Theatres, LongHorn Steakhouse, and more. The asset is conveniently located about half a mile from Centre East, a Walmart Supercenter-anchored shopping mall, with other retailers including Hobby Lobby, Dunkin’, Nothing Bundt Cakes, and many more. In addition, Bank of America is located less than half a mile from Cherry Tree Plaza, a Marshalls and Best Buy anchored shopping center, with other tenants including Ross, PetSmart, LA Fitness, Chick-fil-A, McDonald’s, and many more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Kroger, Meijer, Taco Bell, Wendy’s, Chase Bank, 7 Brew, Culver’s, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 147,400 residents and 52,100 employees, and the 1-mile trade area has an average household income of $109,175.
Location
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