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Shopping Strip

Hanna Shoppes

3915 Madison Ave, Indianapolis, IN 46227

Listing Price: $2,500,000

Cap Rate
8.18%
Gross SF
16,268
Rentable SF
16,268
Price/Gross SF
$153.68
Lot Size
0.45 acres
Year Built
1997

Investment Overview

Marcus & Millichap is pleased to present to market Hanna Shoppes – a fully-occupied 16,268 square-foot, multi-tenant retail strip center located in on the south side of Indianapolis, Indiana just west of the main entrance into the University of Indianapolis at the corner of East Hanna Avenue and South Madison Avenue. Hanna Shoppes is a very fundamentally sound retail strip center with excellent visibility and access coupled with below market Triple Net rents filling the center with a mix of new and long-term tenants for the center. The Subject Property is currently fully occupied by a strong mix of dining, service, and retail users that provide a strong in-place cash flow with real upside potential in built-in rent growth and replaceable below-market rents for the Investor.
Market: Hanna Shoppes is located on the south side of Indianapolis, Indiana. The Indianapolis MSA is one of the largest Midwest MSAs and 29th largest in the Country, with a population of approximately 2M people and within one day’s drive to 60 percent of the US population.
Location: Hanna Shoppes is situated on the northeast quadrant of the hard corner of South Madison Avenue and East Hanna Avenue directly adjacent to the University of Indianapolis, which houses over 5,600 full time students. South Madison Avenue runs north-south and runs directly into the heart of downtown Indianapolis less than four miles to the north. East Hanna Avenue is the main east-west corridor that runs through the University of Indianapolis directly adjacent to the Property to the East and connects to South East Street to the West providing access to Interstate 465 within one mile.
Property Features: Hanna Shoppes is an incredibly sound retail strip center that has been well maintained and historically well occupied throughout its existence due to its strong visibility and access to tons of rooftops and immediate proximity to the University of Indianapolis. The Subject Property has access points along both South Madison Avenue and East Hanna Avenue and share a parking lot with a former Marsh Supermarkets location that now houses both the State of Indiana Bureau of Motor Vehicles and The Hope Academy, a tuition-free public charter high school that is one of the 45 Simon Youth Academies throughout 16 states.
WHY HANNA SHOPPES?
With a stable in-place cash flow secured by a strong mix of retail, dining, and service tenants whose tenures and recent lease-up of the Property showcasing the consistent demand for the location, Hanna Shoppes is a rare opportunity for an Investor to capitalize on strong and very stable cash flow with upside potential in both the built-in rent increases and replaceable, below-market rents.
Stable Current Tenant Mix: Hanna Shoppes is currently fully occupied by a strong mix of retail, dining, and service users that demonstrate both the long-term demand for the location with a mix of tenants that include a tenancy of over twenty years as well as new tenants that have just signed, renewed, and expanded within the past six months. All of the current tenants are on full triple-net leases that cover all operating expenses for the Property, and over half of the gross leasable area is currently at or under $12per Square-Feet Triple Net, creating strong upside in rent growth being well-below market currently.

Investment Highlights

  • Fully-Occupied Retail Strip Center with Strong Tenant Mix
  • Located Just Four Miles South of Downtown Indianapolis and One Mile from Interstate 465
  • Excellent Historical Occupancy with Average Lease Term Remaining of Five Years

Exclusively Listed By

Shopping Strip

Hanna Shoppes

Listing Price: $2,500,000

Cap Rate
8.18%
Gross SF
16,268
Rentable SF
16,268
Price/Gross SF
$153.68
Lot Size
0.45 acres
Year Built
1997

Investment Highlights

  • Fully-Occupied Retail Strip Center with Strong Tenant Mix
  • Located Just Four Miles South of Downtown Indianapolis and One Mile from Interstate 465
  • Excellent Historical Occupancy with Average Lease Term Remaining of Five Years

Investment Overview

Marcus & Millichap is pleased to present to market Hanna Shoppes – a fully-occupied 16,268 square-foot, multi-tenant retail strip center located in on the south side of Indianapolis, Indiana just west of the main entrance into the University of Indianapolis at the corner of East Hanna Avenue and South Madison Avenue. Hanna Shoppes is a very fundamentally sound retail strip center with excellent visibility and access coupled with below market Triple Net rents filling the center with a mix of new and long-term tenants for the center. The Subject Property is currently fully occupied by a strong mix of dining, service, and retail users that provide a strong in-place cash flow with real upside potential in built-in rent growth and replaceable below-market rents for the Investor. Market: Hanna Shoppes is located on the south side of Indianapolis, Indiana. The Indianapolis MSA is one of the largest Midwest MSAs and 29th largest in the Country, with a population of approximately 2M people and within one day’s drive to 60 percent of the US population. Location: Hanna Shoppes is situated on the northeast quadrant of the hard corner of South Madison Avenue and East Hanna Avenue directly adjacent to the University of Indianapolis, which houses over 5,600 full time students. South Madison Avenue runs north-south and runs directly into the heart of downtown Indianapolis less than four miles to the north. East Hanna Avenue is the main east-west corridor that runs through the University of Indianapolis directly adjacent to the Property to the East and connects to South East Street to the West providing access to Interstate 465 within one mile. Property Features: Hanna Shoppes is an incredibly sound retail strip center that has been well maintained and historically well occupied throughout its existence due to its strong visibility and access to tons of rooftops and immediate proximity to the University of Indianapolis. The Subject Property has access points along both South Madison Avenue and East Hanna Avenue and share a parking lot with a former Marsh Supermarkets location that now houses both the State of Indiana Bureau of Motor Vehicles and The Hope Academy, a tuition-free public charter high school that is one of the 45 Simon Youth Academies throughout 16 states. WHY HANNA SHOPPES? With a stable in-place cash flow secured by a strong mix of retail, dining, and service tenants whose tenures and recent lease-up of the Property showcasing the consistent demand for the location, Hanna Shoppes is a rare opportunity for an Investor to capitalize on strong and very stable cash flow with upside potential in both the built-in rent increases and replaceable, below-market rents. Stable Current Tenant Mix: Hanna Shoppes is currently fully occupied by a strong mix of retail, dining, and service users that demonstrate both the long-term demand for the location with a mix of tenants that include a tenancy of over twenty years as well as new tenants that have just signed, renewed, and expanded within the past six months. All of the current tenants are on full triple-net leases that cover all operating expenses for the Property, and over half of the gross leasable area is currently at or under $12per Square-Feet Triple Net, creating strong upside in rent growth being well-below market currently.

Exclusively Listed By

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