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Office Medical

The Eagle Building

1455 W Oak St, Zionsville, IN 46077

Listing Price: $1,600,000

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present for sale The Eagle Building of Zionsville, Indiana. As a rapidly developing northern submarket of the Indianapolis MSA, Zionsville has recently realized unprecedented population growth, having nearly doubled since 2010s census reported 14,160 residents to the estimated 26,784 residents in 2016. Strategically located along West Oak Street, the main thoroughfare that runs through the heart of downtown Zionsville, The Eagle Building has benefited from direct signage and access to daily traffic counts exceeding 13,608 vehicles per day (2017).

The Eagle Building, is an 87.55% occupied, 9,895 square-foot, multi-tenant, medical/professional office building on a spacious 2.33 Acre Parcel, which is adjacently located to Walgreens. The excellent 5-Mile trade market, nearly 73,000 residents with an average household income of $140,000, has directly contributed to the subject propertys historical occupancy remaining between 90-100% since construction in 1990. The Property features a diversified tenant-mix that includes a Family Dental Practice, Ceramics Laboratory, Financial Planner, Local Real Estate Agency, and Medical Servicer.

The Eagle Building presents investors with the low-risk opportunity to acquire a stabilized medical/professional office building within a rapidly expanding Indianapolis submarket. The subject property features an average rental rate of $15.61 per square-foot on predominately modified gross leases, which present investors with the ability to increase rental rates to reflect market value as well as potentially convert lease structures to NNN. Additionally, the nearly 1.0 Acre of frontage to oak street could be separated and made developable for the right deal, as additional value-add upside potential to any investor. While a great day-one opportunity for any investor at $1,600,000, reflecting an 8.01% CAP Rate, with potential cash-on-cash returns of 12.40% at ask, the subject property also provides considerable value-add upside potential.

Investment Highlights

  • 87.55% Occupied Medical/Professional Office | Rapidly Expanding Indianapolis MSA
  • Well-Maintained by Only Owner Since 1993 Development | Minimal Deferred Maintenance
  • Historically High Occupancy | Diversified Tenant-Mix | Attractive Staggered Rent Roll
  • Spacious 2.33 Acre Parcel Provides Development/Expansion Upside Adjacent to Walgreens
  • Excellent 5-Mi. Demographics | 73,000 Residents | $140,00 Avg. Household Income

Exclusively Listed By

Investment Highlights

  • 87.55% Occupied Medical/Professional Office | Rapidly Expanding Indianapolis MSA
  • Well-Maintained by Only Owner Since 1993 Development | Minimal Deferred Maintenance
  • Historically High Occupancy | Diversified Tenant-Mix | Attractive Staggered Rent Roll
  • Spacious 2.33 Acre Parcel Provides Development/Expansion Upside Adjacent to Walgreens
  • Excellent 5-Mi. Demographics | 73,000 Residents | $140,00 Avg. Household Income

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present for sale The Eagle Building of Zionsville, Indiana. As a rapidly developing northern submarket of the Indianapolis MSA, Zionsville has recently realized unprecedented population growth, having nearly doubled since 2010s census reported 14,160 residents to the estimated 26,784 residents in 2016. Strategically located along West Oak Street, the main thoroughfare that runs through the heart of downtown Zionsville, The Eagle Building has benefited from direct signage and access to daily traffic counts exceeding 13,608 vehicles per day (2017).

The Eagle Building, is an 87.55% occupied, 9,895 square-foot, multi-tenant, medical/professional office building on a spacious 2.33 Acre Parcel, which is adjacently located to Walgreens. The excellent 5-Mile trade market, nearly 73,000 residents with an average household income of $140,000, has directly contributed to the subject propertys historical occupancy remaining between 90-100% since construction in 1990. The Property features a diversified tenant-mix that includes a Family Dental Practice, Ceramics Laboratory, Financial Planner, Local Real Estate Agency, and Medical Servicer.

The Eagle Building presents investors with the low-risk opportunity to acquire a stabilized medical/professional office building within a rapidly expanding Indianapolis submarket. The subject property features an average rental rate of $15.61 per square-foot on predominately modified gross leases, which present investors with the ability to increase rental rates to reflect market value as well as potentially convert lease structures to NNN. Additionally, the nearly 1.0 Acre of frontage to oak street could be separated and made developable for the right deal, as additional value-add upside potential to any investor. While a great day-one opportunity for any investor at $1,600,000, reflecting an 8.01% CAP Rate, with potential cash-on-cash returns of 12.40% at ask, the subject property also provides considerable value-add upside potential.

Exclusively Listed By

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