Shopping Strip

North Meridian Shops

3787 N Meridian St, Indianapolis, IN 46208

Listing Price: $3,130,000

Cap Rate
9.00%
Gross SF
17,126
Rentable SF
17,126
Price/Gross SF
$182.76
Lot Size
1.06 acres
Year Built
1949

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale North Meridian Shops, a 17,126-square foot retail strip center located in Indianapolis, Indiana. The property is situated at the prime, signalized intersection of North Meridian Street and East 38th Street, which experiences approximately 58,000 vehicles-per-day. Meridian Street bisects the entire city of Indianapolis East & West and serves as the major thoroughfare between downtown Indianapolis’ central business district and multiple suburban communities throughout the metro area. North Meridian Shoppes is 91% leased to various internet-resistant tenants with long-term historical occupancy exceeding 10+ years including a T-Mobile cellular phone tenant with more than 200+ stores. The property is adjacent to multiple sources of public transportation including Indianapolis’ brand new IndyGo 38th Street Red Line Station, a rapid bus transit system that travels to and from downtown Indianapolis as well as access to standard IndyGo Bus services and the Bird Scooter network. The offering provides an incoming investor the opportunity to own a well-maintained retail strip center with many capital expenditures recently completed by the current owner. Positioned in a core Midwestern market experiencing population and economic job growth, the offering generates an attractive yield on investment with income growth and value add potential through vacancy lease-up while being positioned on one of Indianapolis’ prime, signalized intersections with abundant vehicular pedestrian & public transportation traffic.

Investment Highlights

  • PRIME INTERSECTION: North Meridian Shops sits at the prime intersection of East 38th Street and North Meridian Street
  • LONG-TERM TENANT HISTORY: The majority of North Meridian Shops rentable area has been occupied by the same tenants for over a 10+ years
  • PUBLIC TRANSPORTATION: North Meridian Shops benefits from being located adjacent to Indianapolis' Red Line 38th Street Station, a brand-new rapid-transit bus system that connects to other bus lines
  • AMPLE PARKING: The Property features an abundance of parking with approximately 58 parking spaces along North Meridian Street, the east side of the property as well as behind the property
  • VACANCY UPSIDE POTENTIAL: Endcap space is currently vacant allows an incoming investor to add to the current rental income stream and property value

Exclusively Listed By

Listing Price: $3,130,000

Cap Rate
9.00%
Gross SF
17,126
Rentable SF
17,126
Price/Gross SF
$182.76
Lot Size
1.06 acres
Year Built
1949

Investment Highlights

  • PRIME INTERSECTION: North Meridian Shops sits at the prime intersection of East 38th Street and North Meridian Street
  • LONG-TERM TENANT HISTORY: The majority of North Meridian Shops rentable area has been occupied by the same tenants for over a 10+ years
  • PUBLIC TRANSPORTATION: North Meridian Shops benefits from being located adjacent to Indianapolis' Red Line 38th Street Station, a brand-new rapid-transit bus system that connects to other bus lines
  • AMPLE PARKING: The Property features an abundance of parking with approximately 58 parking spaces along North Meridian Street, the east side of the property as well as behind the property
  • VACANCY UPSIDE POTENTIAL: Endcap space is currently vacant allows an incoming investor to add to the current rental income stream and property value

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale North Meridian Shops, a 17,126-square foot retail strip center located in Indianapolis, Indiana. The property is situated at the prime, signalized intersection of North Meridian Street and East 38th Street, which experiences approximately 58,000 vehicles-per-day. Meridian Street bisects the entire city of Indianapolis East & West and serves as the major thoroughfare between downtown Indianapolis’ central business district and multiple suburban communities throughout the metro area. North Meridian Shoppes is 91% leased to various internet-resistant tenants with long-term historical occupancy exceeding 10+ years including a T-Mobile cellular phone tenant with more than 200+ stores. The property is adjacent to multiple sources of public transportation including Indianapolis’ brand new IndyGo 38th Street Red Line Station, a rapid bus transit system that travels to and from downtown Indianapolis as well as access to standard IndyGo Bus services and the Bird Scooter network. The offering provides an incoming investor the opportunity to own a well-maintained retail strip center with many capital expenditures recently completed by the current owner. Positioned in a core Midwestern market experiencing population and economic job growth, the offering generates an attractive yield on investment with income growth and value add potential through vacancy lease-up while being positioned on one of Indianapolis’ prime, signalized intersections with abundant vehicular pedestrian & public transportation traffic.

Exclusively Listed By

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