Bank

Old National Bank

20 N 3rd St, Vincennes, IN 47591

Listing Price: $1,500,000

Cap Rate
19.20%
Tenant Name
Old National Bank
Years Remaining On Lease
1.8
Gross SF
29,600
Guarantor
Corporate Guarantee
Rentable SF
22,200
Price/Gross SF
$50.68
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$12.98

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale a triple-net leased office building & parking lot occupied by Old National Bank in downtown Vincennes, Indiana. The subject property is situated within an Opportunity Zone and comprises of a three-story, 22,200 square-foot office building fully occupied & leased by Old National Bank until October 2022. Built in 1966 and remodeled in 2013 with a new roof, new boilers, new chillers & interior updates, the building sits on 0.90 acres of prime real estate in downtown Vincennes. The property is located just one block from Main Street and near Vincennes University, one of the oldest educational institutions in Indiana. Vincennes University is a public community college with an average enrollment of approximately 4,500 students in Vincennes and over 17,250 throughout their satellite campuses. The city of Vincennes is the county seat of Knox County and has a population of approximately 18,500 people. Home to county healthcare & government amenities, Vincennes is located on the banks of the Wabash River at the western edge of Knox County; this is also the western edge of the state of Indiana, and Illinois is across the river to the west. The city lies about 100 miles southwest of Indianapolis. U.S. Route 41 passes through the city from north to south, and U.S. Route 50 passes just to the north of the city from east to west. As Old National Bank does not intend to renew their lease at the end of October 2022, the offering presents a wide-range of opportunities for incoming investors or owner occupants to purchase an income producing investment property. An investor can capitalize on a future value-add, relet or redevelopment opportunity with short-term stable income or an owner occupant could collect rental payments from the tenant until Old National Bank vacates the property; effectively lowering the overall cost basis.

Investment Highlights

  • Absolute NNN Lease Located in Prime Downtown Opportunity Zone
  • Blocks Away from Vincennes University
  • Next to Good Samaritan Hospital, Largest Regional Hospital in the Area that Services 10 Counties
  • Zero Landlord Responsibilities
  • CPI Rental Increase in 2021

Exclusively Listed By

Listing Price: $1,500,000

Cap Rate
19.20%
Tenant Name
Old National Bank
Years Remaining On Lease
1.8
Gross SF
29,600
Guarantor
Corporate Guarantee
Rentable SF
22,200
Price/Gross SF
$50.68
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$12.98

Investment Highlights

  • Absolute NNN Lease Located in Prime Downtown Opportunity Zone
  • Blocks Away from Vincennes University
  • Next to Good Samaritan Hospital, Largest Regional Hospital in the Area that Services 10 Counties
  • Zero Landlord Responsibilities
  • CPI Rental Increase in 2021

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale a triple-net leased office building & parking lot occupied by Old National Bank in downtown Vincennes, Indiana. The subject property is situated within an Opportunity Zone and comprises of a three-story, 22,200 square-foot office building fully occupied & leased by Old National Bank until October 2022. Built in 1966 and remodeled in 2013 with a new roof, new boilers, new chillers & interior updates, the building sits on 0.90 acres of prime real estate in downtown Vincennes. The property is located just one block from Main Street and near Vincennes University, one of the oldest educational institutions in Indiana. Vincennes University is a public community college with an average enrollment of approximately 4,500 students in Vincennes and over 17,250 throughout their satellite campuses. The city of Vincennes is the county seat of Knox County and has a population of approximately 18,500 people. Home to county healthcare & government amenities, Vincennes is located on the banks of the Wabash River at the western edge of Knox County; this is also the western edge of the state of Indiana, and Illinois is across the river to the west. The city lies about 100 miles southwest of Indianapolis. U.S. Route 41 passes through the city from north to south, and U.S. Route 50 passes just to the north of the city from east to west. As Old National Bank does not intend to renew their lease at the end of October 2022, the offering presents a wide-range of opportunities for incoming investors or owner occupants to purchase an income producing investment property. An investor can capitalize on a future value-add, relet or redevelopment opportunity with short-term stable income or an owner occupant could collect rental payments from the tenant until Old National Bank vacates the property; effectively lowering the overall cost basis.

Exclusively Listed By

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