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Shopping Strip

The Royal Plaza

1200 N Fulton Ave, Evansville, IN 47710

Listing Price: $1,850,000

Cap Rate
9.07%
Gross SF
27,443
Rentable SF
27,443
Price/Gross SF
$67.41
Lot Size
1.97 acres
Year Built
1965

Investment Overview

The 27,443 square foot retail building, The Royal Plaza, lies on 1.97 acres of land. Its two tenants, Dollar General & Grocery Outlet, both signed NNN leases in 2010. The tenants reimburse for operating expenses, making this a passive, hands-off investment for a prospective purchaser. Both tenants have over ten years of operating history at the site with Dollar General demonstrating commitment to the center with an early lease extension in 2016. Both leases contain multiple renewal options with rental increases providing a strong hedge against inflation.

The center is well located close to downtown Evansville, Indiana. With roughly 320,000 people living in the metro area, Evansville boasts the highest population in Southern Indiana. It is an economically vibrant city built on the healthcare, finance, education and manufacturing industries. Several major companies are headquartered in Evansville, including Koch Enterprises and OneMain Financial. 122,732 people live within 5 miles of the property. The center enjoys easy access and great visibility along Fulton Avenue (~16,000VPD). Both Dollar General and Grocery Outlet provide essential goods meaning the tenants were open and operating during the COVID related lockdowns. Dollar General has become the dominant dollar store operator in the country with 16,278 locations across the country. Dollar General boasts investment grade credit (BBB) and is a complimentary tenant to Grocery Outlet which offers discounted grocery products at both of its Evansville locations.

Investment Highlights

  • 100% Occupied Two Tenant 27,443 SF Center
  • NNN Leases | Tenants Reimburse for CAM, Taxes & Insurance
  • Essential Tenants Who Operated Through COVID Lockdowns
  • Options with Rent Increases Approaching Providing a Hedge Against Inflation
  • Only One Mile from Downtown Evansville
  • Roughly 320,000 People Living in Metro Area

Exclusively Listed By

Listing Price: $1,850,000

Cap Rate
9.07%
Gross SF
27,443
Rentable SF
27,443
Price/Gross SF
$67.41
Lot Size
1.97 acres
Year Built
1965

Investment Highlights

  • 100% Occupied Two Tenant 27,443 SF Center
  • NNN Leases | Tenants Reimburse for CAM, Taxes & Insurance
  • Essential Tenants Who Operated Through COVID Lockdowns
  • Options with Rent Increases Approaching Providing a Hedge Against Inflation
  • Only One Mile from Downtown Evansville
  • Roughly 320,000 People Living in Metro Area

Investment Overview

The 27,443 square foot retail building, The Royal Plaza, lies on 1.97 acres of land. Its two tenants, Dollar General & Grocery Outlet, both signed NNN leases in 2010. The tenants reimburse for operating expenses, making this a passive, hands-off investment for a prospective purchaser. Both tenants have over ten years of operating history at the site with Dollar General demonstrating commitment to the center with an early lease extension in 2016. Both leases contain multiple renewal options with rental increases providing a strong hedge against inflation.

The center is well located close to downtown Evansville, Indiana. With roughly 320,000 people living in the metro area, Evansville boasts the highest population in Southern Indiana. It is an economically vibrant city built on the healthcare, finance, education and manufacturing industries. Several major companies are headquartered in Evansville, including Koch Enterprises and OneMain Financial. 122,732 people live within 5 miles of the property. The center enjoys easy access and great visibility along Fulton Avenue (~16,000VPD). Both Dollar General and Grocery Outlet provide essential goods meaning the tenants were open and operating during the COVID related lockdowns. Dollar General has become the dominant dollar store operator in the country with 16,278 locations across the country. Dollar General boasts investment grade credit (BBB) and is a complimentary tenant to Grocery Outlet which offers discounted grocery products at both of its Evansville locations.

Exclusively Listed By

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