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Shopping Strip

Gable Village Portfolio

9719 E US Hwy 36, Avon, IN 46123

Listing Price: $5,682,500

Cap Rate
6.50%
Gross SF
14,408
Rentable SF
14,408
Price/Gross SF
$394.40
Lot Size
1.90 acres
Year Built
1998

Investment Overview

The subject portfolio offering includes a 5,970 square foot, 100 percent occupied four-tenant retail center; a freestanding 6,238 square foot Ascension Health; and a freestanding 2,200 square foot Starbucks along US 36 (over 37.000 VPD).

The retail center was built in 1998, renovated in 2018, and possesses a strong occupancy history, with landlord friendly triple net leases. The center is occupied by Fix My Cell, Artistic Skin Designs, LINS Alterations, and Brick and Belle Boutique. The leases are long-term leases, with Artistic Skin Designs and LINS Alterations both have leases through June 30, 2026. Brick and Belle Boutique has annual rent increases which provide a perfect hedge against inflation.
The Ascension Health building was built in 1998 and was retrofitted in 2018 to St. Vincent Health/Ascension medical offices to compliment the Ascension Neighborhood Emergency Room just to the west of the property. The lease is classified as modified triple net with the landlord responsible for the roof and structure. The original 10-year lease commenced in August 2018, currently set to expire August 31, 2028 leaving more than 7.5 years remaining on the lease featuring two percent annual rent increases.

Starbucks was built-to-suit in 2018 with high-quality construction and drive-thru access. The lease is corporately guaranteed by Starbucks and is classified as triple net, with the landlord responsible for the roof, structure and parking lot maintenance. The original 10-year lease is set to expire March 31, 2028. There are rent increases every five years in the base term and options including in April of 2023.

Avon is one of the fastest growing communities in the Indianapolis MSA boasting a population of 135,463 people within a five-mile radius and an average household income in excess of $81,500. Gable Village is in the heart of the retail corridor of Avon with many national retail traffic driver surrounding the property including Walmart, Hobby Lobby, At Home, Aldi, Buffalo Wild Wings, Panda Express, Target, and many others.

Investment Highlights

  • High-Quality Construction | Starbucks was Built-to-Suit in 2018
  • Ascension Health has 7.5+ Years Remaining on their Original 10-Year Lease
  • Starbucks has 7.25 Years Remaining on their Original 10-Year Lease
  • 1-Mile Average Household Income Surpasses $81,345
  • Avon is an Affluent Suburb of Indianapolis
  • 17 Miles from Downtown Indy

Exclusively Listed By

Shopping Strip

Gable Village Portfolio

Listing Price: $5,682,500

Cap Rate
6.50%
Gross SF
14,408
Rentable SF
14,408
Price/Gross SF
$394.40
Lot Size
1.90 acres
Year Built
1998

Investment Highlights

  • High-Quality Construction | Starbucks was Built-to-Suit in 2018
  • Ascension Health has 7.5+ Years Remaining on their Original 10-Year Lease
  • Starbucks has 7.25 Years Remaining on their Original 10-Year Lease
  • 1-Mile Average Household Income Surpasses $81,345
  • Avon is an Affluent Suburb of Indianapolis
  • 17 Miles from Downtown Indy

Investment Overview

The subject portfolio offering includes a 5,970 square foot, 100 percent occupied four-tenant retail center; a freestanding 6,238 square foot Ascension Health; and a freestanding 2,200 square foot Starbucks along US 36 (over 37.000 VPD).

The retail center was built in 1998, renovated in 2018, and possesses a strong occupancy history, with landlord friendly triple net leases. The center is occupied by Fix My Cell, Artistic Skin Designs, LINS Alterations, and Brick and Belle Boutique. The leases are long-term leases, with Artistic Skin Designs and LINS Alterations both have leases through June 30, 2026. Brick and Belle Boutique has annual rent increases which provide a perfect hedge against inflation.
The Ascension Health building was built in 1998 and was retrofitted in 2018 to St. Vincent Health/Ascension medical offices to compliment the Ascension Neighborhood Emergency Room just to the west of the property. The lease is classified as modified triple net with the landlord responsible for the roof and structure. The original 10-year lease commenced in August 2018, currently set to expire August 31, 2028 leaving more than 7.5 years remaining on the lease featuring two percent annual rent increases.

Starbucks was built-to-suit in 2018 with high-quality construction and drive-thru access. The lease is corporately guaranteed by Starbucks and is classified as triple net, with the landlord responsible for the roof, structure and parking lot maintenance. The original 10-year lease is set to expire March 31, 2028. There are rent increases every five years in the base term and options including in April of 2023.

Avon is one of the fastest growing communities in the Indianapolis MSA boasting a population of 135,463 people within a five-mile radius and an average household income in excess of $81,500. Gable Village is in the heart of the retail corridor of Avon with many national retail traffic driver surrounding the property including Walmart, Hobby Lobby, At Home, Aldi, Buffalo Wild Wings, Panda Express, Target, and many others.

Exclusively Listed By

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