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Shopping Community

North Manchester Plaza

1204 IN-114, North Manchester, IN 46962

Listing Price: $2,415,000

Cap Rate
9.54%
Gross SF
64,600
Rentable SF
64,600
Price/Gross SF
$37.38
Lot Size
6.50 acres
Year Built
1966

Investment Overview

Marcus & Millichap is pleased to present for sale North Manchester Plaza, a 64,600-square foot shopping center located in North Manchester, Indiana. North Manchester Plaza is anchored by Neighborhood Fresh, a regional grocery story with locations across Indiana and Dollar General, one of the largest discount retailers in the US with more than 17,000 stores across 46 states and growing. The property also features a stand-alone laundromat that has been operating at this location since 2015 and a First Merchant’s Bank ATM machine. Dollar General and Neighborhood Fresh have been operating at this location for 20+ years and each tenant recently extended their leases; showing strong commitment to the subject site. North Manchester Plaza is currently 63% occupied, offering an incoming investor a significant amount of rental income upside through lease-up of the 14,000 & 9,600-square foot vacant spaces; with the opportunity to break-up the larger space into two 7,000-square foot spaces with its current dual double-door entrance configuration. Current market rents in the area are approximately $4.50/ft. NNN; lease-up of the vacant spaces would could substantially increase an investor’s cash-on-cash return yield to just under 30% and increase the property’s overall value.

Investment Highlights

  • North Manchester Plaza Offers The Only General Merchandise And Grocery Shopping Destination In Town
  • Value-add Potential Through Lease-up Of Vacant Spaces
  • University Town-North Manchester University Is A Private Liberal Arts School That Is Just A Few Miles From North Manchester Plaza
  • Long History Of Occupancy With Dollar General And Neighborhood Fresh Operating At This Location For Over 20 Years
  • Low Price Point Investment Opportunity, Offered Significantly Below Replacement Cost
  • Recent Lease Extensions By Anchor Tenants Show Strong Commitment To The Subject Site

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Shopping Community

North Manchester Plaza

Listing Price: $2,415,000

Cap Rate
9.54%
Gross SF
64,600
Rentable SF
64,600
Price/Gross SF
$37.38
Lot Size
6.50 acres
Year Built
1966

Investment Highlights

  • North Manchester Plaza Offers The Only General Merchandise And Grocery Shopping Destination In Town
  • Value-add Potential Through Lease-up Of Vacant Spaces
  • University Town-North Manchester University Is A Private Liberal Arts School That Is Just A Few Miles From North Manchester Plaza
  • Long History Of Occupancy With Dollar General And Neighborhood Fresh Operating At This Location For Over 20 Years
  • Low Price Point Investment Opportunity, Offered Significantly Below Replacement Cost
  • Recent Lease Extensions By Anchor Tenants Show Strong Commitment To The Subject Site

Investment Overview

Marcus & Millichap is pleased to present for sale North Manchester Plaza, a 64,600-square foot shopping center located in North Manchester, Indiana. North Manchester Plaza is anchored by Neighborhood Fresh, a regional grocery story with locations across Indiana and Dollar General, one of the largest discount retailers in the US with more than 17,000 stores across 46 states and growing. The property also features a stand-alone laundromat that has been operating at this location since 2015 and a First Merchant’s Bank ATM machine. Dollar General and Neighborhood Fresh have been operating at this location for 20+ years and each tenant recently extended their leases; showing strong commitment to the subject site. North Manchester Plaza is currently 63% occupied, offering an incoming investor a significant amount of rental income upside through lease-up of the 14,000 & 9,600-square foot vacant spaces; with the opportunity to break-up the larger space into two 7,000-square foot spaces with its current dual double-door entrance configuration. Current market rents in the area are approximately $4.50/ft. NNN; lease-up of the vacant spaces would could substantially increase an investor’s cash-on-cash return yield to just under 30% and increase the property’s overall value.

Exclusively Listed By

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