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Restaurant

Six Over Meridian Retail Condos | The District Tap & Howl at the Moon | Long-Term Net Leases

141 S Meridian St, Indianapolis (Downtown), IN 46225

Listing Price: $6,385,000

Cap Rate
6.25%
Tenant Name
The District Tap & Howl at the Moon
Years Remaining On Lease
12.4
Guarantor
Corporate Guarantee
Rentable SF
13,110
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$30.44

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale Six Over Meridian Retail Condos, a long-term, two-tenant triple-net leased retail investment located in the heart of Indianapolis’ central business district (CBD). Six Over Meridian Retail Condos are 100% leased and comprised of 13,110-square feet located on the ground-floor of Six Over Meridian, a downtown six-story condominium tower. The ground floor retail condos, the subject offering, are leased entirely to The District Tap and Howl at the Moon. The 2nd and 3rd floors are leased by Spot, a third-party logistics provider and the remaining three floors are residential condominiums. Howl at the Moon has occupied the property for more than 17+ years. The District Tap completed an entire renovation of their suite in 2019 prior to expanding their business concept into downtown Indianapolis. The subject property is leased to Howl at the Moon and The District Tap, each on long-term, triple-net leases. The District Tap is a multi-location, local restaurant owned by experienced operators that specialize in providing a wide selection of beers on tap and some of the best all-around food in Indianapolis. Howl at the Moon is the total entertainment experience. The bar regularly hosts guests for a variety of occasions, locals pop in for live music Monday through Saturday, happy hour revelers, bachelorette party-goers, traveling business people, conventioneers and others. The offering is located at one of the most premier hard-corner intersections in downtown Indianapolis; South Meridian Street and Georgia Street and in between South Capital Avenue and South Pennsylvania Street. This three-block promenade connects the Indiana Convention Center, Gainbridge Fieldhouse (NBA Pacers), Circle Centre Mall and Lucas Oil Stadium (NFL Colts). The immediate surrounding area is filled with residential and office towers, nationally recognized hotels and event venues and a myriad of local, regional and national retailers. Six Over Meridian Retail Condos is a rare opportunity to acquire a ground-floor retail investment with long-term, absolute triple-net leases located along the city’s only pedestrian-friendly street that directly connects the most visited sporting and entertainment venues in all of Indianapolis which are frequented by local, regional and national visitors. Additionally, the offering has a significant amount of scheduled rental growth in the near term which should drive yield & capital appreciation for an incoming investor over the investment holding period.

Investment Highlights

  • Six Over Meridian Retail Condos is located on the hard-corner intersection of Georgia Street and South Meridian Street
  • Located in between the Gainbridge Fieldhouse (NBA Pacers), the Lucas Oil Stadium (NFL Colts) and the Indianapolis convention center.
  • The 2021 estimated population in a one-mile radius is approximately 60,619 residents with an average household income of $91,500.
  • Six Over Meridian Retail Condos is surrounded by various national retailers, professional office tenants and event venues. In the immediate area is Circle Centre mall, a regional indoor shopping mall owned and operated by Simon Property Group.
  • : The District Tap and Howl at the Moon are on long-term, absolute triple-net leases. Six Over Meridian Retail Condos has a Weighted Average Lease Term (WALT) of 10 Years.

Exclusively Listed By

Restaurant

Six Over Meridian Retail Condos | The District Tap & Howl at the Moon | Long-Term Net Leases

Listing Price: $6,385,000

Cap Rate
6.25%
Tenant Name
The District Tap & Howl at the Moon
Years Remaining On Lease
12.4
Guarantor
Corporate Guarantee
Rentable SF
13,110
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$30.44

Investment Highlights

  • Six Over Meridian Retail Condos is located on the hard-corner intersection of Georgia Street and South Meridian Street
  • Located in between the Gainbridge Fieldhouse (NBA Pacers), the Lucas Oil Stadium (NFL Colts) and the Indianapolis convention center.
  • The 2021 estimated population in a one-mile radius is approximately 60,619 residents with an average household income of $91,500.
  • Six Over Meridian Retail Condos is surrounded by various national retailers, professional office tenants and event venues. In the immediate area is Circle Centre mall, a regional indoor shopping mall owned and operated by Simon Property Group.
  • : The District Tap and Howl at the Moon are on long-term, absolute triple-net leases. Six Over Meridian Retail Condos has a Weighted Average Lease Term (WALT) of 10 Years.

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale Six Over Meridian Retail Condos, a long-term, two-tenant triple-net leased retail investment located in the heart of Indianapolis’ central business district (CBD). Six Over Meridian Retail Condos are 100% leased and comprised of 13,110-square feet located on the ground-floor of Six Over Meridian, a downtown six-story condominium tower. The ground floor retail condos, the subject offering, are leased entirely to The District Tap and Howl at the Moon. The 2nd and 3rd floors are leased by Spot, a third-party logistics provider and the remaining three floors are residential condominiums. Howl at the Moon has occupied the property for more than 17+ years. The District Tap completed an entire renovation of their suite in 2019 prior to expanding their business concept into downtown Indianapolis. The subject property is leased to Howl at the Moon and The District Tap, each on long-term, triple-net leases. The District Tap is a multi-location, local restaurant owned by experienced operators that specialize in providing a wide selection of beers on tap and some of the best all-around food in Indianapolis. Howl at the Moon is the total entertainment experience. The bar regularly hosts guests for a variety of occasions, locals pop in for live music Monday through Saturday, happy hour revelers, bachelorette party-goers, traveling business people, conventioneers and others. The offering is located at one of the most premier hard-corner intersections in downtown Indianapolis; South Meridian Street and Georgia Street and in between South Capital Avenue and South Pennsylvania Street. This three-block promenade connects the Indiana Convention Center, Gainbridge Fieldhouse (NBA Pacers), Circle Centre Mall and Lucas Oil Stadium (NFL Colts). The immediate surrounding area is filled with residential and office towers, nationally recognized hotels and event venues and a myriad of local, regional and national retailers. Six Over Meridian Retail Condos is a rare opportunity to acquire a ground-floor retail investment with long-term, absolute triple-net leases located along the city’s only pedestrian-friendly street that directly connects the most visited sporting and entertainment venues in all of Indianapolis which are frequented by local, regional and national visitors. Additionally, the offering has a significant amount of scheduled rental growth in the near term which should drive yield & capital appreciation for an incoming investor over the investment holding period.

Exclusively Listed By

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