Government

Marion County Coroner’s Office (City of Indianapolis)

Listing Price: $4,200,000

Cap Rate
7.14%
Tenant Name
Marion County Coroner's Office
Years Remaining On Lease
4.10
Guarantor
Corporate Guarantee
Rentable SF
26,422
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$11.35

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale 521 West McCarty Street, a 26,422-square foot, net-leased office building located in Indianapolis, Indiana. The property is 100% occupied and leased by the Marion County Coroner’s Office (City of Indianapolis); the tenant has been an occupant of the subject property for 17+ years. The site is well-positioned within Indianapolis’s downtown, central business district, near Interstate 70 and Lucas Oil NFL Stadium. The City of Indianapolis has an investment-grade, municipal credit rating of AA+ through Standard & Poor’s and Aa1 through Moody’s. In late 2019, the Marion County Coroner’s Office agreed to extend their lease for an additional five years demonstrating their continued commitment to the subject site. The lease has fixed, annual rental escalations over the remaining firm-term of the lease which provides an attractive, growing income stream for an incoming investor. The tenant is responsible for common area maintenance items, property taxes, and insurance. The landlord is responsible for roof, structure, plumbing, and mechanicals. 521 West McCarty consists of 2 parcels totaling 0.53 acres at the intersection of South West Street and West McCarty Street in downtown Indianapolis. The offering is a great opportunity for an investor to invest in a dynamic, growing & core Midwestern market and a Central Business District submarket with high barriers to entry. The passive lease structure with a growing income stream derived from a strong, governmental entity tenant should generate an immediate cash on cash return on invested capital and preservation of value given the residual land value in a growing area of Indianapolis.

Investment Highlights

  • INVESTMENT-GRADE GOVERNMENT TENANT: The City of Indianapolis has a Municipal Credit Rating of AA+ through Standard & Poor's and Aa1 through Moody's.
  • PRIME LOCATION: 521 West McCarty is located in downtown Indianapolis' Central Business District and next to Lucas Oil Stadium, home of the Indianapolis' Colts
  • ESSENTIAL GOVERNMENT USE: Public Health & Safety Agency for the City of Indianapolis - The Marion County Coroner's office completes over 2,000 death investigations annually
  • ANNUAL RENTAL ESCALATORS: Annual rental escalation help grow investors income stream & cash on cash return
  • MINIMAL LANDLORD RESPONSIBILITIES: Tenant is responsible for all common area maintenance, insurance and real estate taxes, while the Landlord is responsible for the roof & structure, plumbing, and mechanicals

Exclusively Listed By

Government

Marion County Coroner’s Office (City of Indianapolis)

Listing Price: $4,200,000

Cap Rate
7.14%
Tenant Name
Marion County Coroner's Office
Years Remaining On Lease
4.10
Guarantor
Corporate Guarantee
Rentable SF
26,422
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$11.35

Investment Highlights

  • INVESTMENT-GRADE GOVERNMENT TENANT: The City of Indianapolis has a Municipal Credit Rating of AA+ through Standard & Poor's and Aa1 through Moody's.
  • PRIME LOCATION: 521 West McCarty is located in downtown Indianapolis' Central Business District and next to Lucas Oil Stadium, home of the Indianapolis' Colts
  • ESSENTIAL GOVERNMENT USE: Public Health & Safety Agency for the City of Indianapolis - The Marion County Coroner's office completes over 2,000 death investigations annually
  • ANNUAL RENTAL ESCALATORS: Annual rental escalation help grow investors income stream & cash on cash return
  • MINIMAL LANDLORD RESPONSIBILITIES: Tenant is responsible for all common area maintenance, insurance and real estate taxes, while the Landlord is responsible for the roof & structure, plumbing, and mechanicals

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale 521 West McCarty Street, a 26,422-square foot, net-leased office building located in Indianapolis, Indiana. The property is 100% occupied and leased by the Marion County Coroner’s Office (City of Indianapolis); the tenant has been an occupant of the subject property for 17+ years. The site is well-positioned within Indianapolis’s downtown, central business district, near Interstate 70 and Lucas Oil NFL Stadium. The City of Indianapolis has an investment-grade, municipal credit rating of AA+ through Standard & Poor’s and Aa1 through Moody’s. In late 2019, the Marion County Coroner’s Office agreed to extend their lease for an additional five years demonstrating their continued commitment to the subject site. The lease has fixed, annual rental escalations over the remaining firm-term of the lease which provides an attractive, growing income stream for an incoming investor. The tenant is responsible for common area maintenance items, property taxes, and insurance. The landlord is responsible for roof, structure, plumbing, and mechanicals. 521 West McCarty consists of 2 parcels totaling 0.53 acres at the intersection of South West Street and West McCarty Street in downtown Indianapolis. The offering is a great opportunity for an investor to invest in a dynamic, growing & core Midwestern market and a Central Business District submarket with high barriers to entry. The passive lease structure with a growing income stream derived from a strong, governmental entity tenant should generate an immediate cash on cash return on invested capital and preservation of value given the residual land value in a growing area of Indianapolis.

Exclusively Listed By

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