3808 Washington StIndianapolis, IN 46201

For Sale

$1,947,000

Indianapolis Retail Property - Net Lease

Property records and analytics

Overview

Added:: Dec 11, 2024
Days on market:: 90

This fee-simple, net-leased CVS Pharmacy in Indianapolis, IN offers a compelling investment opportunity. The 12,585 square foot property, built in 1996, sits on a 1.03-acre lot at a high-traffic intersection (E. Washington St & Sherman Dr) and includes a drive-thru. Boasting a strong 8.50% cap rate and $165,500 NOI, the property benefits from a credit-rated tenant with a lease expiring August 31, 2026, including three 5-year renewal options with 5% rent bumps each. The location within the Indianapolis MSA (population over 2.14 million) provides excellent demographics, with over 254,000 residents and 108,000 households within a 5-mile radius, projected to grow through 2029. Proximity to Interstates 65 and 70 (300,000+ VPD) and nearby new developments (luxury apartments and hotel) further enhance its value. The CVS Pharmacy has operated at this location for over 28 years, establishing a strong community presence. The asking price is $1,947,000 ($154.71/sq ft). This is a 100% occupied, single-tenant property offering a stable, long-term investment.

Highlights

High-traffic corner location with drive-thru; CVS has access from E. Washington St (25,700 VPD) and Sherman Dr (11,600 VPD).
Investment-grade tenant (CVS Pharmacy, BBB S&P rating).
Less than 2 miles from I-65 and I-70 (300,000+ VPD).
Densely populated area (254,000+ residents, 108,000+ households within a 5-mile radius; projected growth).
Located in the Indianapolis MSA (2.14M+ population).
Surrounded by new developments including a luxury apartment complex and hotel with ground floor retail.

Property Details for 3808 Washington St

Property type: Other retail properties, Individual retail properties
Square Feet: 12,585 SF
Year Built: 1996
Buildings: 1
Lot Size (sq. ft): 44,867 SF

Location Insight

City: Indianapolis
County: Marion
State: Indiana
Latitude: 39.769271158625
Longitude: -86.101822657451

3808 Washington St, Indianapolis, Indiana

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