820 116Th StCarmel, IN 46032

This exceptional Class A shopping center in Carmel, Indiana, presents a compelling investment opportunity. The 44,714 square foot property, built in 2007, consists of three buildings on a 3.97-acre lot and features 17 units with 100% occupancy. Boasting a 7.09% cap rate and an asking price of $12,225,000 ($273.40/sq ft), this stabilized investment offers strong returns. The center benefits from a weighted average occupancy history of 8.7 years, with 65% of the gross leasable area occupied for 10+ years. Tenants contribute to operating expenses at a 98% recovery rate, covering CAM, taxes, insurance, and management fees. Average base rent is $20.33 per square foot, ranging from $16.72 to $24.50 per square foot, currently below market rates for comparable Carmel properties. The property enjoys excellent visibility and accessibility, with street frontage on 116th Street (approx. 19,000 ADT) and Guilford Road (approx. 6,000 ADT). Located in a highly affluent area, the center benefits from strong demographics: average household incomes within one, three, and five miles are $114,309, $147,117, and $156,218 respectively. Corresponding populations are 7,364, 62,575, and 178,331, with projected annual population growth of 2.64%, 1.79%, and 1.19% respectively (2024-2029). Within one and three miles, 68% and 69% of the population hold bachelor's degrees or higher. This prime retail location in Carmel, a consistently top-ranked community, offers exceptional potential for long-term growth and profitability.