Build-to-Suit Chipotle w/Over 13 Years Remaining
2133 State Street, New Albany, IN, USA Map
Listing Price $2,897,000
| Status | Active |
| Lease Type | Double Net |
| Property Type | Net Lease |
| CAP Rate | 4.65% |
| GLA (Sq. Ft.) | 2,325 |
| NOI | $134,850 |
| Lease Term Remaining | 13 Years |
| Increases | 10% Every 5 Years |
| Options | 3 x 5 Years |
| State (BOR) | Indiana |
| Broker of Record | Josh Caruana |
| License # (BOR) | RB14034355 |
Investment Highlights
- Tenant Chipotle (NYSE: CMG) Currently Features No Credit
Rating as They Famously Have Never Carried Debt. - Robust Traffic Counts on State Street (30k VPD) and Less than
One-Half Mile from US-265 (70k VPD) and One Mile from US-64 (61k VPD) (Source: CoStar, 2022). - Well Established State Street Retail Corridor | Nearby National Retailers Include: Target,
Kroger, Home Depot, KFC, Arby’s, Five Guys, Chick-fil-A, Starbucks, Walgreens, CVS,
Fairfield Inn, and Others | Subject Shares a Traffic Light with the Entrance to Kroger and
Populates the Pad Adjacent to Target. - Thriving Community with an Average Household Income of Over
$65K within Five Miles of the Subject Asset, as of 2023. - Parks and Outdoor Recreational Facilities Nearby Include:
Churchill Downs, Louisville Zoo, Long Run Park, Valhalla Golf
Club, Tom Sawyer State Park, Iceland Sports Complex, and More.
Subject is 6 Miles from Downtown Louisville Kentucky with a
Population of 1,365,557.
Investment Overview
Subject is a Newly Constructed Prime 2,325 Square-Foot Build-to-Suit Chipotle on a .8-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, and Strategically Located at a Signalized Intersection. Traditional Chipotle NN Lease with Minimal Landlord Responsibility, a 15-Year Base Term, 13 Years Remaining, and 10% Rental Increases Every 5 Years with 3 x 5-Year Options.
