Description

Address: 1554 E. 86th Street, Indianapolis, IN 46240

GLA: 90,842 SF

Occupancy: 100%

Year 1 NOI: +/- $1,630,000

5-Year CAGR: +/- 6.1%

WALT: 5.9 Years

Year Built / Renovated: 1986 / 2019

Tenant Suites: 12

Parking Spots: 457

Indiana Licensees:

Ken Martin #: IN - RB19001364

Nelson Almond #: IN - RB25000498

...

Attributes

Building area net

8,439 sm

Occupancy

100%

Year built

1986

Low Small-Shop Rents Provide Embedded Mark-to-Market Upside
In-Place Small-Shop Rents Are ~42% Below Market on a Weighted-Average Basis
~67% of Shop Tenancy Expires with No Remaining Options During a 5-Year Hold
Ability to Demise the 14,435 SF Goodwill Junior Box Upon Rollover in 2031 with No Remaining Options, Capturing Significant Mark-to-Market Upside as In-Place Rent Is ~60% Below Shop Market Rents

Secure Income Stream Anchored by Aldi & Total Wine
Aldi (~19% Income | ~22% GLA) and Total Wine (~28% Income | ~29% GLA) Account for ~50% of the Center’s Income and GLA
Total Wine at Nora Corners Was the First of Five Indiana Locations to Open and Currently Ranks #1 in the State with ~540K Annual Visits

Irreplaceable Location with Affluent Demographics
Exceptionally Tight Retail Fundamentals with 2.5% Submarket Vacancy
Signalized Hard Corner at E. 86th Street (19,250 VPD) with Immediate Access to I-465 (116,600 VPD)
Adjacent to The Monon Trail (Over 1.3 Million Annual Users)
Located Within Indianapolis’ Affluent Northside Trade Area ($147K AHHI in 3-Mile Radius)

Institutional Quality Retail Corridor
Continued Retail Migration to Corridor Demonstrated by Recent Relocations of West Elm, Williams-Sonoma, Bluemercury, and Flower Child From The Fashion Mall at Keystone to Neighboring Center Nora Plaza
~1.5 Miles from Nora Corners, the A+ Green Street-Rated Fashion Mall at Keystone Generates ~$1,191 PSF in Sales (~3x the Indianapolis MSA Average)