Paul Proano Properties & Coldwell Banker Commercial realty are pleased to present this single-tenant, net-leased Verizon Wireless in La Porte, Indiana (1-hour east of Chicago), on an outparcel to Wal-Mart Supercenter. The current tenant has four (4) years term remaining on the lease term on a initial 10 year lease that commenced September 16, 2016, with three five-year options to extend and contains a 5% rent bump went into effect September 16, 2021 and favorable 10% rent bumps for each three, five-year option period. Tenant is responsible for common area maintenance, real estate taxes, insurance, and HVAC. Landlord is responsible for roof & structure. Tenant Info: Verizon is the nation’s largest wireless company with annual revenues over $133.61 billion in 2021. The operator was founded in 1991, TCC is a Verizon Authorized Retailer with nearly 850 locations in 39 states from coast to coast. The long-standing relationship with Verizon allows the company to make its services more accessible to customers while offering unparalleled customer service and competitive pricing. TCC employs more than 2,000 people across the U.S., from sales associates and store support team members. Verizon Communications Inc, (NYSE, NASDAQ: VZ) headquartered in Basking Ridge, New Jersey, is a global leader in delivering broadband and other wireless and wireline communication services to mass market, business, government, and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, serving more than 143 million customers nationwide. Globally, the company offers voice and data services in more than 200 countries. Verizon Wireless employs 132,000 people and has 1,600+ company operated retail locations in the US. In 2020 and Verizon ranked #2 on the Fortune 500 company list.
| Property Type | Retail |
|---|---|
| Property Use | Rental or Investment |
| Year Built | 2016 |
| Renovated Year | 2022 |
| Level Number | 1 |
| Average Floor Size | 2,400 |
| Lot Dimensions | 100 X 200 |
| Max Continuous Area | 2,400 |
| Sub-Lease | 1 |
| Zoning | B-2 |
| Tax Year | 2022 |
| Cap Rate Percentage | 4.83 |
| Average Daily Rate | 100 |
| Listing ID | 8TGGNF |
| Style | Retail – Free Standing |
| Building Size | 2,400 SF |
| Lot Size | 0.47 AC |
| Taxes | $13,249 |
Property Highlights
Price: $1,800,000 Cap Rate: 4.83% NOI: $86,940 Remaining Term: 4 years 3-Five Year Options To Extend Lease Rentable Area: 2,400 SF
Area DescriptionArea Description: La Porte is located off Interstate 90 near the major markets of Chicago, IL, South Bend, IN, Fort Wayne, IN, and Indianapolis, IN. The site is conveniently located on the main thoroughfare of La Porte on an outparcel to Wal-Mart Supercenter. Wal-Mart completed a remodel and expansion in 2008, and Kroger is doubling their footprint into a new construction 123,000 SF Kroger Marketplace. Some of the surrounding retailers include Wal-Mart Supercenter, Kroger Supermarket, ALDI, ACE Hardware, CVS, Walgreen’s, McDonalds, Tractor Supply Co., Jimmy John’s, Dunham’s Sports, Dollar Tree, Goodwill, AT&T, Dunkin Donuts, Popeye's Chicken and more!
Region: central
Region: LaPorte
Region: Central Midwest
Region: NORTHEN INDIANA
Region: Central North America
| Anchor Name: | WALMART |
| Parking Ratio: | 8.33 |
| Parking Places: | 20 |
| Cooling: | Central A/C - Gas, Central A/C, Central A/C - Electric |
| Lot Size: | Under 1/2 Acre |
| Flooring: | Wall to Wall Carpet, Tile |
| Exterior Description: | Concrete Block |
| Water: | City Water |
| Sewer: | City |
| Roof: | Rubber |
| Age: | 1-5 Years Old |
| Down Payment: $540,000 |
| Gross Income: $119,510 |
| Expenses: $32,570 |
| Loan Payment: $7,183 |
| Fully Leased Income: $119,510 |
| Cash Flow: $86,940 |