889 N Gospel St - Freestanding FOR SALE


Paoli, IN 47454
$2,670,000 USD
317-218-5316
889 N Gospel St, Paoli, IN for Sale
$2,670,000 USD
Freestanding - FOR SALE
1/3
null | 7.5% Cap Rate

889 N Gospel St
Paoli, IN 47454


HIGHLIGHTS

  • Tractor Supply, William Bros Pharmacy, and Mexican Restaurant All Recently Extended Their Leases, Showing Strong Commitment to the site.
  • 100% Occupied by a Diverse Mix of National, Regional and Local Retail, Restaurant, and Service-Oriented Tenants.
  • 10+ Year Tractor Supply anchor and strong historical occupancy with current tenants
  • Recent improvements include exterior painting, upgraded parking lot lighting, enhanced security/Wi-Fi system and a duro-last roof installed 2012.
  • All tenants except IN Dept. of Children Services are responsible for repairing and replacing their HVAC unit

OVERVIEW

The Klink Group of Marcus & Millichap is pleased to exclusively offer for sale the Tractor Supply Center, a 43,910-square-foot, 100 percent occupied neighborhood retail center located at 889 Gospel Street in Paoli, Indiana. The property is situated on 6.02 acres along State Road 37/Gospel Street within Paoli’s primary retail corridor and benefits from excellent accessibility, ample parking spaces, and next to Walmart, IU Health Paoli Hospital, other national retailers. The offering presents investors with an opportunity to acquire a seasoned, stabilized retail asset with significant recent tenant commitment. Three of the center’s four tenants, Tractor Supply, Williams Bros. Pharmacy, and Hacienda El Asadero, have recently executed new lease extensions, providing the property with a seven plus years weighted-average lease term (WALT) and substantially reducing near-term rollover exposure. These three tenants operate under triple-net lease structures, further enhancing the predictability of the property's income stream and limiting landlord expense exposure. Tractor Supply, the center’s 27,000-square-foot anchor, has operated at the property since 2011 and recently executed an early 10-year lease extension, demonstrating a significant long-term commitment to the location. Williams Bros. Pharmacy, a tenant also since 2011 with multiple locations across southern Indiana, recently executed a five-year lease extension, and Hacienda El Asadero, a tenant since 2017, also recently signed a new 10-year lease. The newest tenant, Indiana Department of Child Services, signed an 8-year lease in 2024 and is mandated to maintain a location in each of Indiana’s 92 counties. Together, these significantly strengthen the center’s long-term income stability and demonstrate tenant commitment.

FOR SALE DETAILS

PRICE

$2,670,000 USD

PRICE/SF

$62 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Tractor Supply Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

195

LAND DETAILS

LAND ACRES

6 AC

LAND SF

261,360 SF

ZONING

-

APN/PARCEL ID

59-06-36-222-016.001-012

ASK ABOUT THIS PROPERTY

Jordan KlinkMarcus & MillichapMore Info
317-218-5316

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Jordan KlinkMarcus & MillichapMore Info
317-218-5316

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.