Overview
Introducing encompass SIMPLY PARTS, a 14,700 SF flex warehouse located at 900 E. Diamond Avenue, Evansville, IN 47711. This single-story industrial flex property is 100% leased through April 2028 to Parts Town, a renowned parts supply firm with $2.5B in annual revenues.
The market-rate lease at $7.25/SF NNN offers a steady net operating income of $104,075.
Built in 1983, the property features a well-maintained standing seam metal roof, ample parking, and a convenient location at the heart of Evansville's airport industrial market. The tenant, encompass SIMPLY PARTS, is a leading supplier of repair parts nationwide, under the umbrella of Parts Town. With recent accolades and continuous growth, including being named to the Inc. 5000 list, the tenant's robust business adds to the property's investment appeal.
Don't miss this opportunity to own a stable investment property with a strong tenant with extensive frontage and visibility in a prime commercial location.
Investment Highlights
Net Lease Investment Opportunity – Ideal 1031 Exchange
Single-tenant lease guaranteed by Parts Town, a privately-held, international parts supply firm with annual revenues of $2.5B
Consecutive lease renewals since 1983 – high probability of future renewal given long-term tenancy
Freshly renewed for 3 years through April 2028 – 3% Annual Rent Bumps
Below-market rent of $7.25/SF NNN – 21% below the market rate of $9.20/SF for comparable flex properties
Highly attractive submarket due to tight market conditions with 1.3% vacancy rate and no new construction in the market
Corner location with frontage on heavily trafficked S.R. 66 at center of Evansville’s airport industrial market
Simple metal construction with metal roof – limited Landlord responsibilities
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