Overview
4550 Victory Lane is a 100% leased, 40,204 SF single-tenant office building located on the southeast side of Indianapolis. The property has been occupied by an "AAA" credit-rated tenant, the State of Indiana, since 2013 and recently extended its lease for 74 months through September 2029.
This facility serves as the DFR Regional Change Center, supporting operations for Indianapolis and six surronding counties. The building has undergone a comprehensive refresh, including new paint, carpet, LED lighting, ceiling tiles, and parking lot improvements.
With a purchase price of $5,320,000, the investment offers attractive cash-on-cash returns of 11.3% over a 5-year hold, a compelling opportunity for investors seeking stable income backed by a strong government tenant.
Investment Highlights
INVESTMENT GRADE CREDIT TENANCY: The property’s lease is backed by the full faith and credit of the State of Indiana, which maintains a “AAA” credit rating from all three rating agencies.
WELL-FUNDED AGENCY WITH CRITICAL MISSION: FSSA is the largest and most important agency serving the Hoosier state and has a 2024-2025 budget of $26B.
STRATEGIC LOCATION: 4550 Victory Lane is well-located at the center of its employee base on the southeast side of Indianapolis, with ample, free parking as well as easy highway access to both I-465 which circles the city and I-65 which runs north and south through the city.
HIGHLY ATTRACTIVE CASH ON CASH: The Tenant is paying for its Leasehold Improvements over the next three years, providing average cash on cash returns of 11.3% over a five year hold.
HIGH LIKELIHOOD OF RENEWAL: Due to the length of time the tenant has been in the building (10+ years), significant tenant investment in the building ($742,000), its mission critical services and the recent move of employees to this location, there is a high likelihood of renewal in 2029.
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