Clinton Plaza - Walmart & Aldi Shadow
20,008 SF | Value-Add | Walmart & Aldi Shadow
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100% fee simple interest in Clinton Plaza (The “Property”), a 90% occupied, 20,008-square-foot multi-tenant retail center located in Frankfort, Indiana.
Shadow anchored by Rural King, Walmart, and Aldi, Clinton Plaza is strategically positioned on the primary retail corridor in Frankfort and benefits from exceptional traffic exposure and co-tenancy generated by these three major anchors, which together draw thousands of daily visitors to the trade area.
The Property features a diverse mix of seven service-oriented tenants including Anytime Fitness, Silky Nails, Metro PCS, China Buffet, Next Step Physical Therapy, Papa Johns, and A Lucky Spa Wellness. Approximately half of the tenants have been in the center for over 25 years, underscoring
strong long-term stability and entrenched customer demand. Anytime Fitness, the center’s anchor tenant, occupies approximately 30% of the building and holds a long-term lease running through June 2030, with two additional five-year renewal options. Anytime Fitness also ranks in the top 15% of its locations nationwide, demonstrating strong performance and a clear long-term commitment to this site.
Clinton Plaza offers investors a secure and stable asset with a significant value-add opportunity through lease up of the last remaining vacancy which totals 1,900 square feet. Once the Property is stabilized, the net operating income will increase to more than $170,000 with a pro forma cap rate of 9.75% and a 13% cash on cash return, providing a clear value creation strategy.
Clinton Plaza is located along a busy stretch of East Wabash Street, seeing approximately 15,000 vehicles per day. Demographics in the surrounding area are excellent, with 20,000 residents with average household income of $82,000 within five miles. Frankfort is the county seat of Clinton County and lies approximately one hour northwest of Indianapolis.
The Property is offered free and clear of debt at an 8.25% cap rate totaling $1,760,439.
Investment highlights
STRONG IN-PLACE YIELD WITH IMMEDIATE VALUE-ADD UPSIDE
- Offered at $1,760,439 — 8.25% cap rate on $145,236 in-place NOI
- One vacant suite (2445B, 1,900 SF / ~9.5% of GLA) provides immediate lease-up opportunity
- Stabilized NOI climbs to approximately ~$170,000+ upon lease-up of the vacant suite
- Offering a going in cap rate at 9.75% when leased
DOMINANT LOCATION ON FRANKFORT’S PRIMARY RETAIL CORRIDOR
- Out-lot to Rural King with Walmart Supercenter directly across East Wabash Street
- Surrounded by national retailers: Aldi, Taco Bell, Burger King, Applebee’s, and William Health Services
- East Wabash Street (US-421) is the primary retail artery serving all of Clinton County
- Adjacent to Frankfort High School and Middle School
PROVEN MULTI-TENANT CENTER WITH EXCEPTIONAL TENANT RETENTION
- China Buffet has operated at the center continuously since 1998, displaying over 25 years of uninterrupted tenancy
- Anytime Fitness anchor signed a 10-year lease through June 2030 with two additional five-year renewal options. While also positioned in the top 15% of Anytime Fitness’s nationwide (Per Placer AI)
- Weighted average lease term remaining of approximately 3.25 years across occupied tenants
- Seven tenants across fitness, food service, healthcare, wireless, and personal services — diversified income stream
STABLE CENTRAL INDIANA MARKET WITH DIVERSIFIED EMPLOYMENT BASE
- Major employers include Frito-Lay, Zachary Confections, Federal Mogul, NHK Seating of America, and Tri Mas Fasteners
- 5-mile population of approximately 20,220 with an average household income of $62,660
- Located within the broader Lafayette MSA — a growing market anchored by Purdue University and a major manufacturing sector
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