Listed by CIRE Partners
$2,297,000
Old National Bank
Details
Property Type Retail
Sub Type Bank
Square Footage 6,364
Cap Rate 6.5%
NOI $149,342
Occupancy 100%
Tenancy Single
Brand/Tenant Old National Bank
Lease Type Absolute NNN
Lease Term 9
Lease Expiration 10/31/2029
Remaining Term 3.4
Rent Bumps Yes
Lease Options 4 x 5-Year
Price per SqFt $361
Lot Size (SqFt) 50,965
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 11/01/2020
Ownership Fee-Simple
Old National Bank (S&P: BBB+ / Moody's: A3) — investment-grade credit, top 25 U.S. bank
Marketing description
CIRE Partners is pleased to exclusively offer for sale a single-tenant bank located in Indiana. The investment contains a corporately guaranteed lease from an investment-grade tenant, First Mid Illinois Bank & Trust, and Old National Bank (S&P: BBB+ / Moody’s: A3)—investment-grade credit, top 25 U.S. bank. The current lease term runs until 2029 and has four five-year option periods, with annual rent increases throughout the remaining lease term and option periods.
Investment highlights
- DOMINANT BANKING PRESENCE IN THE COVINGTON MARKET: One of only three banks in Covington—$117.3M in branch deposits (FDIC 6/30/25), top-quartile across ONB's 347-location network, serving the market since 1928.
- TENANT ON AN AGGRESSIVE NATIONAL GROWTH TRAJECTORY: $1.4B Bremer acquisition closed May 2025—Old National now holds $70B in assets, ranks top 25 U.S. banks, and is Indiana's largest bank holding company.
- ABSOLUTE NNN / ZERO LANDLORD RESPONSIBILITIES: Tenant pays all expenses—roof, structure, parking, and maintenance. Fully passive income, zero management obligations.
- PURDUE UNIVERSITY—$1B+ ECONOMIC ENGINE IN THE REGION: Discovery Park District drove $889.5M public and $1.5B private investment into Greater Lafayette (2015–2020)—fueling growth across the west-central Indiana corridor.
- $175M+ RENEWABLE ENERGY INVESTMENT IN FOUNTAIN COUNTY: Crossroads Solar—a $175M+, 200MW facility powering 30,000+ homes—delivers long-term tax revenue to local schools, roads, and county services.
- DENSE NATIONAL RETAIL CO-TENANCY: Flanked by Dollar General, CVS, Marathon, Subway, McDonald’s, Casey’s, CarQuest, Valero, County Market, and Ace Hardware along the US-136 corridor.
- I-74 INTERSTATE CORRIDOR—NATIONALLY SIGNIFICANT FREIGHT ARTERY: Situated directly at the US-136 / I-74 interchange with immediate access to Indianapolis, Champaign–Urbana, and Danville.
Listing Contacts
Listed by CIRE Partners
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$149,342.00
$12,445.17/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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