Highlights
• 38-year established tire service center location, extremely rare offering. • 3% annual rent increases built into the lease. • eCommerce-resistant, site-dependent tenant. • Prime signalized location in front of Greenwood Park Mall. • Triple Net (NNN) lease structure.
Description
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., acting as exclusive investment sales advisors to the seller, are pleased to present the opportunity to acquire the fee simple interest (land and building) in a Big O Tires facility in Greenwood, Indianapolis, Indiana. The property is secured by a long-term triple net (NNN) lease to Steve Towers Enterprise, an experienced Big O Tires franchisee operating nine locations. Having recently acquired this site (formerly a Goodyear Tire) at the end of its prior lease, the tenant is expected to maintain above-average sales and has aggressive plans to expand across Indiana (20 locations) and Kentucky (24 locations). The lease includes rare 3% annual rent increases throughout the base term and option periods, providing predictable and growing income. The property benefits from 38 years of established use as a tire facility and is ideally situated at the hard-corner, signalized intersection of Madison Avenue and County Line Road, two primary arterial routes. Positioned as an outparcel to Greenwood Park Mall, the site enjoys exceptional access and visibility within one of Indianapolis metro’s premier shopping corridors, alongside major national tenants such as Costco, Walmart, and Lowe’s. Additional traffic and employment drivers in the area include Franciscan Health and Community Hospital South, both major regional medical centers, further reinforcing the location’s strength and long-term investment appeal.
Listing Details
- Cap Rate
6.5%
- Tenancy
Single
- Space Type
specialty
- Sub Category
auto-repair
- Sale Type
Investment Sale
- Date Listed
10/8/2025
- Ownership Info
Fee Simple
- Broker/Agent Co-op
Yes
- Investment Type
Net Lease
- Net Operating Income
$152,750
- Ground Lease
No
- Parking Info
15 Spaces (1.69 Spaces per 1,000 SF Leased)
- Ceiling Height / Slab to Slab
15 Ft
- Building FAR
0.29
Property Specifics
- Property Name
Single Tenant NNN Big O Tires | 1298 N Madison Ave
- Property Class
C
- No of Buildings
1
- No of Stories
1
- No of Units
1
- Year Built
1984
- Building Size
8,902 SF
- Lot Size
0.71 AC
- Year Renovated
2023
- APN
41-02-29-022-002.000-026
- Occupancy
100%