Old National Bank
401 Washington Street, Covington, IN 47932
Pricing
Financials- Price
- $2,297,000
- Cap Rate
- 6.50%
- NOI
- $149,342
Property Details
Specs- Building Size
- ±6,364 SF
- Year Built
- 1990
- Land Area
- ±0.15 AC (6,364 SF)
- Property Type
- Retail – Bank
Description
INVESTMENT-GRADE CREDIT / CORPORATE GUARANTEE
Old National Bank (S&P: BBB+ / Moody's: A3) investment-grade credit, top 25 U.S. bank; Indiana's largest bank holding company- the 5th largest commercial bank headquartered in the Midwest- with $70B in assets and $55B in total deposits across more than 347 locations in nine states.
ABSOLUTE NNN STRUCTURE
Tenant responsible for all expenses including roof, structure and parking.
ANNUAL RENT ESCALATIONS
1.5 % annual increases through base and option terms.
HIGH DEPOSIT VOLUME / STRONG BRANCH PERFORMANCE
$117.3 M deposits (FDIC 6/30/25); top-quartile ONB branch.
PRIME LOCATION / ACCESS
Downtown Covington corridor near county courthouse and Hwy 136 / I-74 interchange.
REGIONAL GROWTH DRIVERS
Purdue’s $1 B Discovery Park District (through 2026) and I-74 infrastructure investment support population and income growth.
SECURE, PREDICTABLE YIELD
Fee-simple ownership and investment-grade credit provide low-risk, long-term income stability at a 6.50 % cap rate.
