210 & 230 South Harbour Dr.
Noblesville, IN 46062 (map)
List Price: $1,653,000
Acreage: 5.51
Square Feet: 240,015.6
Price/Acre: $300,000
Price/SF: $6.88
The subject property consists of two contiguous parcels of retail development land totaling 5.51 acres in Noblesville, Indiana. Located at the northeast corner of South Harbour Drive and State Road 38, there is significant frontage on both roadways. State Road 38 serves as a connection between Lafayette (beginning at US 52 with an interchange at interstate 65 at Exit 168) and Richmond (ending at US 35).
Less than one mile due north of the subject property is Morse Reservoir. Morse was constructed in 1956 as the 3rd reservoir of water for the city of Indianapolis. The other two lakes are Geist and Eagle Creek. Morse has 1500 acres of water, 35 miles of shoreline and is 7 miles of navigable water from Little Chicago Road in Noblesville to the bridge at State Road 19 in Cicero. South Harbour Drive is one of the primary access roads to this popular boating destination, as well as many nearby neighborhoods surrounding the reservoir. Many water enthusiasts visit Morse Reservoir on a regular basis driving right by the subject property.
Hamilton County has experienced a socio-economic boom in the past decade. Within a five mile radius of the subject property there has been astonishing population and economic growth. Since 2000, the population within the demographic profile has increased 41.63 percent. Currently (2006) there are 66.861 people living in 24.897 households with an average annual household income of $86,425, which constitutes an income of $22,796 over then national average of $63,629. It is projected that by 2011 the population will grow another 24.71 percent for a total of 83,382 people.
The opportunity is to acquire two contiguous parcels suitable for retail development in the rapidly growing Noblesville, Indiana. With plenty of frontage on State Road 38 and South Harbour Drive, an awesome socio-economic outlook, Morse Reservoir less than one mile to the north, and a captive upper-middle class demographic, 210 and 230 South Harbour Drive prove to be an excellent retail development opportunity.
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