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    100 S Pearl Street Thorntown, IN 46071

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    Claim this Listing
    New
    For Lease
    $1,400/Mo $13 SF/Yr (calc)

    Retail - Thorntown, IN

    Type:Retail
    Property size:
    1,288 SF
    Lot size:
    0.08 Acres
    Added:
    Apr 20, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 22 at 3:06 pm

    Property Features for 100 S Pearl Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    GB
    Security features
    Security System
    Standard status
    Active
    APN
    061335000007064015
    Size
    1,288 SF
    Lot size
    0.08 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1960
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Jordan Moody

    Listing agent Jordan Moody License #RB15001355

    Listing office Keller Williams Indpls Metro N N Meridian St Ste 200, Carmel, IN

    Listing date Apr 20, 2026

    MLS# 22089837 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Remodeled Retail Space on Pearl

    Located on S Pearl Street in Thorntown, this commercial space is available for lease. The recently remodeled building offers visibility directly off State Road 47 (Main Street). The space is suitable for a retail boutique, office, salon, or creative studio. The property features a covered outdoor entryway with Edison string lights, leading to an indoor reception area with luxury vinyl plank flooring. The remainder of the interior is carpeted. The move-in-ready space includes 2 private bathrooms and a security system with integrated cameras. Access to both front signage and digital signage visible from State Road 47 is included. Situated in Boone County, the location is 15 minutes from Downtown Lebanon and near Interstate 65 and US 52. The property size is 1288 square feet, situated on a lot of 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Bargain Boutique Department Store

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Pharmacy Auto Repair Shop Kitchen & Bath Showroom Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Thorntown
    County
    Boone
    State
    Indiana
    Longitude
    -86.605086
    Latitude
    40.129058

    FAQs

    What type of property is this?
    Retail space - Move-in-ready commercial space in Thorntown with high visibility.
    Where is this retail space located?
    The property is located at 100 S Pearl Street Thorntown, IN.
    What is the lease rate?
    The lease rate is $1,400 /Mo.
    What are key features of this property?
    This property features: High visibility location directly off State Road 47 (Main Street) in Thorntown.; Recently remodeled and move‑in‑ready commercial space.; Versatile interior suitable for retail, office, salon, or creative studio.
    (317) 846-6300
    We can help!
    Listing Contact
    Jordan Moody
    Real Estate License ID: RB15001355
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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