Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1008 E South Street Albion, IN 46701

    View on Map
    For Sale
    $249,999

    Other/Unknown - Albion, IN

    Lot size:
    0.15 Acres
    Added:
    Aug 30, 2024
    Days on Market:
    583
    Last Refresh:
    Apr 4 at 11:06 am

    Property Features for 1008 E South Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3
    Interior features
    Drywall, Other
    Exterior features
    Other
    Standard status
    Active
    APN
    57-13-19-100-139.000-002
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Electric (Heating), Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    2
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic
    Building materials
    Brick
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Dylan Dehmiri
    Dylan Dehmiri

    Listing agent Dylan Dehmiri License #RB21000803

    Listing office eXp Realty, LLC 9465 Counselors Row, New Albany, IN

    Listing date Aug 30, 2024

    MLS# 202433424 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Albion, IN Versatile Property

    Located at 1008 E South St in Albion, IN, this versatile property presents numerous possibilities. The listing includes a building and six city lots, offering substantial space for development. Zoned as R3, the property has potential for rezoning to accommodate various needs, appealing to investors and entrepreneurs. Formerly a church, the space is suitable for transformation into a daycare, community center, or other creative ventures. This property offers a unique opportunity within Albion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Pharmacy Accounting Firm Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Albion
    County
    Noble
    State
    Indiana
    Longitude
    -86.421039
    Latitude
    41.2078085

    Nearby Similar for Sale

    • $349,900

      Turnkey Restaurant in Albion, Indiana

      Established pizza restaurant with apartment and commercial space for sale.
      112 N Orange St, Albion, IN 46701
      View Details
    • $549,500

      Remodeled Mixed-Use Building with Apartment

      Completely remodeled mixed-use building with office space and residential apartment.
      111 W Hazel Street, Albion, IN 46701
      View Details
    • $200,000
      2,751 SF

      Albion Duplex with Income Potential

      Well-maintained duplex in Albion, Indiana, near downtown amenities.
      215 N York Street, Albion, IN 46701-1040
      View Details
    • Contact for pricing
      59,200 SF

      Albion Industrial Property For Sale

      59,200 Sq. Ft. industrial space on 5.89 acres in Albion.
      1514 Progress Dr, Albion, IN
      View Details
    • $249,900
      5,064 SF

      Albion, IN Versatile Property

      Versatile property with redevelopment potential in Albion, Indiana.
      1008 E South St, Albion, IN 46701
      View Details
    • Contact for pricing
      59,200 SF

      Albion Industrial Property For Sale

      59,200 Sq. Ft. industrial space on 5.89 acres.
      1514 Progress Dr, Albion, IN 46701
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Versatile property with redevelopment potential in Albion, Indiana.
    Where is this church & religious facility located?
    The property is located at 1008 E South Street Albion, IN.
    What is the asking price?
    The asking price for this property is $249,999.
    What are key features of this property?
    This property features: Expansive six city lots included in the sale.; R3 zoning with potential for rezoning.; Versatile property suitable for development or business ventures.
    8886113912101
    We can help!
    Listing Contact
    Dylan Dehmiri
    Dylan Dehmiri
    Real Estate License ID: RB21000803
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!