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    Mixed-Use Building with Drive-Thru Title is generated by Realmo AI

    118 E Michigan Street, New Carlisle, IN 46552

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    Claim this Listing
    For Sale
    $475,000

    Mixed Use, Vacant - New Carlisle, IN

    Type:Mixed Use
    Property size:
    1,900 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $250/SF
    Added:
    Nov 11, 2022
    Days on Market:
    1296
    Last Refresh:
    May 30 at 7:06 pm

    Property Features for 118 E Michigan Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Kitchen, Office
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Drywall, Alley, Basement, Delivery Door, Display Room, Display Window(s), Office Space, Reception Area
    Exterior features
    Alley, Basement, Delivery Door, Display Room, Display Window(s), Office Space, Reception Area
    Standard status
    Active
    APN
    71-01-34-235-007.000-018
    Size
    1,900 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5500

    Utilities

    Heating system
    Forced Air, Hot Water (Heating), Natural Gas, Radiant
    Cooling system
    Central Air, Multi Units

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Carpet, Slate, Vinyl
    Building materials
    Stone
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Kim Huston
    Kim Huston

    Listing agent Kim Huston License #RB14023503

    Listing office Re/Max County Wide 1st 814 E. LASALLE, South Bend, IN

    Listing date Nov 11, 2022

    MLS# 202246456 Listing URL

    Copyright © 2026 Greater South Bend-Mishawaka Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown location with high vehicle and foot traffic.
    • Drive‑thru window with capacity for 2 customers.
    • Large, unfinished 2nd floor (over 1900 sq ft) with high ceilings for flexible use.
    • Multiple customizable room/space options on the main floor.
    • Pristine vault and high decorative ceilings in the front lobby.
    • Located in the center of the business, restaurant, and storefront district.

    Overview

    This mixed-use property, formerly a bank, is located in the business district of New Carlisle, Indiana, and benefits from high vehicle and foot traffic. The main floor offers a minimum of five customizable rooms and spaces, including a front lobby with a large countertop area, high decorative ceilings, and a vault. A drive-thru window accommodates two customers. The unfinished second floor provides over 1900 square feet of open space with high ceilings, suitable for a studio apartment, fitness area, storage, or a second business. The property presents opportunities for various business uses.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $41.7k $21.96
    − Vacancy −$4.0k −$2.13
    EGI $37.7k $19.83
    − OpEx −$11.3k −$5.95
    NOI $26.4k $13.88
    1,900 SF · lease $21.96/SF/yr · vacancy 9.70% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $376.8K
    $329.7K – $439.6K (±1% cap)
    NOI $26,374 @ 7.0% cap · market cap 5.55%
    Second Best
    Specialty Retail
    $318.6K
    $278.8K – $371.7K (±1% cap)
    NOI $22,300 @ 7.0% cap · market cap 4.69%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flagstar Bank ATM Atm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    New Carlisle
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.508627
    Latitude
    41.706108

    FAQs

    What type of property is this?
    Mixed-use property - Former bank building with drive-thru and customizable space.
    Where is this mixed-use property located?
    The property is located at 118 E Michigan Street New Carlisle, IN.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Prime downtown location with high vehicle and foot traffic.; Drive‑thru window with capacity for 2 customers.; Large, unfinished 2nd floor (over 1900 sq ft) with high ceilings for flexible use.
    (574) 532-2128
    We can help!
    Listing Contact
    Kim Huston
    Kim Huston
    Real Estate License ID: RB14023503
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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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