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    123 E Michigan Street New Carlisle, IN 46552

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    Pending
    $220,000

    Retail - New Carlisle, IN

    Type:Retail
    Property size:
    5,360 SF
    Lot size:
    0.12 Acres
    Added:
    Aug 14, 2025
    Days on Market:
    259
    Last Refresh:
    Apr 29 at 7:06 am

    Property Features for 123 E Michigan Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Commercial
    Bathrooms
    1
    Rooms
    Bathroom 1, Office
    Parking
    2
    Interior features
    Wood, Other, 110 Volts, Freight Elevator, Living Space, Overhead Door 1, Office Space, Public Restrooms
    Exterior features
    110 Volts, Freight Elevator, Living Space, Overhead Door 1, Office Space, Public Restrooms
    Accessibility
    Accessible Elevator Installed
    Standard status
    Pending
    APN
    71-01-34-232-018.000-018
    Size
    5,360 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8330

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air, Wall Unit(s)

    Building Details

    Year built
    1889
    Floors in Building
    2
    Flooring type
    Tile, Vinyl
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Dan Kelley
    Dan Kelley

    Listing agent Dan Kelley License #RB140228800

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

    Listing date Aug 14, 2025

    MLS# 202532256 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.

    Overview

    Established Hardware Store in Downtown

    This property, formerly a hardware store, is located in historic downtown New Carlisle. It is the largest of the retail shops in the downtown business district, offering many possible uses. The property includes 5,360 square feet of retail space, with additional retail space available in the full basement. The upstairs area provides space for excess inventory and includes an elevator for access. A 52x24' pole building located across the alley is available with 2 parking spaces, which can be bought in addition to the main building for $40,000. The buildings can be sold separately or combined. The lot size is 0.12 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Charles Mares Hardware Building Supply

    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
    -86.508514
    Latitude
    41.706572

    Nearby Similar for Sale

    • $200,000

      Historic Downtown Retail Opportunity

      Former bakery with retail space and apartment renovation potential.
      125 E Michigan Street, New Carlisle, IN 46552
      View Details
    • $2,080,000
      10,296 SF

      Retail Investment Opportunity in Indiana

      10,296 SF retail building in a high-traffic area.
      8989 U.S. Highway 20, New Carlisle, IN 46552
      View Details
    • $475,000

      Mixed-Use Building with Drive-Thru

      Former bank building with drive-thru and customizable space.
      118 E Michigan Street, New Carlisle, IN 46552
      View Details

    FAQs

    What type of property is this?
    Retail space - Hardware store in historic downtown New Carlisle with retail space.
    Where is this retail space located?
    The property is located at 123 E Michigan Street New Carlisle, IN.
    What is the asking price?
    The asking price for this property is $220,000.
    What are key features of this property?
    This property features: Prime Location: Situated in the heart of Historic Downtown New Carlisle, offering high visibility and foot traffic.; Substantial Retail Space: Features 5,360 sq ft of retail space plus additional space in the full basement.; Versatile Building: The property's size and layout allow for many possible uses.
    (574) 876-8601
    We can help!
    Listing Contact
    Dan Kelley
    Dan Kelley
    Real Estate License ID: RB140228800
    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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