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    Versatile Mixed-Use Commercial Property Title is generated by Realmo AI

    18 Public Sq, Salem, IN 47167

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    For Sale
    $299,000

    COMMERCIAL - Salem, IN

    Property size:
    7,548 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $39/SF
    Added:
    May 12, 2026
    Days on Market:
    22
    Last Refresh:
    Jun 2 at 8:06 pm

    Property Features for 18 Public Sq

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0220018817
    Size
    7,548 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    4051
    Tax Description
    13-17-331-141.000-22 O.P. PT LOT 9 PT LOT 9 PT LOT 10
    Tax Annual Amount
    3555

    Building Details

    Year built
    1940

    We can help!

    Listing Contact
    Melanie Wells
    Melanie Wells

    Listing agent Melanie Wells

    Listing office HOOSIER REALTY 18 Public Square, Pekin, IN

    Listing date May 12, 2026

    MLS# 202608221

    Copyright © 2026 Southern Indiana REALTORS Association. 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 on Public Square with strong exposure and visibility.
    • Versatile mixed‑use property with two separate storefronts and residential apartment potential.
    • Multiple income stream opportunities for investors or owner‑occupants.
    • Rare private parking behind the building.
    • Unfinished upper level offers custom buildout potential for residential, office, or studio use.
    • Features two kitchenettes, three restrooms, and three HVAC systems.

    Overview

    Located in downtown Salem, this mixed-use commercial property at 18 Public Square features two separate storefronts, private parking, and basement storage. An unfinished upper level presents residential apartment potential. The building offers flexibility for investors or owner-occupants with multiple income stream opportunities. Features include three HVAC systems, three restrooms, and two kitchenettes. Large display windows provide strong exposure and prime downtown visibility. One storefront is currently tenant-occupied, while the additional storefront offers owner-user or additional rental potential. The upper level, previously under renovation, offers opportunities for custom residential buildout, office space, studio use, or additional income-producing space. Private parking behind the building adds value and convenience. The combination of active commercial space, future residential potential, and downtown location makes this property ideal for investors, entrepreneurs, or business owners seeking long-term upside. The property is zoned CB (Central Business). The property size is 7548 square feet and the lot size is 0.08 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hoosier Realty Real Estate Agency Buds & Bees Salon Hair Salon Real Estate in SALEM Real Estate Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.100435
    Latitude
    38.606422

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with storefronts, parking, and residential potential.
    Where is this mixed-use property located?
    The property is located at 18 Public Sq Salem, IN.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Prime downtown location on Public Square with strong exposure and visibility.; Versatile mixed‑use property with two separate storefronts and residential apartment potential.; Multiple income stream opportunities for investors or owner‑occupants.
    (812) 967-2329
    We can help!
    Listing Contact
    Melanie Wells
    Melanie Wells
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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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