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    Versatile Commercial Building in Tell City Title is generated by Realmo AI

    2015 Payne Street, Tell City, IN 47586

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    For Sale
    $325,000

    Commercial Building - Tell City, IN

    Property size:
    11,000 SF
    Price / SF:
    $29/SF
    Added:
    Feb 19, 2026
    Days on Market:
    94
    Last Refresh:
    May 24 at 12:06 pm

    Property Features for 2015 Payne Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    200
    Bathrooms
    1
    Rooms
    Bathroom 1
    Parking features
    Garage
    Standard status
    Active
    APN
    62-13-29-287-429.001-007
    Size
    11,000 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6357

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Year renovated
    1980
    Floors in Building
    1
    Flooring type
    Vinyl
    Architectural style
    Other

    We can help!

    Listing Contact
    Heidi Dixon
    Heidi Dixon

    Listing agent Heidi Dixon

    Listing office Dixon Realty 807 12th Street, Tell City, IN

    Listing date Feb 19, 2026

    MLS# 11659537 Listing URL

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

    HighLights

    • Large building exceeding 11,000 square feet with spacious open floor plan.
    • Excellent road frontage (approximately 150 feet) on State Road 37 with high visibility and over 6,000 daily traffic count.
    • Large paved front parking area with approximately 36 spaces.
    • Versatile commercial property suitable for various business uses (storage units, retail, showroom, etc.).
    • Includes a loading dock and automatic entry doors.
    • Opportunity for an additional outlot or secondary business location.

    Overview

    This commercial property, originally built as a grocery store, is located in Southern Indiana and offers infrastructure suitable for various business purposes. The building exceeds 11,000 square feet and features a large paved front parking area with approximately 36 spaces. The structure includes a loading dock, automatic entry doors, and a spacious open floor plan, providing flexibility for redevelopment. Potential uses include conversion to storage units, a strip retail center, showroom space, or other commercial applications. The front portion of the lot offers an opportunity for an additional outlot or secondary business location. The property has approximately 150 feet of road frontage along State Road 37, benefiting from visibility and a daily traffic count of over 6,000 vehicles. Nearby businesses include Dollar General, Perry County Courthouse, and several medical offices. The zoning is 200.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    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.

    Similar Places Nearby

    • Noble's Iga Foodliner — 1535 10th St, Tell City, IN 47586

    Location Insight

    • Map
    • Local Demand
    City
    Tell City
    County
    Perry
    State
    Indiana
    Longitude
    -86.75388
    Latitude
    37.962757

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    FAQs

    What type of property is this?
    Grocery and convenience store - Adaptable commercial property with redevelopment potential in Southern Indiana.
    Where is this grocery and convenience store located?
    The property is located at 2015 Payne Street Tell City, IN.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Large building **exceeding 11,000 square feet** with spacious open floor plan.; **Excellent road frontage (approximately 150 feet)** on State Road 37 with high visibility and over 6,000 daily traffic count.; Large paved front parking area with approximately 36 spaces.
    (812) 547-3814
    We can help!
    Listing Contact
    Heidi Dixon
    Heidi Dixon
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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.

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