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    215 Nieman St Sunman, IN 47041

    Sponsored
    For Sale
    $489,000

    Warehouse - Sunman, IN

    Type:Single Family Residence
    Property size:
    9,900 SF
    Lot size:
    0.50 Acres
    Days on Market:
    11
    Last Refresh:
    Jan 23 at 3:06 am

    Property Features for 215 Nieman St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Single Family Residence
    Standard status
    Active
    Zoning
    General Business
    APN
    690709333016001004
    Size
    9,900 SF
    Lot size
    0.50 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1986
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Donna Tewmey
    Donna Tewmey

    Lawrence Hadler Inc. dba RE/MAX Tower (812) 662-7878 [email protected]

    Listing agent Donna Tewmey (812) 662-7878 License #RB14030181

    Listing date Jan 13, 2026

    MLS# 22053728 Listing URL

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

    Learn more

    Property Insight Report

    Overview

    Versatile Warehouse Space in Sunman

    This property features just under 10,000 square feet of flexible space suitable for various business needs. The building is divided into three sections, each accessible via a separate front entry door. The first section includes five offices, a break room, a restroom, a storage room, and a 28x24 warehouse area with a 14-foot ceiling, a 12x12 overhead door, and additional storage. The second section offers two offices, a restroom, and a 30x24 warehouse with a 14-foot ceiling and a 12x10 overhead door. The third section contains two offices, a restroom, a storage room, and a 70x66 warehouse featuring a 14-foot ceiling, a 16x14 overhead door, 6-foot concrete poured walls with 8-foot insulated drywall to the ceiling, and extra storage space. The property is equipped with two gas forced air furnaces and two air conditioning units. It also has three electric meters and two gas meters. The roof is approximately 12 years old and constructed with three-dimensional shingles. Enhanced insulation includes R40 in the ceilings and R25 in the walls. The property is located in Sunman, Indiana, on a 0.5-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Law Firm Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Food Market Grocery Store Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Sunman
    County
    Ripley
    State
    Indiana
    Longitude
    -85.093209
    Latitude
    39.238784

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    FAQs

    What type of property is this?
    Flex space - Adaptable 9,900 sq ft warehouse with office space.
    Where is this flex space located?
    The property is located at 215 Nieman St Sunman, IN.
    What is the asking price?
    The asking price for this property is $489,000.
    What are key features of this property?
    This property features: - Large Warehouse Space: Features a 70x66 warehouse with 6' concrete walls and a 16x14 overhead door.; - High Ceilings: All warehouse sections boast 14' ceilings.; - Multiple Entry Points and Sections: Three separate entry doors provide flexibility.
    (812) 593-5846
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    215 Nieman St Sunman, IN 47041
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    Sunman, IN 47041
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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
    215 Nieman St Sunman, IN 47041
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    We can help!
    Listing Contact
    Donna Tewmey
    Donna Tewmey
    Real Estate License ID: RB14030181
    (812) 593-5846
    Learn more
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