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    2465 Old Hwy 60 W Mitchell, IN 47446

    View on Map
    For Sale
    $249,000

    Mixed Use - Mitchell, IN

    Type:Mixed Use
    Lot size:
    0.52 Acres
    Added:
    Nov 15, 2025
    Days on Market:
    138
    Last Refresh:
    Apr 2 at 2:06 am

    Property Features for 2465 Old Hwy 60 W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    1
    Rooms
    Bathroom 1
    Interior features
    Block, Drywall, 220 Volts
    Exterior features
    220 Volts
    Standard status
    Active
    APN
    47-11-35-300-041.000-004
    Lot size
    0.52 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    2550

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1987
    Floors in Building
    1
    Building materials
    Brick
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    RANDY CHAPLIN

    Listing agent RANDY CHAPLIN

    Listing office Brooks Galloway Real Estate 8481 W. College Street, French Lick, IN

    Listing date Nov 15, 2025

    MLS# 202546209 Listing URL

    Copyright © 2026 Bedford Board 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

    Mitchell, IN Mixed-Use Property

    This income-producing commercial property is situated on a half-acre corner lot at the intersection of HWY 37 and HWY 60 in Mitchell, Indiana. Its location at the same intersection as CVS and Taco Bell provides excellent visibility and strong daily traffic. The property includes two buildings, both of which are currently tenant-occupied, generating immediate rental income. The main retail building offers 2,820 square feet of space, including approximately 725 square feet of finished office space. It features an updated metal roof and an attached three-car garage suitable for storage or additional workspace. The second structure is a 36’ x 48’ post-frame metal building, ideal for extra workspace, storage, or business operations. This property offers flexible commercial use potential and a highly visible location, making it an opportunity for investors or business owners seeking a strategic highway corner site.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Mitchell
    County
    Lawrence
    State
    Indiana
    Longitude
    -86.49157
    Latitude
    38.731846

    Nearby Similar for Sale

    • $750,000

      Prime Corner Commercial Opportunity

      Two lots in growing area, perfect for development.
      1320 W Main Street, Mitchell, IN 47446
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    • $55,000

      Main Street Commercial Building

      Mixed-use building with storefronts and apartment in Mitchell, Indiana.
      615 W Main Street, Mitchell, IN 47446
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    • $1,295,000

      Established Bakery Business For Sale

      Profitable bakery business with loyal customer base and equipment included.
      915 W Main Street, Mitchell, IN 47446
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    • $295,000
      12,720 SF

      Industrial Buildings Near Highway 37

      Commercial/industrial buildings on 9.9+ acres near Highway 37.
      3030&3032 Poplar Street, Mitchell, IN 47446
      View Details

    FAQs

    What type of property is this?
    Retail space - Income-producing commercial property on a highly visible corner lot.
    Where is this retail space located?
    The property is located at 2465 Old Hwy 60 W Mitchell, IN.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: Income‑producing commercial property with tenant‑occupied buildings for immediate rental income.; Highly visible corner lot location at the intersection of HWY 37 and HWY 60, near CVS and Taco Bell.; Main retail building with **2,820 sq ft**, including **725 sq ft of finished office space**.
    (812) 797-9302
    We can help!
    Listing Contact
    RANDY CHAPLIN
    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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