Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Restored Commercial Property with Income Title is generated by Realmo AI

    409 Third Street, Howe, IN 46746

    View on Map
    Claim this Listing
    For Sale
    $530,000

    Retail, Office/Showroom,Restaurant,Retail - Howe, IN

    Type:Retail
    Lot size:
    0.72 Acres
    Added:
    Mar 4, 2026
    Days on Market:
    92
    Last Refresh:
    Jun 4 at 5:06 pm

    Property Features for 409 Third Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Kitchen
    Parking features
    Off Street
    Interior features
    Drywall, 220 Volts, Office Space, Refrigeration/Freezer
    Exterior features
    220 Volts, Office Space, Refrigeration/Freezer
    Standard status
    Active
    APN
    44-02-30-300-001.078-012
    Lot size
    0.72 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2196.24

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1861
    Floors in Building
    2
    Flooring type
    Carpet, Tile, Vinyl, Wood
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Noel Frost
    Noel Frost

    Listing agent Noel Frost License #RB19000181

    Listing office Coldwell Banker Real Estate Gr 11625 Coldwater Rd., Fort Wayne, IN

    Listing date Mar 4, 2026

    MLS# 202606829 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Generates $63,000/year in rental income with an existing tenant.
    • High‑traffic location on State Rd 120, near the 80/90 Toll Road and Shipshewana.
    • Restored C‑1 property suitable for retail/office use with multiple shops/rental spaces.
    • Historic building (former hotel) with grand staircase and potential for apartments/offices/VRBOs upstairs.
    • Includes a 30x40 barn with water, heat, electrical, and kiln hookups, suitable for various uses (pottery studio, events, storage).
    • Located in the heart of Howe, near restaurants, shops, and parks, with ample parking.

    Overview

    This restored commercial property, zoned C-1, presents abundant opportunities for a new business while already generating $63,000 per year in rental income from an existing tenant. Situated on a 0.72-acre lot along high-traffic State Rd 120 in Howe, Indiana, the property is conveniently located 5 miles from the 80/90 Toll Road Interchange and 10 miles from downtown Shipshewana. The property's location provides easy access for patrons and clients. The white building, formerly a hotel, features a grand staircase and attractive fixtures. The upstairs area is ready to be finished for apartments, offices, or potential VRBO units. Additionally, there is a 30x40 barn with water, heat, and electrical connections, including four hook-ups for kilns. This barn, previously used as a pottery studio, can be transformed for events, parties, or storage. The property offers ample parking in both the front and back. It is located in the heart of Howe, surrounded by restaurants and shops, and across from the town park. The property is also close to area lakes, two campgrounds, golf courses, and parks.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Kingsbury in Howe Charitable Organization Howe Farmers Market Specialty Food Shop Stutzman Brothers Meat ... Take-out & Catering Kingsbury House Gallery Art Gallery

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Hotel & Motel Nail Salon Auto Parts Store Food Market Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Howe
    County
    LaGrange
    State
    Indiana
    Longitude
    -85.420003
    Latitude
    41.720144

    Nearby Similar for Sale

    • $235,000

      Howe Mixed-Use Commercial Building

      Commercial building with two units, rental income, and high visibility.
      418 Defiance Street, Howe, IN 46746
      View Details
    • $235,000
      4,356 SF

      Howe Duplex on State Road

      Commercial duplex with high visibility and income potential.
      418 Defiance Street, Howe, IN 46746
      View Details
    • $225,000

      Turnkey Restaurant with Upstairs Apartment

      Restaurant, equipment, real estate, and apartment for sale.
      407 Third St, Howe, IN 46746
      View Details
    • $119,000

      5-Acre Residential Land in Howe

      5-acre lot ready for building or recreation near Mongo, IN.
      00000 E 400 N, Howe, IN 46746
      View Details
    • $236,000

      Recreational Land in Howe, Indiana

      15 acres of wooded land perfect for recreation or building.
      0000 E 400 n, Howe, IN 46746
      View Details
    • $530,000

      Restored Retail/Office C-1 Property

      Stylish commercial property with existing tenant and income.
      409 Third Street, Howe, IN 46746
      View Details
    • $620,000

      Commercial Buildings Near Toll Road

      Two commercial buildings near the 80-90 toll road in Howe, IN.
      0010 W 815 N Road, Howe, IN 46746
      View Details
    • Contact for pricing

      Lakefront Land Parcel For Sale

      3.75 acre lakefront parcel with 89 feet of frontage.
      **** 100 N Road, Howe, IN 46746
      View Details
    • Contact for pricing

      Lakefront Land For Sale

      6+/- acres with 147 feet of frontage on North Twin Lake.
      *** 100 N Road, Howe, IN 46746
      View Details
    • Contact for pricing

      Lakefront Land in Howe, Indiana

      7+/- acres of partially wooded land with lake frontage.
      ** 100 W Road, Howe, IN 46746
      View Details
    • $459,900
      3,360 SF

      Renovated Commercial Building with Expansion

      Newly renovated commercial building with expansion near major highway.
      0035 W 700 N, Howe, IN 46746
      View Details
    • $1,800,000

      Prime Development Opportunity in Howe

      40.21 acres with commercial potential near Indiana/Michigan border.
      220 W 815 N, Howe, IN 46746
      View Details

    FAQs

    What type of property is this?
    Storefront property - Retail/office property with existing tenant and development potential.
    Where is this storefront property located?
    The property is located at 409 Third Street Howe, IN.
    What is the asking price?
    The asking price for this property is $530,000.
    What are key features of this property?
    This property features: Generates $63,000/year in rental income with an existing tenant.; High‑traffic location on State Rd 120, near the 80/90 Toll Road and Shipshewana.; Restored C‑1 property suitable for retail/office use with multiple shops/rental spaces.
    (260) 585-4112
    We can help!
    Listing Contact
    Noel Frost
    Noel Frost
    Real Estate License ID: RB19000181
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    409 Third Street, Howe, IN 46746
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!