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    42 E Washington Street Shelbyville, IN 46176

    View on Map
    Pending
    $750 /Mo

    Business - Shelbyville, IN

    Type:Business
    Property size:
    11,416 SF
    Lot size:
    0.09 Acres
    Added:
    Jan 14, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 2 at 1:06 am

    Property Features for 42 E Washington Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Business
    Zoning
    Commercial
    Parking features
    Guest
    Security features
    Fire Alarm, Security System
    Standard status
    Pending
    APN
    731105100276000002
    Size
    11,416 SF
    Lot size
    0.09 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Tamara Wright
    Tamara Wright

    Listing agent Tamara Wright License #RB14045336

    Listing office Hoosier, REALTORS® E Washington, Indianapolis, IN

    Listing date Jan 14, 2026

    MLS# 22079493 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.

    Overview

    Downtown Shelbyville Office Suite for Rent

    Located in downtown Shelbyville, Indiana, this office suite is available for rent within a commercial building. The suite features multiple spaces, including an 8x7 kitchenette, a private bathroom, and additional areas measuring 25x19, 24x16, 21x11, 12x9, and 14x12. The building has two entrances: a main entrance on Washington Street and a rear entrance. The suite is accessed through a private door. There are 28 parking spaces located in the rear of the building, with street parking available in front and a city parking lot across the street. The tenant is responsible for rent plus $50 per month toward utilities, covering water, gas, electric, and sewer. The minimum lease term is one year, with a security deposit of one month's rent due upon application approval. Storefront sign space is available on E. Washington Street at the tenant's expense. Showings are scheduled Monday through Friday from 9 AM to 5 PM, or by appointment only, with the listing agent present for building access on Saturday and Sunday from 10 AM to 5 PM. The property's lot size is 0.09 acres, and the building size is 11416 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sheri Jones - Hoosier ... Real Estate Agency Hoosier Realtors - Penny ... Real Estate Agency The Loft IV Bar Gym & Fitness Center Tamara Wright - Hoosier ... Real Estate Agency Ballcards and More (Bike/Boat/Book/etc) Store

    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
    Shelbyville
    County
    Shelby
    State
    Indiana
    Longitude
    -85.775552
    Latitude
    39.524682

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    FAQs

    What type of property is this?
    Office units - Office suite in a thriving commercial building in historic Shelbyville.
    Where is this office units located?
    The property is located at 42 E Washington Street Shelbyville, IN.
    What is the lease rate?
    The lease rate is $750 /Mo.
    What are key features of this property?
    This property features: Convenient downtown historic Shelbyville location; Multiple spaces including kitchenette and private bathroom; Ample parking: **28 spaces in rear, street parking, and city lot across the street**
    (317) 421-9200
    We can help!
    Listing Contact
    Tamara Wright
    Tamara Wright
    Real Estate License ID: RB14045336
    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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