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    500 E Springhill Dr Terre Haute, IN 47802

    Sponsored
    For Lease
    $1,500 /Mo ($0.34 SF/Yr)

    Retail/Service - Terre Haute, IN

    Lot size:
    1.23 Acres
    Days on Market:
    42
    Last Refresh:
    Jan 20 at 12:06 pm

    Property Features for 500 E Springhill Dr

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    C-3
    Rooms
    Bathroom 1
    Bathrooms
    1
    APN
    84-09-09-278-026.000-004
    Interior features
    Display Window, Restroom(s)
    Lot size
    1.23 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    ANDREW SOUTHARD
    ANDREW SOUTHARD

    Prudential Newlin-Johnson Realtors (812) 478-1957 [email protected]

    Listing agent ANDREW SOUTHARD (812) 478-1900 License #RB16001137

    Listing date Dec 10, 2025

    MLS# 108051 Listing URL

    Copyright © 2026 Terre Haute Area Association 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.

    Learn more

    Property Insight Report

    Overview

    Terre Haute Office Space Available

    This commercial office space is available for lease at 500 E Springhill Dr., Suite B, Terre Haute, IN 47802. The 1,250 SF suite is suited for small to mid-sized businesses. It features three offices, including a spacious open-concept area suitable for collaboration, training, or presentations. There are two entrances/exits for flexible staff flow and client access. The suite also includes a storage closet, a print station, and an in-suite half bath. Recent upgrades include new flooring, fresh paint, updated lighting, and a new entry door. The property benefits from 155 feet of road frontage, providing excellent visibility with approximately 8,100 vehicles per day. There is a tenant signage opportunity with the ability to place an advertising sign on the existing pole sign along the frontage. Located in an active business and retail corridor, this space is ideal for growing or relocating a business. A minimum 4-year lease is required.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farmers Insurance - Matthew ... Insurance Agency Springhill Professional Center Office Space Rental Agency Help U Hear Audiologist Allied Podiatry Medical Clinic Central Brace & Limb ... Orthotics & Prosthetics Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Terre Haute
    County
    Vigo
    State
    Indiana
    Longitude
    -87.411025
    Latitude
    39.412879

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    FAQs

    What type of property is this?
    Office space - Professional office space for lease in Terre Haute, Indiana.
    Where is this office space located?
    The property is located at 500 E Springhill Dr Terre Haute, IN.
    What is the lease rate?
    The lease rate is $0.34 SF/Yr.
    What are key features of this property?
    This property features: - High visibility location with 155 feet of road frontage and approx. 8,100 vehicles per day.; - Flexible layout with three offices, including a spacious open-concept area.; - Two entrances/exits for adaptable staff and client access.
    (812) 249-6623
    Request Owner's contact information
    500 E Springhill Dr Terre Haute, IN 47802
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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
    500 E Springhill Dr Terre Haute, IN 47802
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    We can help!
    Listing Contact
    ANDREW SOUTHARD
    ANDREW SOUTHARD
    Real Estate License ID: RB16001137
    (812) 249-6623
    Learn more
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