Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Main Street Commercial Building Title is generated by Realmo AI

    615 W Main Street, Mitchell, IN 47446

    View on Map
    Claim this Listing
    For Sale
    $55,000

    Mixed Use, None - Mitchell, IN

    Type:Mixed Use
    Lot size:
    0.08 Acres
    Added:
    Feb 10, 2026
    Days on Market:
    98
    Last Refresh:
    May 19 at 6:06 pm

    Property Features for 615 W Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Kitchen, Office
    Parking features
    Paved or Surfaced
    Interior features
    Drywall, Unfinished, Wood, Living Space, Office Space
    Exterior features
    Living Space, Office Space
    Standard status
    Active
    APN
    471136342057000005
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1386.66

    Utilities

    Heating system
    Forced Air
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1880
    Floors in Building
    1
    Flooring type
    Carpet, Vinyl, Wood
    Building materials
    Brick
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Haley McLaughlin
    Haley McLaughlin

    Listing agent Haley McLaughlin License #RB21002683

    Listing office The Real Estate Co. 1510 I Street, Bedford, IN

    Listing date Feb 10, 2026

    MLS# 202604180 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.

    HighLights

    • Income‑generating potential with front commercial spaces.
    • Back apartment offers living space or rental income opportunity.
    • Seller financing available with 9% interest for 10 years.
    • Each storefront has its own full bathroom.
    • Large display windows in each commercial space.
    • Spacious 1‑bedroom apartment with 1.5 bathrooms and room for expansion.

    Overview

    This commercial building, located on Main Street in Mitchell, Indiana, presents significant potential. The property includes front commercial spaces suitable for generating income, along with a spacious one-bedroom apartment at the rear, which could be owner-occupied or rented out. Each storefront features large display windows and a full bathroom. The apartment includes 1.5 bathrooms and offers the possibility of framing additional rooms. The lot size is 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    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
    Mitchell
    County
    Lawrence
    State
    Indiana
    Longitude
    -86.473037
    Latitude
    38.733084

    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
      View Details
    • $79,900
      3,485 SF

      Downtown Mitchell Duplex Opportunity

      Two-unit property in downtown Mitchell, Indiana, for sale.
      609 West Main Street, Mitchell, IN 47446
      View Details
    • $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
      View Details
    • $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?
    Mixed-use property - Mixed-use building with storefronts and apartment in Mitchell, Indiana.
    Where is this mixed-use property located?
    The property is located at 615 W Main Street Mitchell, IN.
    What is the asking price?
    The asking price for this property is $55,000.
    What are key features of this property?
    This property features: Income‑generating potential with front commercial spaces.; Back apartment offers living space or rental income opportunity.; Seller financing available with 9% interest for 10 years.
    (812) 508-1710
    We can help!
    Listing Contact
    Haley McLaughlin
    Haley McLaughlin
    Real Estate License ID: RB21002683
    Learn More
    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
    615 W Main Street, Mitchell, IN 47446
    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!