Building Details

Building Size 3,061 SF

Year Built 1860

Construction Italianate and Greek Revival

Listing Agency: Berkshire Hathaway Home Services Indiana Realty r***@awilliamsgroup.com Show Phone

Listed By: Raechelle Susemichel Show Phone

Source: Thebrokerlist

Added: Jun 23 Changed: Aug 27 Last Checked: Aug 28 at 6:47AM

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Investment Insights

Based on property information with market context.

This distinctive historic property is currently operating as Shoup House Antiques and is housed in a preserved 1860 Italianate and Greek Revival home. The building offers inviting retail space with a layout intended for day-to-day operations, and it also presents flexibility for a range of commercial concepts. The property is described as suitable for uses such as boutique retail, antiques, specialty goods, artisan marketplace, office, studio, or service-oriented businesses, and it could also be converted back to residential.

The building sits on a prominent corner with excellent frontage and accessibility. Two parcels are included in the sale: 100 N Winans and SR 225 E, parcels 79-03-23-401-004.000-019 and 79-03-23-401-001.000-017. The seller notes the property benefits from Battle Ground’s community atmosphere and convenient access to major transportation corridors, with proximity to Lafayette and West Lafayette.

Key Highlights

• 1860 Italianate and Greek Revival home on a prominent corner, currently operating as Shoup House Antiques
• Highly visible corner frontage with accessible location at 100 N Winans Street in Battle Ground, IN
• Flexible interior retail space suited for boutique retail, antiques, specialty goods, office, studio, or service‑oriented businesses

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$30,726

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.00%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$614,520 $614.5K

Cap Rate 7%

$438,943 $438.9K

Cap Rate 9%

$341,400 $341.4K

Market Conditions

NOI Build-Up for 3,061 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$45.9K $15.00/SF

− Vacancy

−$2.0K −$0.66/SF

EGI

$43.9K $14.34/SF

− OpEx

−$13.2K −$4.30/SF

NOI

$30.7K $10.04/SF

Area

Tippecanoe County, IN

Vacancy

4.40%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$614,520

Cap Rate 7%

$438,943

Cap Rate 9%

$341,400

Alternative Uses

Best Use

Retail

$438.9K

$384.1K – $512.1K (±1% cap)

NOI $30,726 @ 7.0% cap · market cap 7.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$706.7K

$618.4K – $824.5K (±1% cap)

NOI $49,469 @ 7.0% cap · market cap 11.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shoup House Antiques Home Decor Store Benchmart Interiors Interior Design

Suggested Use

Top Pick Building Supply Auto Repair Shop HVAC Service Restaurant Grocery & Convenience Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

61

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 47920, IN

2,665

Population

979

Households

2.7

Avg Household Size

42

Median Age

38%

College-Educated

92%

High-School Grad

28.0 sq mi

ZIP Area

95

Density / Sq Mi

$108,992

Median Household Income

$53,914

Median Earnings

$983

Median Rent

$263,100

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Highly visible corner building currently operating as an antiques retail shop, with flexible interior space for multiple small-business uses.

Where is this storefront property located?

The property is located at 100 N Winans St Battle Battle Ground, IN.

What is the asking price?

The asking price for this property is $439,000.

What are key features of this property?

This property features: 1860 Italianate and Greek Revival home on a prominent corner, currently operating as Shoup House Antiques; Highly visible corner frontage with accessible location at 100 N Winans Street in Battle Ground, IN; Flexible interior retail space suited for boutique retail, antiques, specialty goods, office, studio, or service‑oriented businesses