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    Mixed-Use Corner Building with Penthouse Title is generated by Realmo AI

    101 West Main Street, Syracuse, IN 46567

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    For Sale
    $249,900

    Street-level commercial space pairs with a 3-bedroom, 2-bath penthouse apartment above for a flexible two-unit setup.

    Type:Commercial / Mixed Use
    Property size:
    2,614 SF
    Price / SF:
    $95/SF
    Added:
    Apr 23, 2026
    Days on Market:
    45
    Last Refresh:
    Jun 6 at 5:43 am

    Property Features for 101 West Main Street

    General Information

    Standard status
    Active
    Size
    2,614 SF
    Property subtype
    Commercial / Mixed Use

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    Brad Beer

    Listing agent Brad Beer License #RB14044737

    Listing office Heart City Realty LLC

    Listing date Apr 23, 2026

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Heart City Realty LLC

    HighLights

    • Mixed‑use, two‑unit setup with street‑level commercial space and a 3‑bedroom, 2‑bath penthouse apartment above
    • Street‑level commercial area is described as wide‑open and ready to convert to an office, restaurant, retail shop, or other business use
    • Full basement plus 2 stories total, providing added interior space
    • Central air cooling and gas forced‑air heating
    • Year built 1890; exterior features include aluminum and wood with a rubber roof
    • Platted lot

    Overview

    This mixed-use building offers a street-level commercial space with a wide-open layout, suitable for a range of retail or office concepts. Upstairs is a spacious penthouse apartment with three bedrooms and two bathrooms, providing a distinct, self-contained living unit above the main entrance.

    The property is located on a busy corner in downtown Syracuse, offering street-level presence where pedestrians and passersby are able to view the building as they approach.

    For an owner-operator, the configuration supports running a business from the ground floor while maintaining the privacy of the penthouse overhead. For investors, the building’s two-unit structure allows the commercial space and the residential penthouse to be operated as separate income-producing components, depending on the intended use for each floor.
    Location Intelligence

    Current Use by Public Records

    Benson Communications Marketing & Advertising Nature's Terrace Specialty Food Shop A Touch of Beauty Hair Salon Honeydew Tattoo Tattoo & Piercing Shop Fidelity National Title Title Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Kosciusko
    State
    Indiana
    Longitude
    -85.7555851
    Latitude
    41.422972

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    FAQs

    What type of property is this?
    Mixed-use property - Street-level commercial space pairs with a 3-bedroom, 2-bath penthouse apartment above for a flexible two-unit setup.
    Where is this mixed-use property located?
    The property is located at 101 West Main Street Syracuse, IN.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: Mixed‑use, two‑unit setup with street‑level commercial space and a 3‑bedroom, 2‑bath penthouse apartment above; Street‑level commercial area is described as wide‑open and ready to convert to an office, restaurant, retail shop, or other business use; Full basement plus 2 stories total, providing added interior space
    (574) 596-0376
    We can help!
    Listing Contact
    Brad Beer
    Real Estate License ID: RB14044737
    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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