Building Details

Floors in Building 1

Additional Structures Storage

Listing Agency: PREFERRED REALTY

Listed By: Becky Klingele · License #RB14028499 Show Phone

Added: Aug 20 Changed: Oct 15 Last Checked: Oct 16 at 9:06PM

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MLS# 110244

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.

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Investment Insights

Based on property information with market context.

This single-story brick office property contains 7,664 square feet and dates to 1986. The four-tenant layout is currently occupied by two local businesses and two regional companies. Interior features include carpeting, restrooms and inside storage, with forced-air heating and central air conditioning. The floor plan is flexible, and the building is zoned C2.

Existing leases include renewal options and scheduled rent increases. The property occupies a 0.8-acre site at 1019 E Springhill Drive in Terre Haute. Parking is available on site.

Key Highlights

• 7,664 square feet in a single‑story brick office building
• Four‑tenant property occupied by two local businesses and two regional companies
• Built in 1986 on a 0.8‑acre site

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$77,474

Cap Rate

9.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,549,480 $1.5M

Cap Rate 7%

$1,106,771 $1.1M

Cap Rate 9%

$860,822 $860.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,664 SF

Gross rent

$132.4K $17.28/SF

− Vacancy

−$29.1K −$3.80/SF

EGI

$103.3K $13.48/SF

− OpEx

−$25.8K −$3.37/SF

NOI

$77.5K $10.11/SF

Area

Vigo County, IN

Vacancy

22.00%

Lease Rate

$17.28 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,549,480

Cap Rate 7%

$1,106,771

Cap Rate 9%

$860,822

Alternative Uses

Best Use

Office B

$1.11M

$968.4K – $1.29M (±1% cap)

NOI $77,474 @ 7.0% cap · market cap 9.13%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$5.53M

$4.84M – $6.45M (±1% cap)

NOI $387,265 @ 7.0% cap · market cap 45.61%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Lamb Fred K ... Physician Pain Management & Rehab Rehabilitation Center Raintree Corporate Office RainTree Consulting, LLC, ... Social Service Agency

Suggested Use

Top Pick Law Firm Real Estate Agency Plumbing Service Carpet & Flooring Store Electrical Service HVAC Service

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

Lease Details

4

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

493

Businesses Nearby

Explore this area Business Placement

Demographics for 47802, IN

34,229

Population

14,682

Households

2.3

Avg Household Size

39

Median Age

28%

College-Educated

90%

High-School Grad

158.8 sq mi

ZIP Area

216

Density / Sq Mi

$58,880

Median Household Income

$36,457

Median Earnings

$865

Median Rent

$165,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Four occupants and a flexible interior layout support a range of professional office operations.

Where is this office building located?

The property is located at 1019 E Springhill Drive Terre Haute, IN.

What is the asking price?

The asking price for this property is $849,000.

What are key features of this property?

This property features: 7,664 square feet in a single‑story brick office building; Four‑tenant property occupied by two local businesses and two regional companies; Built in 1986 on a 0.8‑acre site