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    Versatile Commercial Property with Acreage Title is generated by Realmo AI

    206 W Walnut Street, Salem, IN 47167

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    For Sale
    $199,900

    Large commercial property with multiple buildings and ample parking.

    Type:Retail
    Property size:
    4,000 SF
    Lot size:
    0.86 Acres
    Price / SF:
    $49/SF
    Added:
    Jun 4, 2023
    Days on Market:
    1099
    Last Refresh:
    May 13 at 8:37 pm

    Property Features for 206 W Walnut Street

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Lot size
    0.86 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1965

    We can help!

    Listing Contact
    Debbie Curtis

    Listing agent Debbie Curtis

    Listing office Mainstreet REALTORS

    Listing date Jun 4, 2023

    Source Xome

    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 Mainstreet REALTORS

    HighLights

    • Large commercial property with 4,000 sq. ft of open space on .86 acres.
    • Located on 2 separate parcels bordering 2 main roads.
    • Includes 3 additional buildings: open‑sided 24 x 60 x 14, 26 x 50 with garage door, and storage building with 3 sliding doors and 4 open bays.
    • 35+- parking spots available.
    • Recent upgrades include: new AC units and furnaces (2017), water heater, flooring, partially new roof, and fresh paint (2023).
    • Versatile space suitable for various businesses (lawn and garden, hardware, retail, etc.).

    Overview

    This commercial property offers numerous possibilities, featuring two separate parcels bordering two main roads and totaling 0.86 acres. The main building provides approximately 4,000 square feet of open space, complemented by two offices, a bathroom, a receiving dock, and two entry doors. Enhancements completed in 2017 include two new AC units, two new furnaces, a new water heater, new flooring, and a partially new roof. The property was freshly painted in 2023. In addition to the main building, there are three additional structures: an open-sided building measuring 24 x 60 x 14 feet, a 26 x 50 foot building with a large room and garage door, and a storage building with three sliding doors and four open bays previously used for mulch storage. Approximately 35 parking spots are available, with the potential for more if the adjoining lot is converted into parking. The property was previously utilized as a hardware, lawn, and garden center. Potential uses include lawn and garden, hardware, flea market, mower shop, floral shop, or other retail businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Miller Hardware Garden Center

    Suggested Use

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

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

    Similar Places Nearby

    • Peach's Petals — 307 Jackson St, Salem, IN 47167

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.09843
    Latitude
    38.60702

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    FAQs

    What type of property is this?
    Storefront property - Large commercial property with multiple buildings and ample parking.
    Where is this storefront property located?
    The property is located at 206 W Walnut Street Salem, IN.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Large commercial property with **4,000 sq. ft of open space** on .86 acres.; Located on 2 separate parcels bordering 2 main roads.; Includes 3 additional buildings: open‑sided 24 x 60 x 14, 26 x 50 with garage door, and storage building with 3 sliding doors and 4 open bays.
    (812) 883-9555
    We can help!
    Listing Contact
    Debbie Curtis
    Request Owner's contact information
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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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