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    1516 Main St Elwood, IN 46036

    For Sale
    $49,500

    Distressed property, high redevelopment potential.

    Property size:
    4,907 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    315
    This 4,907 square foot commercial property located at 1516 Main Street, Elwood, Indiana, presents a unique investment opportunity for discerning buyers. Situated on a 0.16-acre lot, the property boasts a versatile layout ideal for various commercial uses. The building previously served as a laundry cleaner and U-Haul rental facility, demonstrating its adaptability. The lower level, encompassing 2,729 square feet, offers significant flexibility for subdivision and customized layouts to suit diverse business needs. The upper level, partially developed for two studio apartments, presents an additional income stream opportunity upon completion. The property includes an asphalt parking lot, adding convenience and functionality. While the property is currently in a distressed state and requires substantial renovations, including a new roof, the potential for significant return on investment is substantial. The City of Elwood offers the *potential* for tax abatements, further enhancing the financial attractiveness of this project. Serious investors seeking a high-reward, high-effort venture should act quickly to capitalize on this exceptional opportunity. This is a cash-only sale. The property is sold "as is."

    Property Features for 1516 Main St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    4,907 SF
    Lot Size
    6,970 SF

    Building Details

    Year Built
    1895
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elwood
    County
    Madison
    State
    Indiana
    Longitude
    -85.84106
    Latitude
    40.27723

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    FAQs

    What type of property is this?
    Commercial real estate - Distressed property, high redevelopment potential.
    Where is this commercial real estate located?
    The property is located at 1516 Main St Elwood, IN.
    What is the asking price?
    The asking price for this property is $49,500.
    (317) 205-4320
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    1516 Main St Elwood, IN 46036
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    Elwood, IN 46036
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    Realmo Value Estimation

    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.

    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.

    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
    1516 Main St Elwood, IN 46036
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