Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Established Office Building For Sale Title is generated by Realmo AI

    111 S Main Street, Marengo, IN 47140

    View on Map
    Claim this Listing
    For Sale
    $219,500

    Multi-tenant office building in high-traffic area, investment opportunity.

    Type:Office
    Added:
    Sep 14, 2023
    Days on Market:
    994
    Last Refresh:
    May 13 at 8:17 pm

    Property Features for 111 S Main Street

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1995

    We can help!

    Listing Contact
    Larry Bye

    Listing agent Larry Bye

    Listing office Mossy Oak Properties Hoosier Land and Farm

    Listing date Sep 14, 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 Mossy Oak Properties Hoosier Land and Farm

    HighLights

    • Excellent location in a high traffic area
    • Investment opportunity with existing leases
    • Multi office building with five potential office spaces
    • Three office spaces currently leased
    • Ability to rent two additional office spaces, or one larger office
    • Blacktop parking lot

    Overview

    This established multi-office building presents an investment opportunity in a high-traffic area. The property features three office spaces that are currently leased, with the potential to rent out two additional office spaces, or combine them into one larger office. A blacktop parking lot is included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Auto Parts Store Nail Salon Skin Care Clinic Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Marengo
    County
    Crawford
    State
    Indiana
    Longitude
    -86.34446
    Latitude
    38.373842

    Nearby Similar for Sale

    • $275,000
      1,868 SF

      Farmhouse on 18.63 Acres

      Farmhouse with acreage, pond, and pole barn.
      4804 E Tunnel Road, Marengo, IN 47140
      View Details
    • $200,000
      1,440 SF

      Established Restaurant Opportunity

      Well-established restaurant with potential for various uses.
      0 E State Road 64, Marengo, IN 47170
      View Details
    • $300,000

      Restaurant and Entertainment Venue For Sale

      Family-owned restaurant and entertainment venue with multiple business opportunities.
      2834 S State Road 66, Marengo, IN 47140
      View Details
    • $50,000

      Versatile Restaurant Building For Sale

      Adaptable restaurant space with potential for various business concepts.
      152 E Pleasant Avenue, Marengo, IN 47170
      View Details
    • $85,000

      Historical Commercial Property in Marengo

      Former church with multiple rooms suitable for diverse uses.
      140 E Pleasant Avenue, Marengo, IN 47140
      View Details
    • $1.00
      1,400 SF

      Marengo Commercial Building For Sale

      Commercial building in need of repairs and updates for sale.
      Bradley Street, Marengo, IN 47140
      View Details
    • $67,500
      6,000 SF

      Crawford County Workspace and Storage

      Large building suitable for workspace, storage, or automotive shop.
      292 S Main Street, Marengo, IN 47140
      View Details
    • $89,900
      952 SF

      Country Home with Acreage

      Old country home with fenced yard, porch, and acreage.
      5098 Temple Road, Marengo, IN 47140
      View Details

    FAQs

    What type of property is this?
    Office building - Multi-tenant office building in high-traffic area, investment opportunity.
    Where is this office building located?
    The property is located at 111 S Main Street Marengo, IN.
    What is the asking price?
    The asking price for this property is $219,500.
    What are key features of this property?
    This property features: Excellent location in a high traffic area; Investment opportunity with existing leases; Multi office building with five potential office spaces
    (812) 365-9333
    We can help!
    Listing Contact
    Larry Bye
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    111 S Main Street, Marengo, IN 47140
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!