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    1601 Main St Elwood, IN 46036

    For Sale
    $275,000

    Spacious 24,870 sq ft, prime downtown location.

    Property size:
    24,870 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    314
    This impressive three-story building, situated at 1601 Main Street in Elwood, Indiana, offers a substantial 24,870 square feet of space on a 0.4-acre lot. Located in the heart of downtown Elwood, Madison County, this historic structure boasts a wealth of character and unique features. The building includes a full basement and attached garages, providing ample storage and potential for expansion. The interior features educational rooms, offices, and a notable stage on the third floor, suggesting a rich history of diverse uses. While currently utilized for storage, the building's versatile layout presents numerous possibilities for redevelopment. Its size and central location make it ideal for a variety of commercial ventures. The potential for grants and incentives may be available to qualified buyers, further enhancing the investment opportunity. This property represents a rare chance to acquire a significant piece of Elwood's history and transform it into a thriving commercial space. The building's substantial square footage, coupled with its prime downtown location and unique features, makes it a compelling investment prospect. Serious inquiries are encouraged to explore the full potential of this remarkable property. The asking price is $275,000.

    Property Features for 1601 Main St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    24,870 SF
    Lot Size
    17,424 SF
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elwood
    County
    Madison
    State
    Indiana
    Longitude
    -85.83981
    Latitude
    40.27667

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    FAQs

    What type of property is this?
    Commercial real estate - Spacious 24,870 sq ft, prime downtown location.
    Where is this commercial real estate located?
    The property is located at 1601 Main St Elwood, IN.
    What is the asking price?
    The asking price for this property is $275,000.
    (317) 250-7364
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    1601 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
    1601 Main St Elwood, IN 46036
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