Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1358 S Jackson Street Salem, IN 47167

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $249,900

    Multi-use office space, formerly a bank, with recent upgrades.

    Type:Office
    Added:
    Nov 7, 2023
    Days on Market:
    899
    Last Refresh:
    Apr 1 at 8:53 pm

    Property Features for 1358 S Jackson Street

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1990

    We can help!

    Listing Contact
    Talbott Manecke

    Listing agent Talbott Manecke

    Listing office Forman Jones & Assoc REALTORS

    Listing date Nov 7, 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 Forman Jones & Assoc REALTORS

    Overview

    Versatile Office Space For Sale

    This multi-use office space, previously utilized as a bank, includes a remaining safe. It is currently configured as an insurance office, featuring a customer waiting area, a spacious administrative area, three to four individual offices, a kitchenette, and first-floor restrooms. The first floor is equipped with updated LED lighting. Security is enhanced by five cameras, one internal and four external, along with a Ring camera/call button. The marquee sign has been fully renovated with wiring and LED lights installed; only the outside panels require modification. The parking lot was resurfaced in October 2023. The roof was replaced in 2017, and the siding was replaced in 2021.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    360 Accounting & Tax ... Accounting Firm Huffaker Insurance Services Insurance Agency

    Suggested Use

    Law Firm Restaurant Hair Salon Auto Repair Shop Accounting Firm Daycare Center Auto Parts Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store Furniture & Home Goods

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.07902
    Latitude
    38.596735

    Nearby Similar for Sale

    • $299,000

      Downtown Salem Commercial Building For Sale

      Well-maintained commercial building with storefronts, office space, and parking.
      18 Public Sq, Salem, IN
      View Details
    • $795,000
      4,001 SF

      Turnkey Income-Generating Homestead Property

      Fully furnished, renovated farmhouse on 3 acres with managed homestead.
      3275 W Mount Tabor Road, Salem, IN 47167
      View Details
    • $199,900

      Commercial Building with Parking Space

      Versatile commercial building suitable for various business ventures.
      300 W Mulberry Street, Salem, IN 47167
      View Details
    • $850,000
      14,000 SF

      Versatile Commercial Property on Large Lot

      Large commercial property with flexible space and ample parking.
      1110 W Mulberry Street, Salem, IN 47167
      View Details
    • $359,900
      3,524 SF

      Versatile Flex Property on Main

      Flex property with offices, garage, storage, and income potential.
      205 N Main Street, Salem, IN 47167
      View Details
    • $120,000
      2,138 SF

      Prime Commercial Space Available

      Commercial space for sale or lease with high visibility.
      1408 W Mulberry Street, Salem, IN 47167
      View Details
    • $200,000
      1,440 SF

      Versatile Garage with Office Space

      Garage with office space, ample parking, and building sites.
      1000 W Market Street, Salem, IN 47167
      View Details
    • $639,000

      Manufacturing Business with Real Estate

      Second generation manufacturing business with real estate for sale.
      1302 E Hackberry Street, Salem, IN 47167
      View Details
    • $199,900
      10,000 SF

      Historic Salem Warehouse Opportunity

      Over 10,000 sq ft building with diverse potential uses.
      301 W Mulberry, Salem, IN 47167
      View Details
    • $419,900
      2,648 SF

      Spacious Farmhouse on 24 Acres

      2,648 sq ft farmhouse with barns, pastures, and creek.
      893 S Lockenour Lane, Salem, IN 47167
      View Details
    • $275,000
      1,500 SF

      Updated Log Cabin Home

      Updated log cabin home on 10 acres with creek.
      3711 W Vincennes Trail, Salem, IN 47167
      View Details
    • $399,900
      1,625 SF

      Renovated Farmhouse on 5 Acres

      Completely renovated farmhouse with barn and new amenities on 5 acres.
      2213 N Highland Road, Salem, IN 47167
      View Details

    FAQs

    What type of property is this?
    Office units - Multi-use office space, formerly a bank, with recent upgrades.
    Where is this office units located?
    The property is located at 1358 S Jackson Street Salem, IN.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: Resurfaced parking lot (October 2023); Roof replaced in 2017 and siding replaced in 2021; Renovated marquee sign with LED lights
    (502) 412-9400
    We can help!
    Listing Contact
    Talbott Manecke
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!