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    3498 Sr 56 Hanover, IN 47243

    For Sale
    $529,000

    Prime location, high traffic count, 7200+ sq ft.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    313
    This exceptional 7,200+ square foot retail building sits on a 2.46-acre lot in Hanover, Indiana, boasting over 300 feet of road frontage on SR 56. The property enjoys a high-traffic location at the intersection of SR 62 and SR 56, experiencing over 12,000 vehicles daily. Zoned for General Business, it benefits from city water and sewer services. The building itself is a top-quality construction featuring a metal frame and roof, exceptional insulation (foam in walls and roof), and in-floor radiant heat, resulting in low maintenance costs. The interior is exceptionally clean and well-maintained, including well-appointed office areas, employee break rooms, and two restrooms. Currently operating as a discount grocery and general merchandise store, the space includes a refrigerated/freezer section. Convenient loading docks are located at the rear, and ample parking is available with 50+ spaces in front and over an acre of space behind the building, allowing for significant expansion potential. The property presents a multitude of business opportunities. The current business, including inventory and equipment, is available for separate purchase. Note that any antiques present on the property are excluded from the sale.

    Property Features for 3498 Sr 56

    General Information

    Property type
    Retail properties
    Lot Size
    107,158 SF

    Building Details

    Year Built
    2015
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail properties

    Map

    City
    Hanover
    County
    Jefferson_IN
    State
    Indiana
    Longitude
    -85.45207
    Latitude
    38.73416

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    FAQs

    What type of property is this?
    Retail property - Prime location, high traffic count, 7200+ sq ft.
    Where is this retail property located?
    The property is located at 3498 Sr 56 Hanover, IN.
    What is the asking price?
    The asking price for this property is $529,000.
    (812) 265-3000
    Request Owner's contact information
    3498 Sr 56 Hanover, IN 47243
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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
    3498 Sr 56 Hanover, IN 47243
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