Entertainment Venue with Event
For Sale
$1,495,000
11499 W Nobles Chapel Rd, Elberfeld, IN 47613
Flexible commercial improvements include a recording studio, banquet kitchen, multiple rooms, and dedicated event infrastructure.
Property Size17,800 SF
Price / SF$83.99
Days on Market13
Property Features for 11499 W Nobles Chapel Rd
General Information
Standard status
Active
Size
17,800 SF
Building Details
Year Built
2010
Listing Agency:
RE/MAX REVOLUTION
(812) 664-0845
Listed By:
Tim Mason · License #RB14024551
Source:
Spencerchildersgroup
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 12:13PM
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 RE/MAX REVOLUTION
Investment Insights
Based on property information with market context.
This theater and entertainment property includes an approximately 11,000-square-foot primary building with several adaptable rooms, a recording studio, large kitchen area, parking, and a 30-by-60-foot entertainment stage. An additional 40-by-80-foot maintenance shop expands the site’s functional capacity. The property also includes a 3,600-square-foot residence with four bedrooms, three baths, a three-car attached garage, and a salt water pool. The home was built in 2021, while the primary property record identifies 2010 as the year built.
The 27.978-acre property is located at 11499 W Nobles Chapel Rd in Elberfeld, Indiana, near Interstate 64. Interstate 69 is also nearby, with access described toward Indianapolis, St. Louis, Louisville, and Evansville. Evansville is approximately 20 minutes away.
The 27.978-acre property is located at 11499 W Nobles Chapel Rd in Elberfeld, Indiana, near Interstate 64. Interstate 69 is also nearby, with access described toward Indianapolis, St. Louis, Louisville, and Evansville. Evansville is approximately 20 minutes away.
Key Highlights
- 27.978‑acre property with an approximately 11,000‑square‑foot primary building
- 30‑by‑60‑foot entertainment stage with recording studio and flexible rooms
- Large kitchen area configured for banquets or large events
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,713
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,554,260
$1.6M
Cap Rate 7%
$1,110,186
$1.1M
Cap Rate 9%
$863,478
$863.5K
Market Conditions
NOI Build-Up for 17,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$117.5K $6.60/SF
− Vacancy
−$6.5K −$0.36/SF
EGI
$111.0K $6.24/SF
− OpEx
−$33.3K −$1.87/SF
NOI
$77.7K $4.37/SF
Area
Warrick County, IN
Vacancy
5.50%
Lease Rate
$6.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,554,260
Cap Rate 7%
$1,110,186
Cap Rate 9%
$863,478
Alternative Uses
Best Use
Flex RnD
$3.08M
$2.70M – $3.59M
NOI $215,632 @ 7.0% cap · market cap 14.42%
Second Best
Industrial
$1.11M
$971.4K – $1.30M
NOI $77,713 @ 7.0% cap · market cap 5.20%
Theoretical Best
Specialty Retail
$3.52M
$3.08M – $4.11M
NOI $246,535 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 47613, IN
2,694
Population
1,025
Households
2.6
Avg Household Size
42
Median Age
19%
College-Educated
94%
High-School Grad
52.5 sq mi
ZIP Area
51
Density / Sq Mi
$108,871
Median Household Income
$57,120
Median Earnings
$757
Median Rent
$218,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Flexible commercial improvements include a recording studio, banquet kitchen, multiple rooms, and dedicated event infrastructure.
Where is this theater & concert hall located?
The property is located at 11499 W Nobles Chapel Rd Elberfeld, IN.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 27.978‑acre property with an approximately 11,000‑square‑foot primary building; 30‑by‑60‑foot entertainment stage with recording studio and flexible rooms; Large kitchen area configured for banquets or large events
