Bank Building with
For Sale
$475,000
118 E Michigan St, New Carlisle, IN 46552
Former bank building with a drive-thru window, decorative lobby finishes, and a large unfinished second floor.
Property Size1,656 SF
Price / SF$286.84
Days on Market103
Property Features for 118 E Michigan St
General Information
Standard status
Active
Size
1,656 SF
Building Details
Year Built
1900
Stories
2
Listing Agency:
Re/Max County Wide 1st
Listed By:
Kim Huston · License #RB14023503
(574) 532-2128
Source:
Kmsrealestategroup
Added: Jul 18
Changed: Oct 25
Last Checked: Oct 7 at 4:31PM
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 County Wide 1st
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Investment Insights
Based on property information with market context.
This former bank building offers flexible interior layouts and distinctive features throughout the main level. The front lobby includes a large countertop area, high decorative ceilings, and a pristine vault, with a minimum of five room and space options to support a range of build-out plans. A drive-thru window is included and designed to host two customers.
The property is located downtown and sits within the business, restaurant, and storefront district, positioned for both vehicle and foot traffic from the surrounding area.
An unfinished second floor provides a substantial open space with very high ceilings, offering room for additional business or conversion ideas based on the buyer’s plans.
The property is located downtown and sits within the business, restaurant, and storefront district, positioned for both vehicle and foot traffic from the surrounding area.
An unfinished second floor provides a substantial open space with very high ceilings, offering room for additional business or conversion ideas based on the buyer’s plans.
Key Highlights
- Former bank building in Downtown New Carlisle with a drive‑thru window for up to 2 customers
- Main floor includes a front lobby with large countertop area, high decorative ceilings, and a pristine vault
- Main floor offers at least 5 room/space options that can be customized to fit your business
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,987
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$459,740
$459.7K
Cap Rate 7%
$328,386
$328.4K
Cap Rate 9%
$255,411
$255.4K
Market Conditions
NOI Build-Up for 1,656 SF
Gross rent
$36.4K $21.96/SF
− Vacancy
−$3.5K −$2.13/SF
EGI
$32.8K $19.83/SF
− OpEx
−$9.9K −$5.95/SF
NOI
$23.0K $13.88/SF
Area
St. Joseph County, IN
Vacancy
9.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$459,740
Cap Rate 7%
$328,386
Cap Rate 9%
$255,411
Alternative Uses
Best Use
Retail
$328.4K
$287.3K – $383.1K
NOI $22,987 @ 7.0% cap · market cap 4.84%
Second Best
Specialty Retail
$277.7K
$243.0K – $323.9K
NOI $19,436 @ 7.0% cap · market cap 4.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
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Business Placement
Demographics for 46552, IN
6,478
Population
2,981
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
94%
High-School Grad
63.9 sq mi
ZIP Area
101
Density / Sq Mi
$79,464
Median Household Income
$53,849
Median Earnings
$811
Median Rent
$211,500
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Bank - Former bank building with a drive-thru window, decorative lobby finishes, and a large unfinished second floor.
Where is this bank located?
The property is located at 118 E Michigan St New Carlisle, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Former bank building in Downtown New Carlisle with a drive‑thru window for up to 2 customers; Main floor includes a front lobby with large countertop area, high decorative ceilings, and a pristine vault; Main floor offers at least 5 room/space options that can be customized to fit your business
