Bank Building with
118 E Michigan St New Carlisle, IN 46552
118 E Michigan St, New Carlisle, IN, 46552
$475,000
For Sale
$475,000
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 Market402
Property Features for 118 E Michigan St
General Information
- Standard status
- Active
- Size
- 1,656 SF
Listing agency
Coldwell Banker 1st Choice
(574) 654-8584
Listed by
Kim Huston · License #RB14023503
(574) 654-8584
Source
Exprealty
Added: Jun 16, 2025 Updated: Jul 21 at 12:51AM Checked: Jul 22 at 10:08AM
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 Coldwell Banker 1st Choice
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
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.4k | $21.96 |
| − Vacancy | −$3.5k | −$2.13 |
| EGI | $32.8k | $19.83 |
| − OpEx | −$9.9k | −$5.95 |
| NOI | $23.0k | $13.88 |
1,656 SF · lease $21.96/SF/yr · vacancy 9.70% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flagstar Bank ATM
Atm
Similar For Sale Nearby
FAQs
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
