Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    8 Cumberland Dr Washington, IN 47501

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $800,000

    Two-acre parcel with completed groundwork for hotel or apartments.

    Lot size:
    2.00 Acres

    Property Features for 8 Cumberland Dr

    General Information

    Lot size
    2.00 Acres

    We can help!

    Listing Contact
    Susan Racine
    Source: Moodyscre

    Listing Agent: Susan Racine

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Land Ready for Development

    This 2-acre parcel of vacant land, situated on the north side of Cumberland Drive in Washington, Indiana, presents an opportunity for development. The site, previously intended for a 73-room hotel, has completed groundwork and permits in place. City utilities are available. The property is located across from the Baymont Inn & Suites and is surrounded by businesses such as Walmart Supercenter, Chuckles Food Mart, Burger King, Quick Care Clinic, and Papa Johns. Completed items for this site include a Landmark Surveying Co. survey, architecture plans by Donovan + Donovan, testing and inspection, excavation by United Excavating, construction work by Knepp Builders LLC, Don Gress Construction, and Taber Owens Construction, as well as city and state permits. The site is suitable for building a hotel or apartments.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Clothing Store Hotel & Motel Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Daviess
    State
    Indiana
    Longitude
    -87.17759
    Latitude
    38.63183

    Nearby Similar for Sale

    • $53,500
      0.12 Acres

      Versatile Commercial Space Near Main

      Prime location near Main Street, suitable for office or retail.
      19 NE 3Rd St, Washington, IN 47501
      View Details
    • $155,900
      0.06 Acres

      Downtown Mixed-Use Investment Opportunity

      Two-story brick building with storefront and apartments in revitalized downtown.
      104 E Main St, Washington, IN 47501
      View Details
    • New
      $1,440,000
      8.00 Acres

      Updated Turkey Farm on 8 Acres

      Fully updated, highly productive turkey facility on 8 acres.
      Washington, IN 47501
      View Details
    • $314,500
      0.50 Acres

      Adaptable Commercial Property in Washington

      Multi-functional commercial property with adaptable space for various uses.
      206 S Meridian St, Washington, IN 47501
      View Details
    • $350,000
      0.15 Acres

      Mixed-Use Property in Downtown Washington

      Mixed-use commercial property with income potential in downtown Washington.
      520 E Van Trees St, Washington, IN 47501
      View Details
    • $750,000
      0.50 Acres

      Established Car Hop Restaurant Opportunity

      Turnkey car hop restaurant with real estate and established business.
      1201 E National Hwy, Washington, IN 47501
      View Details
    • $351,000
      1.80 Acres

      Gateway Crossing Commercial Land

      High-visibility I-69 frontage, 1.8 acres.
      2 Gtwy Xing, Washington, IN 47501
      View Details
    • $324,480
      1.66 Acres

      Gateway Crossing Commercial Lot

      High-visibility I-69 commercial lot.
      3 Gtwy Xing, Washington, IN 47501
      View Details
    • $225,000
      0.13 Acres

      Prime Washington, IN Medical Building

      10-Office Brick Building, Great Location
      300 4Th St, Washington, IN 47501
      View Details
    • $324,480
      1.66 Acres

      Gateway Crossing Commercial Lot

      High-visibility I-69 commercial land
      7 Gtwy Xing, Washington, IN 47501
      View Details
    • $354,900
      1.82 Acres

      Gateway Crossing Commercial Lot

      Prime I-69 Location, 1.82 Acres
      6 Gtwy Xing, Washington, IN 47501
      View Details
    • $79,500
      0.12 Acres

      Downtown Washington Commercial Gem

      Historic building, versatile space, prime location.
      19 3Rd St, Washington, IN 47501
      View Details

    FAQs

    What type of property is this?
    Land - Two-acre parcel with completed groundwork for hotel or apartments.
    Where is this land located?
    The property is located at 8 Cumberland Dr Washington, IN.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: - Permits and groundwork are already completed for a 73-room hotel or apartment development.; - The property includes a poured slab, architectural drawings, and completed site work.; - City utilities are already in place.
    (812) 474-1900
    Request Owner's contact information
    8 Cumberland Dr Washington, IN 47501
    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.
    8 Cumberland Dr
    Washington, IN 47501
    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
    8 Cumberland Dr Washington, IN 47501
    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

    We can help!
    Listing Contact
    Susan Racine
    Real Estate License ID: IN RB14044185
    (812) 474-1900
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.