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    55 W Water St Wabash, IN 46992

    For Sale
    Contact for pricing

    Iconic 3-story building with redevelopment potential in historic Wabash.

    Property size:
    11,328 SF
    Lot size:
    0.65 Acres

    Property Features for 55 W Water St

    General Information

    Size
    11,328 SF
    Lot size
    0.65 Acres

    Source: Lundquist Appraisals & Real Estate Agent Robert Lundquist

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

    Overview

    Historic Limestone Building in Wabash

    Constructed in 1890, the Sposeep Building is a 3-story structure with a full basement, located on Water Street, one block south of the downtown commercial district in Wabash. The building, constructed of rough-hewn Indiana limestone, offers approximately 3,276 square feet per floor, totaling 11,328 square feet. It features original details such as exposed timber beams and columns, rustic limestone walls, original plank wood flooring, and ceiling heights ranging from 10 to 13 feet. The open floor plans provide flexibility for adaptive reuse, including studio or workshop space, creative offices, gallery, or mixed commercial concepts. The property is situated on a corner lot. The property previously underwent environmental remediation. Any purchase offer will require final approval from both the City of Wabash Redevelopment Commission and the Indiana Landmarks Foundation Board of Directors. The property will be subject to protective covenants and right of first refusal. This building presents an opportunity for revitalization within the downtown district.
    Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Wabash
    County
    Wabash
    State
    Indiana
    Longitude
    -85.822893
    Latitude
    40.794836

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    FAQs

    What type of property is this?
    Office building - Iconic 3-story building with redevelopment potential in historic Wabash.
    Where is this office building located?
    The property is located at 55 W Water St Wabash, IN.
    What is the asking price?
    The asking price for this property is $1.00.
    What are key features of this property?
    This property features: - Historic landmark building constructed in 1890 with distinctive Indiana limestone architecture.; - Large, open floor plans (approximately 3,276 sq ft per floor) offering exceptional flexibility for adaptive reuse.; - Prime location on Water Street, just one block south of the downtown commercial district.
    (260) 571-4653
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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
    55 W Water St Wabash, IN 46992
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