Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Leased Retail Property on US Hwy Title is generated by Realmo AI

    12150 N US HWY 421, Monticello, IN 47960

    View on Map
    Claim this Listing
    For Sale
    $439,000

    Retail, Restaurant,Retail,Service,Strip Center - Monticello, IN

    Type:Retail
    Property size:
    4,376 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $100/SF
    Added:
    Apr 24, 2026
    Days on Market:
    23
    Last Refresh:
    May 16 at 4:06 am

    Property Features for 12150 N US HWY 421

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Kitchen
    Parking
    18
    Parking features
    Paved or Surfaced
    Interior features
    Drywall, Ventilating/Exhaust Fans
    Exterior features
    Fence, Ventilating/Exhaust Fans
    Fencing
    Fenced
    Standard status
    Active
    APN
    08-04-03-000-232.000-011
    Size
    4,376 SF
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2159.56

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1974
    Floors in Building
    1
    Flooring type
    Concrete
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Steven Childers

    Listing agent Steven Childers License #RB22002269

    Listing office Keller Williams Lafayette 3928 McCarty Ln., Lafayette, IN

    Listing date Apr 24, 2026

    MLS# 202614859 Listing URL

    Copyright © 2026 Lafayette Regional Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    This fully leased, income-producing multi-tenant retail property is located along US Hwy 421 in Monticello, Indiana. It serves both local traffic and seasonal demand from nearby lakes and attractions. The property consists of approximately 4,376 square feet across three suites, identified as Units A, B, and C. All suites are secured with leases through 1/1/2028. The property generates a total gross rental income of $3,200 per month, amounting to $38,400 annually. Tenants reimburse their share of utilities and operating expenses, allocated at 40% for Units A and B, and 20% for Unit C. These expenses include gas, electric, sewer, trash, internet, and exterior maintenance, and are passed through to tenants. The property ownership is primarily responsible for taxes and insurance. The tenant mix includes a diner, bakery, and dog grooming business, all operated by established ownership, providing stable, service-based occupancy with consistent local demand. The property has undergone extensive renovations, including a new roof, siding, windows, doors, electrical, plumbing, a paved parking lot, and a lighted roadside sign. Interior buildout includes commercial-grade improvements, and most fixtures, equipment, and furnishings transfer with the sale. An additional adjacent parcel is available for purchase, offering future development or expansion potential. The lot size is 0.33 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Monticello
    County
    White
    State
    Indiana
    Longitude
    -86.753914
    Latitude
    40.72527

    Nearby Similar for Sale

    • $349,900

      Monticello Barn with Redevelopment Potential

      Unique 9,500+ sqft barn on 2 acres in Monticello.
      720 W Washington Street, Monticello, IN 47960
      View Details
    • $995,000

      High-Traffic Retail Opportunity

      Prime retail location with high visibility and ample parking.
      115 N Sixth Street, Monticello, IN 47960
      View Details
    • $249,900

      Downtown Monticello Commercial Investment Opportunity

      Fully leased office condo with corporate-signed lease until 2029.
      301 N Main Street, Monticello, IN 47960
      View Details
    • $699,000

      Monticello Self-Storage Investment Opportunity

      60-unit self-storage facility with expansion potential on 5.4 acres.
      1626 N State Road 39, Monticello, IN 47960
      View Details
    • $199,000

      Downtown Monticello Office Space

      Prime office space for sale in downtown Monticello, Indiana.
      116 Constitution Plaza, Monticello, IN 47960
      View Details
    • $1,050,000

      Turnkey Lakefront Resort Opportunity

      Premier lakefront resort with updated units and strong rental potential.
      2373 N Untalulti Drive, Monticello, IN 47960-1241
      View Details
    • $245,000

      Monticello Storage Facility For Sale

      Well-located storage facility with 28 units and high visibility.
      406 E Washington Street, Monticello, IN 47960
      View Details
    • $225,000
      2,133 SF

      Monticello Duplex: Investment Opportunity

      Well-maintained duplex in Monticello, Indiana, ideal for investment.
      318 S Illinois Street, Monticello, IN 47960
      View Details
    • $1,199,990

      Lake Freeman Multi-Purpose Property

      3.90-acre mixed-use property with lake frontage in Monticello, Indiana.
      11810 W 820 North Crossroads, Monticello, IN 47960
      View Details
    • $1,199,500
      9,363 SF

      Monticello Dollar General Investment Property

      NNN leased Dollar General in Monticello, Indiana tourist destination.
      6030 E State Road 16, Monticello, IN 47960
      View Details
    • $249,900
      3,864 SF

      Monticello Office Condo Investment

      Fully leased office condo in downtown Monticello with corporate tenant.
      301 N Main St, Monticello, IN 47960
      View Details
    • $4,500,000

      Waterfront Multifamily Resort Opportunity

      55-unit waterfront multifamily asset near Indiana Beach.
      4983 E Indiana Beach Rd, Monticello, IN 47960
      View Details

    FAQs

    What type of property is this?
    Strip mall - Income-producing retail property in Monticello, fully leased through 2028.
    Where is this strip mall located?
    The property is located at 12150 N US HWY 421 Monticello, IN.
    What is the asking price?
    The asking price for this property is $439,000.
    (765) 807-7177
    We can help!
    Listing Contact
    Steven Childers
    Real Estate License ID: RB22002269
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    12150 N US HWY 421, Monticello, IN 47960
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!