Former Bank Drive-Through
For Sale
Contact for pricing
1230 Lincoln Hwy E, New Haven, IN 46774
Move-in-ready 2,178 SF former bank branch includes a two-lane drive-through and 26 parking spaces on a 0.92-acre lot.
Property Size2,178 SF
Lot Size0.92 Acres
Price / SF$183.20
Days on Market222
Property Features for 1230 Lincoln Hwy E
General Information
Standard status
Active
Size
2,178 SF
Class
B
Total Parking Spaces
26
Lot size
0.92 Acres
Property subtype
Retail
Zoning
C4
Lease Type
NNN
Additional Details
Highway Access
Yes
Building Details
Year Built
1969
Buildings
1
Stories
1
Listing Agency:
BND Commercial Real Estate
Listed By:
Dalton Jasper · License #IN 18000785
(260) 421-1910
Source:
Crexi
Added: Jan 26
Changed: Aug 31
Last Checked: Sep 1 at 9:47PM
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 BND Commercial Real Estate
Investment Insights
Based on property information with market context.
Move-in-ready former bank branch totaling 2,178 SF, situated on a 0.92-acre lot. The property features a two-lane drive-through and 26 parking spaces, supporting both customer-facing and service-oriented operations.
Zoned C-4, the site offers flexible use opportunities noted by the seller for retail, office, medical, nonprofit, or church use. It is located just minutes from SR-930 and I-469, providing convenient access for patrons and employees.
For sale with flexible sale or lease options available, this property is positioned for tenants or buyers seeking a readily usable building with drive-through functionality and on-site parking.
Zoned C-4, the site offers flexible use opportunities noted by the seller for retail, office, medical, nonprofit, or church use. It is located just minutes from SR-930 and I-469, providing convenient access for patrons and employees.
For sale with flexible sale or lease options available, this property is positioned for tenants or buyers seeking a readily usable building with drive-through functionality and on-site parking.
Key Highlights
- Move‑in‑ready 2,178 SF former bank branch built in 1969
- Two‑lane drive‑through on a 0.92‑acre lot
- 26 parking spaces for customers and staff
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,491
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$409,820
$409.8K
Cap Rate 7%
$292,729
$292.7K
Cap Rate 9%
$227,678
$227.7K
Market Conditions
NOI Build-Up for 2,178 SF
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.
Gross rent
$32.7K $15.00/SF
− Vacancy
−$3.4K −$1.56/SF
EGI
$29.3K $13.44/SF
− OpEx
−$8.8K −$4.03/SF
NOI
$20.5K $9.41/SF
Area
Allen County, IN
Vacancy
10.40%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$409,820
Cap Rate 7%
$292,729
Cap Rate 9%
$227,678
Alternative Uses
Best Use
Retail
$292.7K
$256.1K – $341.5K
NOI $20,491 @ 7.0% cap · market cap 5.14%
Second Best
Specialty Retail
$122.9K
$107.6K – $143.4K
NOI $8,606 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$502.0K
$439.3K – $585.7K
NOI $35,140 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 37%
Sunoco
Shops & Services
5,811 visits/mo
0.3 miles
Pizza Hut
Dining
5,083 visits/mo
0.3 miles
KFC
Dining
3,412 visits/mo
0.3 miles
Domino's Pizza
Dining
1,503 visits/mo
0.5 miles
Demographics for 46774, IN
17,341
Population
7,287
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
52.7 sq mi
ZIP Area
329
Density / Sq Mi
$70,758
Median Household Income
$44,034
Median Earnings
$961
Median Rent
$169,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Move-in-ready 2,178 SF former bank branch includes a two-lane drive-through and 26 parking spaces on a 0.92-acre lot.
Where is this bank located?
The property is located at 1230 Lincoln Hwy E New Haven, IN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Move‑in‑ready 2,178 SF former bank branch built in 1969; Two‑lane drive‑through on a 0.92‑acre lot; 26 parking spaces for customers and staff
