Bank Building with
For Sale
$475,000
118 E Michigan St, New Carlisle, IN 46552
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 Market1379
Property Features for 118 E Michigan St
General Information
Standard status
Active
Size
1,656 SF
Taxes and HOA fees
Annual Taxes
$5,500
Building Details
Stories
2
Listing Agency:
Coldwell Banker 1st Choice
(574) 654-8584
Listed By:
Kim Huston · License #RB14023503
(574) 654-8584
Source:
Exprealty
Added: Nov 11, 2022
Changed: Aug 20
Last Checked: Aug 20 at 1:26PM
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
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
$22,987
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
4.84%
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%
$459,740
$459.7K
Cap Rate 7%
$328,386
$328.4K
Cap Rate 9%
$255,411
$255.4K
Market Conditions
NOI Build-Up for 1,656 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
$36.4K $21.96/SF
− Vacancy
−$3.5K −$2.13/SF
EGI
$32.8K $19.83/SF
− OpEx
−$9.9K −$5.95/SF
NOI
$23.0K $13.88/SF
Area
St. Joseph County, IN
Vacancy
9.70%
Lease Rate
$21.96 /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%
$459,740
Cap Rate 7%
$328,386
Cap Rate 9%
$255,411
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 46552, IN
6,478
Population
2,981
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
94%
High-School Grad
63.9 sq mi
ZIP Area
101
Density / Sq Mi
$79,464
Median Household Income
$53,849
Median Earnings
$811
Median Rent
$211,500
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 - 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
