Renovated Event Center with
For Sale
$995,000
218 Maple Avenue, Terre Haute, IN 47804
Renovated multipurpose event building with a dining room and fully functional attached kitchen; part is used for carpet sales.
Property Size5,000 SF
Lot Size0.52 Acres
Price / SF$199
Days on Market542
Property Features for 218 Maple Avenue
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.52 Acres
Property subtype
Retail
Amenities
dining room
kitchen
game room
3
Listing Agency:
RE/MAX Real Estate Associates
(812) 235-4433
Listed By:
Charles Goodwin · License #RB14039861
Source:
Xome
Added: Feb 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:25AM
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 RE/MAX Real Estate Associates
Investment Insights
Based on property information with market context.
This renovated, multipurpose building has been transformed into an event center. The interior includes a dining room with a fully functional attached kitchen, along with an additional game room space for added versatility. The remaining portion of the building is currently used as a carpet and flooring sales business. Wall heights are approximately 14' in one section and 10' in the remainder.
The property is located at 218 Maple Avenue in Terre Haute, IN, and sits on a 0.52-acre lot with additional lots available.
With its mix of event-oriented space and an operating retail component, the building offers flexible configurations for a new owner looking to coordinate event use with an existing commercial use on-site.
The property is located at 218 Maple Avenue in Terre Haute, IN, and sits on a 0.52-acre lot with additional lots available.
With its mix of event-oriented space and an operating retail component, the building offers flexible configurations for a new owner looking to coordinate event use with an existing commercial use on-site.
Key Highlights
- 5,000 SF multipurpose building on 0.52 acre with additional lots available
- Recently renovated event‑center use with a dining room and a fully functional attached kitchen
- Includes a game room for added versatility
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
$73,862
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
7.42%
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%
$1,477,240
$1.5M
Cap Rate 7%
$1,055,171
$1.1M
Cap Rate 9%
$820,689
$820.7K
Market Conditions
NOI Build-Up for 5,000 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
$109.8K $21.96/SF
− Vacancy
−$4.3K −$0.86/SF
EGI
$105.5K $21.10/SF
− OpEx
−$31.7K −$6.33/SF
NOI
$73.9K $14.77/SF
Area
Vigo County, IN
Vacancy
3.90%
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%
$1,477,240
Cap Rate 7%
$1,055,171
Cap Rate 9%
$820,689
Alternative Uses
Best Use
Retail
$1.06M
$923.3K – $1.23M
NOI $73,862 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.61M
$3.16M – $4.21M
NOI $252,652 @ 7.0% cap · market cap 25.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Marathon
Shops & Services
3,558 visits/mo
0.3 miles
SUBWAY
Dining
1,159 visits/mo
0.4 miles
Demographics for 47804, IN
10,093
Population
5,118
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
1,529
Density / Sq Mi
$38,036
Median Household Income
$31,842
Median Earnings
$904
Median Rent
$87,700
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?
Wedding venue - Renovated multipurpose event building with a dining room and fully functional attached kitchen; part is used for carpet sales.
Where is this wedding venue located?
The property is located at 218 Maple Avenue Terre Haute, IN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,000 SF multipurpose building on 0.52 acre with additional lots available; Recently renovated event‑center use with a dining room and a fully functional attached kitchen; Includes a game room for added versatility
