Historical Chapel with Deck and Waterfront
For Sale
$85,000
6105 S Mill Rd, Carbon, IN 47837
Historical White Chapel features a large deck and waterfront views with strong pedestrian traffic in Mansfield area.
Property Size300 SF
Price / SF$283.33
Days on Market46
Property Features for 6105 S Mill Rd
General Information
Standard status
Active
Size
300 SF
Amenities
waterfront views
deck
Building Details
Year Built
1880
Listing Agency:
A & B Homes
Listed By:
Rodney Sneath · License #RB19000671
(812) 605-8097
Source:
Eveloteam
Added: Jul 30
Changed: Sep 10
Last Checked: Sep 12 at 12:19PM
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 A & B Homes
Investment Insights
Based on property information with market context.
The Fudge Chapel is a historical White Chapel-style property that offers a versatile setup for religious use or a specialty destination. A large deck adds outdoor flexibility for uses such as outdoor seating, seasonal vendor activity, or potential rental opportunities. The existing chapel building and site setting provide a distinctive foundation for a new concept, with room to remodel, start over, or add on.
The property is located at 6105 S Mill Rd in Carbon, IN, on a hill with waterfront views and exceptional pedestrian traffic. It also benefits from a premier position at one of Indiana’s well-known attractions, which can support foot-traffic-driven uses.
For buyers looking for a recognizable local landmark and a building they can adapt, the combination of waterfront scenery, outdoor deck space, and high pedestrian exposure is central to the property’s appeal.
The property is located at 6105 S Mill Rd in Carbon, IN, on a hill with waterfront views and exceptional pedestrian traffic. It also benefits from a premier position at one of Indiana’s well-known attractions, which can support foot-traffic-driven uses.
For buyers looking for a recognizable local landmark and a building they can adapt, the combination of waterfront scenery, outdoor deck space, and high pedestrian exposure is central to the property’s appeal.
Key Highlights
- Historical White Chapel on a hill
- Large deck for outdoor seating, seasonal vendors, or rental opportunities
- Waterfront views
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
$2,872
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
3.38%
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%
$57,440
$57.4K
Cap Rate 7%
$41,029
$41.0K
Cap Rate 9%
$31,911
$31.9K
Market Conditions
NOI Build-Up for 300 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
$4.1K $13.80/SF
− Vacancy
−$311 −$1.04/SF
EGI
$3.8K $12.77/SF
− OpEx
−$957 −$3.19/SF
NOI
$2.9K $9.57/SF
Area
Clay County, IN
Vacancy
7.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$57,440
Cap Rate 7%
$41,029
Cap Rate 9%
$31,911
Alternative Uses
Best Use
Specialty Retail
$41.0K
$35.9K – $47.9K
NOI $2,872 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$53.1K
$46.4K – $61.9K
NOI $3,715 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 47837, IN
1,186
Population
410
Households
2.9
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
31.6 sq mi
ZIP Area
38
Density / Sq Mi
$82,750
Median Household Income
$43,295
Median Earnings
$945
Median Rent
$137,100
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?
Church & religious facility - Historical White Chapel features a large deck and waterfront views with strong pedestrian traffic in Mansfield area.
Where is this church & religious facility located?
The property is located at 6105 S Mill Rd Carbon, IN.
What is the asking price?
The asking price for this property is $85,000.
What are key features of this property?
This property features: Historical White Chapel on a hill; Large deck for outdoor seating, seasonal vendors, or rental opportunities; Waterfront views
