Building Details

Year Built 1963

Listing Agency: ALO Residential, LLC

Listed By: Jodie Balber · License #RB14034952 Show Phone

Source: Compass

Added: Sep 2, 2023 Changed: Oct 10 Last Checked: Oct 15 at 1:08AM

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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 ALO Residential, LLC

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Investment Insights

Based on property information with market context.

This mixed-use property offers 5,000 square feet for lease within an 11,211-square-foot building constructed in 1963. The available area is in shell condition, creating a build-to-suit format, while recent improvements include upgraded HVAC and electrical systems and a refreshed exterior facade. The property is zoned DB and provides parking at a ratio of 3.5 spaces per 1,000 square feet.

The building occupies the northeast corner of South Pendleton Avenue and East High Street at 129 South Pendleton Avenue in downtown Pendleton, just off SR 38. Banking, dining, and shopping are within walking distance, and ownership is located on site.

Key Highlights

• 5,000 SF available for lease in an 11,211‑square‑foot building
• Build‑to‑suit format with the available area in shell condition
• Recently upgraded HVAC and electrical systems

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$110,989

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,219,780 $2.2M

Cap Rate 7%

$1,585,557 $1.6M

Cap Rate 9%

$1,233,211 $1.2M

What to ask about pricing

Market Conditions

NOI Build-Up for 11,211 SF

Gross rent

$201.8K $18.00/SF

− Vacancy

−$24.2K −$2.16/SF

EGI

$177.6K $15.84/SF

− OpEx

−$66.6K −$5.94/SF

NOI

$111.0K $9.90/SF

Area

Madison County, IN

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,219,780

Cap Rate 7%

$1,585,557

Cap Rate 9%

$1,233,211

Alternative Uses

Best Use

Mixed Use

$1.59M

$1.39M – $1.85M (±1% cap)

NOI $110,989 @ 7.0% cap · market cap 693,681.25%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.58M

$2.26M – $3.01M (±1% cap)

NOI $180,880 @ 7.0% cap · market cap 1,130,500.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Furniture & Home Goods Garden Center Storage Facility Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

346

Businesses Nearby

Explore this area Business Placement

Demographics for 46064, IN

16,908

Population

6,158

Households

2.7

Avg Household Size

39

Median Age

32%

College-Educated

92%

High-School Grad

66.8 sq mi

ZIP Area

253

Density / Sq Mi

$92,012

Median Household Income

$50,947

Median Earnings

$1,121

Median Rent

$256,500

Median Home Value

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Shell-condition space supports a build-to-suit plan with upgraded HVAC, electrical systems, and an updated facade.

Where is this mixed-use property located?

The property is located at 129 South Pendleton Avenue Pendleton, IN.

What are key features of this property?

This property features: 5,000 SF available for lease in an 11,211‑square‑foot building; Build‑to‑suit format with the available area in shell condition; Recently upgraded HVAC and electrical systems