Fully Occupied Strip
New
For Sale
$1,100,000
808 3rd St, Columbus, IN 47201
Five suites support diversified occupancy with customer parking, corner access, and prominent exposure along a central commercial corridor.
Property Size6,021 SF
Price / SF$182.69
Days on Market3
Property Features for 808 3rd St
General Information
Standard status
Active
Size
6,021 SF
Total Parking Spaces
27
Occupancy
100%
Additional Details
Traffic Count
15,000 vehicles/day
Building Details
Year Built
1989
Tenancy
Multi
Listing Agency:
RE/MAX Real Estate Prof
Listed By:
Carrie Abfall · License #RB14022856
(812) 390-8440
Source:
Megandusing
Added: Sep 9
Last Checked: Sep 10 at 10:59AM
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 Prof
Investment Insights
Based on property information with market context.
This fully occupied strip mall contains five commercial units with month-to-month lease arrangements and approximately 27 parking spaces. About 15 customer-facing spaces are positioned along the front, with additional parking available from the side street and rear areas. The property was built in 1989 and offers a flexible setting for retail, office, boutique medical, personal service, café, and specialty commercial uses.
Located on 3rd Street, the center receives approximately 15,000+ vehicles per day based on 2021 data. Bus routes 4 and 5 add transit access and pedestrian activity. The property sits three blocks south of downtown Columbus and approximately 0.1 mile west of the Cummins Engine Plant. It is outside a flood zone and historic district.
Located on 3rd Street, the center receives approximately 15,000+ vehicles per day based on 2021 data. Bus routes 4 and 5 add transit access and pedestrian activity. The property sits three blocks south of downtown Columbus and approximately 0.1 mile west of the Cummins Engine Plant. It is outside a flood zone and historic district.
Key Highlights
- Fully occupied 5‑unit strip center with month‑to‑month leases
- Approximately 27 parking spaces, including approximately 15 front customer spaces
- Approximately 15,000+ vehicles per day on 3rd Street based on 2021 data
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
$38,476
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
3.50%
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%
$769,520
$769.5K
Cap Rate 7%
$549,657
$549.7K
Cap Rate 9%
$427,511
$427.5K
Market Conditions
NOI Build-Up for 6,021 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
$61.4K $10.20/SF
− Vacancy
−$6.4K −$1.07/SF
EGI
$55.0K $9.13/SF
− OpEx
−$16.5K −$2.74/SF
NOI
$38.5K $6.39/SF
Area
Bartholomew County, IN
Vacancy
10.50%
Lease Rate
$10.20 /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%
$769,520
Cap Rate 7%
$549,657
Cap Rate 9%
$427,511
Alternative Uses
Best Use
Retail
$549.7K
$481.0K – $641.3K
NOI $38,476 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.16M
$1.02M – $1.36M
NOI $81,479 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Strip mall - Five suites support diversified occupancy with customer parking, corner access, and prominent exposure along a central commercial corridor.
Where is this strip mall located?
The property is located at 808 3rd St Columbus, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully occupied 5‑unit strip center with month‑to‑month leases; Approximately 27 parking spaces, including approximately 15 front customer spaces; Approximately 15,000+ vehicles per day on 3rd Street based on 2021 data
