Drive-Through Convenience
New
For Sale
$575,000
157 W MAIN Street, Gas City, IN 46933
COMMERCIAL, Gas City, IN
Property Size3,080 SF
Lot Size0.13 Acres
Price / SF$186.69
Days on Market2
Property Features for 157 W MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Paved or Surfaced, Off Street
Fencing
Chain Link
Lot features
City, Commercial
Directions
Located on Main Street (SR22) in Gas City on corner of Main & South Grant Street.
Subdivision
Grant County
Standard status
Active
APN
27-07-33-401-015.000-018
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOTS 24 & 25 MAIN ST S/DIV LOTS 26-28 HARRIS 1ST ADD
Tax Annual Amount
6249
Legal Description
LOTS 24 & 25 MAIN ST S/DIV LOTS 26-28 HARRIS 1ST ADD
Utilities
Cooling system
Central Air
Amenities
storage
loft
overhead door
Building Details
Year built
1910
Flooring type
Concrete
Roof type
Rubber
Listing Agency:
RE/MAX Realty One · RE/MAX International
(765) 454-7300
Listed By:
Lou Ann Laduct
(574) 270-0037
Added: Sep 24
Last Checked: Sep 25 at 7:06PM
MLS# 202639550
Copyright © 2026 REALTORS Association of Central Indiana. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This operating convenience store occupies a 3,080-square-foot building on a 0.13-acre parcel at 157 W Main Street in Gas City. The layout includes a rear storage room, a loft and a separate overhead door for loading. Central air and concrete flooring are in place; the building dates to 1910.
The sale includes furnishings, fixtures, equipment and inventory. Equipment includes registers, a security camera system, two microwaves, two ice makers, a pizza oven, a cookie oven, a slushie machine, tables, coffee and cappuccino machines, a hot cheese machine and a TV.
The sale includes furnishings, fixtures, equipment and inventory. Equipment includes registers, a security camera system, two microwaves, two ice makers, a pizza oven, a cookie oven, a slushie machine, tables, coffee and cappuccino machines, a hot cheese machine and a TV.
Key Highlights
- 3,080‑square‑foot operating convenience store with drive‑through and walk‑in service
- 0.13‑acre parcel at 157 W Main Street in Gas City
- Rear storage room, loft and separate overhead loading door
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
$41,871
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
7.28%
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%
$837,420
$837.4K
Cap Rate 7%
$598,157
$598.2K
Cap Rate 9%
$465,233
$465.2K
Market Conditions
NOI Build-Up for 3,080 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
$58.4K $18.96/SF
− Vacancy
−$2.6K −$0.83/SF
EGI
$55.8K $18.13/SF
− OpEx
−$14.0K −$4.53/SF
NOI
$41.9K $13.59/SF
Area
Grant County, IN
Vacancy
4.40%
Lease Rate
$18.96 /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%
$837,420
Cap Rate 7%
$598,157
Cap Rate 9%
$465,233
Alternative Uses
Best Use
Specialty Retail
$598.2K
$523.4K – $697.9K
NOI $41,871 @ 7.0% cap · market cap 7.28%
Second Best
Retail
$413.4K
$361.7K – $482.3K
NOI $28,938 @ 7.0% cap · market cap 5.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Dining 14%
Electronics 2%
Circle K
Shops & Services
9,324 visits/mo
0.4 miles
Gas City
Shops & Services
8,772 visits/mo
0.3 miles
Phillips 66
Shops & Services
6,169 visits/mo
0.1 miles
Pizza King
Dining
4,182 visits/mo
0.2 miles
Verizon
Electronics
483 visits/mo
0.2 miles
Demographics for 46933, IN
6,617
Population
2,939
Households
2.3
Avg Household Size
41
Median Age
19%
College-Educated
91%
High-School Grad
11.0 sq mi
ZIP Area
602
Density / Sq Mi
$59,398
Median Household Income
$34,267
Median Earnings
$858
Median Rent
$123,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Rear storage, a loft and a separate overhead loading door provide dedicated space for inventory and deliveries.
Where is this grocery and convenience store located?
The property is located at 157 W MAIN Street Gas City, IN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,080‑square‑foot operating convenience store with drive‑through and walk‑in service; 0.13‑acre parcel at 157 W Main Street in Gas City; Rear storage room, loft and separate overhead loading door
