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    Versatile Commercial Building in New Castle Title is generated by Realmo AI

    1914 I Avenue, New Castle, IN 47362

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    For Lease
    $3,900/Mo $8 SF/Yr (calc)

    Retail - New Castle, IN

    Type:Retail
    Property size:
    5,210 SF
    Lot size:
    0.73 Acres
    Added:
    May 27, 2026
    Days on Market:
    3
    Last Refresh:
    May 29 at 4:06 pm

    Property Features for 1914 I Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    Commercial
    Standard status
    Active
    APN
    331214340122000016
    Size
    5,210 SF
    Lot size
    0.73 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jaswinder Samra
    Jaswinder Samra

    Listing agent Jaswinder Samra License #RB14042693

    Listing office Keller Williams Indy Metro NE River Rd Ste 200, Indianapolis, IN

    Listing date May 27, 2026

    MLS# 22104297 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey restaurant/bar layout ideal for immediate operation or conversion to banquet hall/event center.
    • Fully equipped commercial kitchen with hood system and walk‑in coolers.
    • High‑visibility location directly across from Crown Equipment Corporation warehouse.
    • Ample parking on a 0.73‑acre lot.
    • Versatile 5,210+/- SF building suitable for owner‑users or investors.
    • Flexible floor plan with redevelopment potential.

    Overview

    This 5,210 square foot commercial building is available for rent in New Castle, Indiana. Situated on approximately 0.73 acres, the property features ample parking and excellent visibility. Previously operated as a restaurant and bar, the property is located directly across from a large Crown Equipment Corporation warehouse facility, providing strong daytime traffic and business exposure. The existing layout is suitable for a restaurant, banquet hall, event center, or hospitality concept. The fully equipped restaurant setup includes spacious dining and bar areas, a commercial kitchen, hood system, walk-in coolers, and existing fixtures and equipment. The property offers a flexible floor plan with potential for owner-users or investors. The property is offered in AS-IS condition and is zoned for commercial use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Henry
    State
    Indiana
    Longitude
    -85.361543
    Latitude
    39.917004

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    FAQs

    What type of property is this?
    Restaurant - 5,210 SF commercial building on 0.73 acres for rent.
    Where is this restaurant located?
    The property is located at 1914 I Avenue New Castle, IN.
    What is the lease rate?
    The lease rate is $3,900 /Mo.
    What are key features of this property?
    This property features: Turnkey restaurant/bar layout ideal for immediate operation or conversion to banquet hall/event center.; Fully equipped commercial kitchen with hood system and walk‑in coolers.; High‑visibility location directly across from Crown Equipment Corporation warehouse.
    (317) 513-9456
    We can help!
    Listing Contact
    Jaswinder Samra
    Jaswinder Samra
    Real Estate License ID: RB14042693
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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