Multipurpose Building at Busy
For Sale
$995,000
218 Maple Avenue, Terre Haute, IN 47804
COMMERCIAL/INDUSTRIAL, Terre Haute, IN
Property Size5,000 SF
Lot Size0.52 Acres
Price / SF$199
Days on Market352
Property Features for 218 Maple Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning
C-2
Interior features
Fixtures, Restroom(s), 220 Volts, Rec. Facility, Handicap Access, Handicap Restroom
Accessibility
Accessible Approach with Ramp
Subdivision
Vigo County
Standard status
Active
APN
84-06-09-452-015.000-002
Size
5,000 SF
Lot size
0.52 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
REMAX R.E.A. · RE/MAX International
(812) 235-4433
Listed By:
Charlie Goodwin · License #RB14039681
(812) 201-3139
Added: Sep 8, 2025
Changed: Aug 19
Last Checked: Aug 25 at 7:06AM
MLS# 107400
Copyright © 2026 Terre Haute Area Association of Realtors. 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 5000 SF multipurpose building is located at one of Terre Haute's busiest intersections and sits on 0.52 acres, with additional lots available. The property has been recently renovated and transformed into an event center. Features include a dining room with a fully functional attached kitchen and a game room. The remaining portion of the building is currently being utilized as a carpet and flooring sales business. The building has 14' walls in one section and 10' in the remainder. The zoning is C-2.
Key Highlights
- High‑traffic location at a busy intersection.
- 5000 SF multipurpose building on .52 acre.
- Recently renovated into an event center.
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
$73,862
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
7.42%
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%
$1,477,240
$1.5M
Cap Rate 7%
$1,055,171
$1.1M
Cap Rate 9%
$820,689
$820.7K
Market Conditions
NOI Build-Up for 5,000 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
$109.8K $21.96/SF
− Vacancy
−$4.3K −$0.86/SF
EGI
$105.5K $21.10/SF
− OpEx
−$31.7K −$6.33/SF
NOI
$73.9K $14.77/SF
Area
Vigo County, IN
Vacancy
3.90%
Lease Rate
$21.96 /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%
$1,477,240
Cap Rate 7%
$1,055,171
Cap Rate 9%
$820,689
Alternative Uses
Best Use
Retail
$1.06M
$923.3K – $1.23M
NOI $73,862 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.61M
$3.16M – $4.21M
NOI $252,652 @ 7.0% cap · market cap 25.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Marathon
Shops & Services
3,558 visits/mo
0.3 miles
SUBWAY
Dining
1,159 visits/mo
0.4 miles
Demographics for 47804, IN
10,093
Population
5,118
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
1,529
Density / Sq Mi
$38,036
Median Household Income
$31,842
Median Earnings
$904
Median Rent
$87,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Renovated 5000 SF building on 0.52 acres for sale.
Where is this retail space located?
The property is located at 218 Maple Avenue Terre Haute, IN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: High‑traffic location at a busy intersection.; 5000 SF multipurpose building on .52 acre.; Recently renovated into an event center.
