Building Details

Year Built 1900

Listing Agency: Keller Williams Indpls Metro N f***@kw.com Show Phone

Listed By: Jordan Moody · License #RB15001355 Show Phone

Source: Locksteprealty

Added: Sep 28 Changed: Oct 28 Last Checked: Oct 28 at 1:26PM

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Investment Insights

Based on property information with market context.

This 3,600-square-foot brick warehouse at 219 S Meridian Street dates to 1900 and has two levels of 1,800 square feet each. The main floor combines open workshop or storage space with a heated office or conference room near the side entrance. Upstairs are an office, a full bathroom, and additional open area.

A 9' 6" x 9' 6" sliding door opens to the east alley, while an overhead door on the north side measures 8' 2" x 9' 6". The building also has multiple interior parking options and one exterior space beside the glass side entrance. Downtown (DT) zoning allows uses including parking, retail, service and repair, and office space.

Key Highlights

• 3,600 square feet across two floors, with 1,800 square feet per level
• Built in 1900; brick construction
• Downtown (DT) zoning allows parking, retail, service and repair, and office uses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$202,915

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,058,300 $4.1M

Cap Rate 7%

$2,898,786 $2.9M

Cap Rate 9%

$2,254,611 $2.3M

What to ask about pricing

Market Conditions

NOI Build-Up for 3,600 SF

Gross rent

$265.2K $73.68/SF

− Vacancy

−$26.5K −$7.37/SF

EGI

$238.7K $66.31/SF

− OpEx

−$35.8K −$9.95/SF

NOI

$202.9K $56.37/SF

Area

Boone County, IN

Vacancy

10.00%

Lease Rate

$73.68 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,058,300

Cap Rate 7%

$2,898,786

Cap Rate 9%

$2,254,611

Alternative Uses

Best Use

Warehouse

$2.90M

$2.54M – $3.38M (±1% cap)

NOI $202,915 @ 7.0% cap · market cap 13,527.67%

Second Best

—

—

no second resolved use

Theoretical Best

—

—

same as Best Use

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

Property Analytics

Current Use

Warehouses

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Furniture & Home Goods Dental Office Kitchen & Bath Showroom Skin Care Clinic

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

Location Intelligence

Trade Area within ½ mile

657

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 46052, IN

22,783

Population

9,935

Households

2.3

Avg Household Size

41

Median Age

26%

College-Educated

90%

High-School Grad

177.6 sq mi

ZIP Area

128

Density / Sq Mi

$66,828

Median Household Income

$43,933

Median Earnings

$911

Median Rent

$200,300

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Similar Off Market Nearby

• Lee's Storage and More, LLC — 827 W Pearl St, Lebanon, IN 46052
• Lebanon Self Storage — 333 Indianapolis Ave, Lebanon, IN 46052
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Frequently Asked Questions

What type of property is this?

Warehouse - Downtown zoning allows service, repair, retail, and office uses.

Where is this warehouse located?

The property is located at 219 S Meridian Street Lebanon, IN.

What are key features of this property?

This property features: 3,600 square feet across two floors, with 1,800 square feet per level; Built in 1900; brick construction; Downtown (DT) zoning allows parking, retail, service and repair, and office uses