Building Details

Year Built 1953

Buildings 1

Stories 1

Building Size 1,770 SF

Listing Agency: Bif Ward Real Estate Group

Listed By: Bif Ward Show Phone

Source: Bifward

Added: Aug 10 Changed: Oct 7 Last Checked: Oct 23 at 3:21AM

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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 Bif Ward Real Estate Group

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Investment Insights

Based on property information with market context.

Located at 226 E. Pendleton Avenue, this 1,770-square-foot storefront property occupies a 5,576-square-foot lot in downtown Lapel. Constructed in 1947, the building is classified under C2 Downtown Commercial zoning, with the source identifying support for retail, office, restaurant, cafe, bakery, professional service, financial, medical, and legal uses.

The property fronts East Pendleton Avenue and offers access to surrounding communities including Pendleton, Anderson, and Fishers, with Interstate 69 also identified as a convenient regional connection. Its downtown setting places the building near local businesses and residential neighborhoods, supporting a range of commercial occupancy concepts within the stated zoning framework.

Key Highlights

• 1,770‑square‑foot commercial building on a 5,576‑square‑foot lot
• C2 Downtown Commercial zoning
• Constructed in 1947

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,727

Cap Rate

6.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$334,540 $334.5K

Cap Rate 7%

$238,957 $239.0K

Cap Rate 9%

$185,856 $185.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,770 SF

Gross rent

$26.6K $15.00/SF

− Vacancy

−$2.7K −$1.50/SF

EGI

$23.9K $13.50/SF

− OpEx

−$7.2K −$4.05/SF

NOI

$16.7K $9.45/SF

Area

Madison County, IN

Vacancy

10.00%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$334,540

Cap Rate 7%

$238,957

Cap Rate 9%

$185,856

Alternative Uses

Best Use

Retail

$239.0K

$209.1K – $278.8K (±1% cap)

NOI $16,727 @ 7.0% cap · market cap 6.83%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$408.0K

$357.0K – $476.0K (±1% cap)

NOI $28,557 @ 7.0% cap · market cap 11.66%

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

Property Analytics

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Open Analytics

Current Use

RE/MAX At The Crossing - The Performance ... Real Estate Agency

Suggested Use

Top Pick Building Supply Real Estate Agency Dental Office Law Firm Furniture & Home Goods Auto Repair Shop

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

123

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46051, IN

2,811

Population

1,192

Households

2.4

Avg Household Size

40

Median Age

30%

College-Educated

95%

High-School Grad

15.5 sq mi

ZIP Area

181

Density / Sq Mi

$77,411

Median Household Income

$51,885

Median Earnings

$1,253

Median Rent

$190,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Storefront property - C2 zoning supports retail, office, restaurant, and service-oriented commercial uses.

Where is this storefront property located?

The property is located at 226 Pendleton Avenue Lapel, IN.

What is the asking price?

The asking price for this property is $245,000.

What are key features of this property?

This property features: 1,770‑square‑foot commercial building on a 5,576‑square‑foot lot; C2 Downtown Commercial zoning; Constructed in 1947