Building Details

Year Built 1940

Listing Agency: Full Canopy Real Estate, LLC

Listed By: Streamlined Realty Show Phone

Source: Streamlinedrealty

Added: Oct 20 Changed: Oct 23 Last Checked: Oct 23 at 7:26AM

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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 Full Canopy Real Estate, LLC

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Investment Insights

Based on property information with market context.

Configured as a hair salon, the retail space has three styling chairs, all currently rented. The building was updated within the past five years, and its 1940 construction date provides additional context for the property.

Key Highlights

• Three styling chairs, all currently rented
• Building updates completed within the past five years
• 1940 year built

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$4,460

Cap Rate

3.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$89,200 $89.2K

Cap Rate 7%

$63,714 $63.7K

Cap Rate 9%

$49,556 $49.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 472 SF

Gross rent

$7.1K $15.00/SF

− Vacancy

−$708 −$1.50/SF

EGI

$6.4K $13.50/SF

− OpEx

−$1.9K −$4.05/SF

NOI

$4.5K $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%

$89,200

Cap Rate 7%

$63,714

Cap Rate 9%

$49,556

Alternative Uses

Best Use

Retail

$63.7K

$55.8K – $74.3K (±1% cap)

NOI $4,460 @ 7.0% cap · market cap 3.57%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$108.8K

$95.2K – $126.9K (±1% cap)

NOI $7,615 @ 7.0% cap · market cap 6.10%

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

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Building Supply Real Estate Agency Dental Office Law Firm Auto Repair Shop Plumbing Service

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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

152

Businesses Nearby

9k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 67% Dining 33%

Dollar General Shops & Services

6,026 visits/mo 0.3 miles

Pizza King Dining

1,662 visits/mo 0.3 miles

Pizza Hut Dining

1,250 visits/mo 0.3 miles

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?

Retail space - The salon’s three-chair setup supports an established chair-rental arrangement.

Where is this retail space located?

The property is located at 25 W 9th St Lapel, IN.

What is the asking price?

The asking price for this property is $124,900.

What are key features of this property?

This property features: Three styling chairs, all currently rented; Building updates completed within the past five years; 1940 year built