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    Mechanic Shop with Office Space Title is generated by Realmo AI

    2710 Broad Street, New Castle, IN 47362

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    For Sale
    $74,900

    Mixed Use, None - New Castle, IN

    Type:Mixed Use
    Lot size:
    0.19 Acres
    Added:
    May 22, 2026
    Days on Market:
    2
    Last Refresh:
    May 23 at 4:06 am

    Property Features for 2710 Broad Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    1
    Rooms
    Bathroom 1, Office
    Parking features
    Garage, Off Street, Paved or Surfaced
    Interior features
    Block, Drywall, Other, Alley, Office Space
    Exterior features
    Alley, Office Space
    Standard status
    Active
    APN
    33-12-14-220-181.000-016
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Annual Amount
    936
    Expense value
    12
    Expense
    Other

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1973
    Floors in Building
    1
    Flooring type
    Concrete, Vinyl
    Building materials
    Block
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Lovell

    Listing agent Lisa Lovell License #RB14023600

    Listing office Happy Homes Real Estate 1702 Indiana Ave, New Castle, IN

    Listing date May 22, 2026

    MLS# 202619633 Listing URL

    Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Small mechanic shop with office and bathroom, suitable for various business ventures.
    • Potential for use as a car lot, warehousing, storage, or retail shop.
    • Includes 3 work benches and a compressor.
    • Ample parking space.
    • Lease option available for $1,000 per month.
    • Durable block construction.

    Overview

    This property presents an opportunity to own your own business. It features a small mechanic shop with a front office area and a bathroom. The property could also function as a car lot. The interior includes 3 work benches and a compressor. The space could also be used for warehousing, storage, or a small retail shop. There is ample parking space available. The property is located in New Castle, Indiana, in Henry County. The lot size is 0.186 acres. The property is also available for lease at $1,000 per month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Similar Places Nearby

    • Elwood's Starter & Alternator — 207 S 18th St, New Castle, IN 47362
    • Classic Paint and Body LLC — 116 N 25th St, New Castle, IN 47362
    • Duane's Auto Repair — Indiana Ave, New Castle, IN 47362
    • Gorilla Garage — 2451 Broad St, New Castle, IN 47362
    • Midwest 4x4 — 2716 Broad St, New Castle, IN 47362

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Henry
    State
    Indiana
    Longitude
    -85.35046
    Latitude
    39.928993

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    FAQs

    What type of property is this?
    Auto shop - Mechanic shop with office, car lot, or retail potential.
    Where is this auto shop located?
    The property is located at 2710 Broad Street New Castle, IN.
    What is the asking price?
    The asking price for this property is $74,900.
    What are key features of this property?
    This property features: Small mechanic shop with office and bathroom, suitable for various business ventures.; Potential for use as a car lot, warehousing, storage, or retail shop.; Includes 3 work benches and a compressor.
    (765) 520-8008
    We can help!
    Listing Contact
    Lisa Lovell
    Real Estate License ID: RB14023600
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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.

    More about this property
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