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    Leased Retail Shopping Center Title is generated by Realmo AI

    3550 West 2 Mile House Road, Columbus, IN 47201

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    A fully occupied retail shopping center with 40 parking spaces and a diverse tenant mix along State Road 46.

    Type:Retail
    Property size:
    10,800 SF
    Lot size:
    3.37 Acres
    Price / SF:
    $87/SF
    Added:
    May 28, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 2:00 am

    Property Features for 3550 West 2 Mile House Road

    General Information

    Standard status
    Active
    Size
    10,800 SF
    Lot size
    3.37 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1982

    We can help!

    Listing Contact
    Rob Millman
    Rob Millman

    Listing agent Rob Millman License #IN RB14023230

    Listing office Millman Realty Partners

    Listing date May 28, 2026

    Source Crexi

    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 Millman Realty Partners

    HighLights

    • 10,800 SF retail shopping center built in 1982
    • 3.37 acres along State Road 46 with 40 parking spaces
    • 100% occupied with tenants including Marco's Pizza, Ireland Home Base, Joe Doggett Company, Columbus Counseling Partners, and Comb Together hair salon
    • Gross annual rental income of $139,800 plus $7,029 in rent reimbursements; net operating income of $90,469
    • Commercial Regional zoning and convenient access to I‑65

    Overview

    Shoppes at Two Mile House Road is a 10,800-square-foot retail shopping center built in 1982, situated on 3.37 acres. The property is 100% occupied with a tenant mix that includes Marco’s Pizza, Ireland Home Base, Joe Doggett Company, Columbus Counseling Partners, and Comb Together hair salon. On-site parking totals 40 spaces.

    The center is located at 3550 Two Mile House Road in Columbus, Indiana, along State Road 46. The property is also noted as having convenient access to I-65, supporting day-to-day customer reach. Commercial Regional zoning applies to the site.

    For tenants and buyers seeking a turn-key retail asset, this shopping center is currently fully leased and designed to support a mix of neighborhood-serving retail and service uses. The presence of multiple tenants provides operational variety, and the center’s established shopping-center layout can support continued retail occupancy. The property’s documented rental performance includes gross annual rental income and rent reimbursements.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $110.2k $10.20
    − Vacancy −$11.6k −$1.07
    EGI $98.6k $9.13
    − OpEx −$29.6k −$2.74
    NOI $69.0k $6.39
    10,800 SF · lease $10.20/SF/yr · vacancy 10.50% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $985.9K
    $862.7K – $1.15M (±1% cap)
    NOI $69,015 @ 7.0% cap · market cap 7.26%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Healthcare Medical
    $2.09M
    $1.83M – $2.44M (±1% cap)
    NOI $146,150 @ 7.0% cap · market cap 15.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Tuttle Julie L ... Physician Financial Healthcare Resources ... Employment Agency Jobeth Johnson Foster Care Service Jcdinvestments Financial Advisor Columbus Counseling Partners, ... Crisis Center

    Suggested Use

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

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

    Similar Places Nearby

    • Coinstar Kiosk - Bitcoin ATM — Kroger - Louisville, 4290 Jonathan Moore Pike, Columbus, IN 47201
    • Westhill Shopping Center — Columbus, IN 47201
    • Shoppes At River Bend — 3780 W Jonathan Moore Pike, Columbus, IN 47201
    • The Shoppes At Two Mile House Road — 3532 W 2 Mile House Rd, Columbus, IN 47201

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Bartholomew
    State
    Indiana
    Longitude
    -85.963547
    Latitude
    39.198209

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    FAQs

    What type of property is this?
    Shopping center - A fully occupied retail shopping center with 40 parking spaces and a diverse tenant mix along State Road 46.
    Where is this shopping center located?
    The property is located at 3550 West 2 Mile House Road Columbus, IN.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: 10,800 SF retail shopping center built in 1982; 3.37 acres along State Road 46 with 40 parking spaces; 100% occupied with tenants including Marco's Pizza, Ireland Home Base, Joe Doggett Company, Columbus Counseling Partners, and Comb Together hair salon
    (812) 528-3028 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Rob Millman
    Rob Millman
    Real Estate License ID: IN RB14023230
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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.

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