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    400 S Gray Street Albany, IN 47320

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    For Sale
    $700,000

    Industrial, Industrial Warehouse,Light Industry Mfg - Albany, IN

    Type:Manufactured Home
    Lot size:
    7.59 Acres
    Added:
    Mar 24, 2026
    Days on Market:
    44
    Last Refresh:
    May 6 at 6:06 am

    Property Features for 400 S Gray Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Manufactured Home
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Kitchen, Office
    Interior features
    Block, Drywall, Metal, Three Phase, Dock Leveler, Overhead Door 1, Compressed Air Lines, Office Space, Overhead Crane(s) Incl, Security Fence, Ventilating/Exhaust Fans
    Exterior features
    Fence, Three Phase, Dock Leveler, Loading Dock 1, Overhead Door 1, Compressed Air Lines, Office Space, Overhead Crane(s) Incl, Security Fence, Ventilating/Exhaust Fans
    Fencing
    Fenced
    Standard status
    Active
    APN
    18-08-02-330-010.000-005
    Lot size
    7.59 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8253.88

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Floors in Building
    2
    Flooring type
    Carpet, Concrete
    Building materials
    Block, Brick
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Nathaniel Scalf

    Listing agent Nathaniel Scalf License #RB15000145

    Listing office Shawver Auctioneering & Real Estate 3430 W SR-67, Portland, IN

    Listing date Mar 24, 2026

    MLS# 202609718 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Albany Industrial Property for Sale

    This industrial property, formerly Albany Metal Treating Inc since 1978, is suited for metal processing, heat treating, manufacturing, or a wide range of industrial applications. The facility offered heat treat services including poly and oil quench processing, induction and vacuum furnaces, with a capacity of over 250,000 pounds per day. Constructed for heavy-duty use, the property features a durable industrial building with high ceilings, reinforced concrete flooring, and infrastructure designed to support high-temperature operations. The facility is equipped with substantial power capacity, ventilation systems, and multiple overhead doors for efficient loading, unloading, and workflow. The interior offers a flexible layout with ample space for equipment, production lines, and storage. Additional features include office space for administrative operations and support areas for staff and inventory. The property is centrally located between Fort Wayne and Indianapolis and provides convenient access to regional highways, supporting efficient transportation and logistics. The site has an existing industrial zoning and includes 3 Phase and Heavy Power Onsite. The property, located in Albany, IN, sits on a 7.59-acre lot in Delaware County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Total Trac System ... (Bike/Boat/Book/etc) Store Albany Metal Treating ... Building Supply

    Suggested Use

    Real Estate Agency Restaurant Dental Office Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom Grocery & Convenience Store HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Delaware
    State
    Indiana
    Longitude
    -85.246812
    Latitude
    40.296462

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    FAQs

    What type of property is this?
    Manufacturing property - Industrial facility suited for metal processing and manufacturing.
    Where is this manufacturing property located?
    The property is located at 400 S Gray Street Albany, IN.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: Heavy‑duty industrial facility, previously used for metal treating and manufacturing since 1978.; Substantial power capacity (3 Phase and Heavy Power Onsite) and ventilation systems support high‑temperature operations.; Multiple overhead doors and efficient loading access with dock leveler.
    (317) 374-2881
    We can help!
    Listing Contact
    Nathaniel Scalf
    Real Estate License ID: RB15000145
    Learn More
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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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