Building Details

Tenancy Single

Listing Agency: CIRE Partners

Listed By: Andrew Slade · License #CA 01746250

Source: Crexi

Added: Mar 26 Changed: Oct 15 Last Checked: Oct 14 at 8:22PM

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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 CIRE Partners

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Investment Insights

Based on property information with market context.

This single-tenant bank property contains 14,074 square feet and is located in Indiana. The existing lease runs through 2029, providing a defined remaining term for the next owner.

The lease also includes four five-year extension options, with annual rent increases scheduled during the remaining initial term and option periods. The property is situated at 407 S Main St in Clinton, Indiana, within the 47842 ZIP code.

Key Highlights

• 14,074‑square‑foot single‑tenant bank property
• Lease term extends through 2029
• Four five‑year renewal options

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$134,741

Cap Rate

4.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,694,820 $2.7M

Cap Rate 7%

$1,924,871 $1.9M

Cap Rate 9%

$1,497,122 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,074 SF

Gross rent

$194.2K $13.80/SF

− Vacancy

−$14.6K −$1.04/SF

EGI

$179.7K $12.77/SF

− OpEx

−$44.9K −$3.19/SF

NOI

$134.7K $9.57/SF

Area

Vermillion County, IN

Vacancy

7.50%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,694,820

Cap Rate 7%

$1,924,871

Cap Rate 9%

$1,497,122

Alternative Uses

Best Use

Specialty Retail

$1.92M

$1.68M – $2.25M (±1% cap)

NOI $134,741 @ 7.0% cap · market cap 4.86%

Second Best

Retail

$1.71M

$1.50M – $1.99M (±1% cap)

NOI $119,640 @ 7.0% cap · market cap 4.32%

Theoretical Best

Office A

$2.49M

$2.18M – $2.90M (±1% cap)

NOI $174,292 @ 7.0% cap · market cap 6.29%

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

Property Analytics

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Current Use

Banks

Suggested Use

Top Pick Building Supply Real Estate Agency Big Box & Wholesale Store Auto Parts Store Grocery & Convenience Store HVAC 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.

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Explore this area Business Placement

Demographics for 47842, IN

9,790

Population

4,460

Households

2.2

Avg Household Size

43

Median Age

19%

College-Educated

92%

High-School Grad

72.6 sq mi

ZIP Area

135

Density / Sq Mi

$54,181

Median Household Income

$38,564

Median Earnings

$800

Median Rent

$114,100

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?

Bank - Single-tenant bank building with a lease extending through 2029 and additional renewal options.

Where is this bank located?

The property is located at 407 S Main St Clinton, IN.

What is the asking price?

The asking price for this property is $2,771,000.

What are key features of this property?

This property features: 14,074‑square‑foot single‑tenant bank property; Lease term extends through 2029; Four five‑year renewal options