Building Details

Tenancy Single

Listing Agency: CIRE Partners

Listed By: Andrew Slade · License #CA 01746250

Source: Crexi

Added: Mar 26 Changed: Aug 30 Last Checked: Aug 30 at 10:07PM

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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

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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$134,741

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.86%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$2,694,820 $2.7M

Cap Rate 7%

$1,924,871 $1.9M

Cap Rate 9%

$1,497,122 $1.5M

Market Conditions

NOI Build-Up for 14,074 SF 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.

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 rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

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.

Property Analytics

Property Profile

Current Use

Banks

Suggested Use

Top Pick Storage Facility Law Firm

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

Questions? Ask Rey

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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