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    623 W National Avenue, Brazil, IN 47834

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    For Lease
    $1,000/Mo $15 SF/Yr (calc)

    SINGLE_FAMILY - Brazil, IN

    Type:Office
    Property size:
    780 SF
    Added:
    Jan 14, 2026
    Days on Market:
    133
    Last Refresh:
    May 27 at 10:06 pm

    Property Features for 623 W National Avenue

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    Commercial
    Standard status
    Active
    APN
    11-02-36-300-220.000-002
    Size
    780 SF

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    We can help!

    Listing Contact
    Laura Hudson
    Laura Hudson

    Listing agent Laura Hudson

    Listing office KEY REAL ESTATE INDIANA 6800 W CENTRAL AVE. SUITE B, TOLEDO, IN

    Listing date Jan 14, 2026

    MLS# 108381

    Copyright © 2026 Terre Haute Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Flexible 780 sq ft space suitable for various permitted uses.
    • Landlord pays all utilities, maintenance, and building insurance.
    • Convenient location on a main thoroughfare with good visibility and easy access.
    • Includes a fenced yard.
    • Central Air conditioning.
    • Available for purchase (see separate listing).

    Overview

    Available for lease is a 780 square foot commercial space located at 623 W National Ave in Brazil. The space, previously used as a day care, features a flexible layout and includes a fenced yard, making it suitable for a variety of permitted uses. The property is conveniently located along a main thoroughfare, offering good visibility and easy access. The landlord covers all utilities, as well as maintenance and insurance on the building. The tenant is responsible for their own liability and business insurance and will pay the property taxes with the monthly payment, which are currently $194.44 per month. The property is also available for purchase under a separate listing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency 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.

    Location Insight

    • Map
    • Local Demand
    City
    Brazil
    County
    Clay
    State
    Indiana
    Longitude
    -87.135249
    Latitude
    39.521546

    Nearby Similar for Lease

    • $243 SF/Yr

      Dollar General

      New Dollar General store in Brazil, Indiana, opening February 2025.
      TBD South Chicago Ave / Jackson St, Brazil, IN 47834
      View Details
    • $243 SF/Yr

      Dollar General

      New Dollar General store in Brazil, Indiana, opening February 2025.
      TBD South Chicago Ave / Jackson St, Brazil, IN 47834
      View Details
    • Contact for pricing
      2,185 SF

      Retail Space in Prime Location

      Retail spaces available in high-traffic area near Kroger.
      631 E National Ave, Brazil, IN
      View Details

    FAQs

    What type of property is this?
    Office units - 780 SF commercial space with fenced yard for lease.
    Where is this office units located?
    The property is located at 623 W National Avenue Brazil, IN.
    What is the lease rate?
    The lease rate is $1,000 /Mo.
    What are key features of this property?
    This property features: Flexible 780 sq ft space suitable for various permitted uses.; Landlord pays all utilities, maintenance, and building insurance.; Convenient location on a main thoroughfare with good visibility and easy access.
    (812) 208-4964
    We can help!
    Listing Contact
    Laura Hudson
    Laura Hudson
    Request Owner's contact information
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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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