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    Retail Building on US 24 Title is generated by Realmo AI

    706 W Broadway Street, Monticello, IN 47960

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    For Lease
    $1,785/Mo $7 SF/Yr (calc)

    Retail - Monticello, IN

    Type:Retail
    Property size:
    3,014 SF
    Lot size:
    0.60 Acres
    Added:
    May 9, 2026
    Days on Market:
    4
    Last Refresh:
    May 12 at 2:06 am

    Property Features for 706 W Broadway Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Rooms
    Office
    Interior features
    Concrete, Other
    Standard status
    Active
    APN
    91-73-33-000-034.300-021
    Size
    3,014 SF
    Lot size
    0.60 Acres

    Utilities

    Heating system
    Other (Heating)
    Cooling system
    Other (Cooling)

    Building Details

    Year built
    1952
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Block, Concrete
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Gregory Vogel II, Gri
    Gregory Vogel II, Gri

    Listing agent Gregory Vogel II, Gri

    Listing office VOGEL REAL ESTATE 1001 N MAIN, Monticello, IN

    Listing date May 9, 2026

    MLS# 202617456 Listing URL

    Copyright © 2026 White County 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

    • High‑traffic location on US 24/W. Broadway
    • B‑2 Business zoning
    • Estimated 140+' highway frontage
    • Mixture of garage, office, and retail space
    • Large gravel parking lots
    • City utilities

    Overview

    This building, located on US 24/W. Broadway in Monticello, IN, is available for lease. It features an estimated 140+ feet of highway frontage and large gravel parking lots. The property is zoned B-2 Business and situated in an area with high traffic count, two buildings east of McDonald's and across from the Middle School. City utilities are available. The building offers a mix of spaces, including garage space with overhead doors, a 20x12 finished/partitioned office, and 24x23 retail areas in the front. The back section includes a 10x10 overhead door, a 12x12 office, and a separate bathroom. The property is available for $7.00 per square foot on a GBA Triple Net Lease. The building size is 3014 square feet and the lot size is 0.6 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Monticello
    County
    White
    State
    Indiana
    Longitude
    -86.7714467
    Latitude
    40.7451455

    Nearby Similar for Lease

    • $2,500/Mo

      Monticello Restaurant/Bar Opportunity

      4,260 SF restaurant/bar space available for rent in Monticello.
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      View Details
    • $2,000/Mo

      Downtown Monticello Office Space

      1,827 SF office space for rent in Monticello.
      116 Constitution Plaza, Monticello, IN 47960
      View Details
    • Contact for pricing

      Retail Space on Broadway Street

      1,642 SF retail space in established Monticello strip center.
      1110 W Broadway St, Monticello, IN 47960
      View Details
    • $18 SF/Yr

      Downtown Retail & Office Space

      Retail and office space in downtown Lafayette with prime frontage.
      623 S Main ST, Monticello, IN
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail building for lease with highway frontage and parking.
    Where is this retail space located?
    The property is located at 706 W Broadway Street Monticello, IN.
    What is the lease rate?
    The lease rate is $1,785 /Mo.
    What are key features of this property?
    This property features: High‑traffic location on US 24/W. Broadway; B‑2 Business zoning; Estimated 140+' highway frontage
    (574) 808-0335
    We can help!
    Listing Contact
    Gregory Vogel II, Gri
    Gregory Vogel II, Gri
    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.

    More about this property
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