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    5-Unit Strip Center with Parking Title is generated by Realmo AI

    808 3rd Street, Columbus, IN 47201

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    Claim this Listing
    For Sale
    $1,100,000

    Mixed Use - Columbus, IN

    Type:Mixed Use
    Property size:
    6,021 SF
    Lot size:
    0.52 Acres
    Price / SF:
    $182/SF
    Added:
    May 21, 2026
    Days on Market:
    16
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 808 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    Commercial Strip Mall
    Standard status
    Active
    APN
    039524440001500005
    Size
    6,021 SF
    Lot size
    0.52 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1989
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Carrie Abfall
    Carrie Abfall

    Listing agent Carrie Abfall License #RB14022856

    Listing office RE/MAX Real Estate Prof 1st Street, Columbus, IN

    Listing date May 21, 2026

    MLS# 22104221 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully occupied 5‑unit, 6,000 SF strip center built in 1989
    • Located on 3rd Street with approx. 15,000+ vehicles per day (2021 data)
    • MTM leases and current tenant mix includes owner‑operated business plus flexible suites
    • Roof: membrane; HVAC includes forced air with central air
    • Approx. 27 parking spaces, including approx. 15 customer‑facing front spaces, plus side‑street and rear parking
    • Corner‑accessible; about 3 blocks south of downtown Columbus/Washington Street and approx. 0.1 mile west of the Cummins Engine Plant

    Overview

    This fully occupied 5-unit strip center totals approximately 6,000 square feet and is positioned for a range of retail and service uses. The property is laid out to support multiple storefront and office-style suites, with approximately 27 parking spaces, including about 15 customer-facing front spaces. Additional parking is available via side-street and rear areas, helping accommodate tenant and customer needs on busy days.

    Located at 808 3rd Street in Columbus, Indiana, the center sits along a well-established east-to-west corridor with approximately 15,000+ vehicles per day based on 2021 data. The site offers corner accessibility and visibility on 3rd Street, supported by nearby walkable activity, including bus routes 4 and 5. It is reported to be three blocks south of downtown Columbus/Washington Street and approximately 0.1 mile west of the Cummins Engine Plant.

    With an existing tenant mix that includes an owner-operated business and flexible suites, the center is suited for buyers and operators seeking a multi-tenant configuration in a commercial strip mall setting. The asset is described as not located within a flood zone or historic district, which may provide added flexibility for ownership, leasing, and future improvements.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $151.7k $25.20
    − Vacancy −$15.9k −$2.65
    EGI $135.8k $22.55
    − OpEx −$54.3k −$9.02
    NOI $81.5k $13.53
    6,021 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $1.16M
    $1.02M – $1.36M (±1% cap)
    NOI $81,479 @ 7.0% cap · market cap 7.41%
    Second Best
    Specialty Retail
    $1.11M
    $973.4K – $1.30M (±1% cap)
    NOI $77,870 @ 7.0% cap · market cap 7.08%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    PIP Marketing, Signs, ... Marketing & Advertising Snipp It The Salon Cosmetic Store The Nutrition Lounge Cafe & Coffee Shop South Central Indiana ... Medical Clinic Office Pride Commercial Cleaning Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Columbus
    County
    Bartholomew
    State
    Indiana
    Longitude
    -85.915229
    Latitude
    39.201952

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    FAQs

    What type of property is this?
    Strip mall - Fully occupied 5-unit strip center in Columbus with front parking, corner access, and strong street exposure.
    Where is this strip mall located?
    The property is located at 808 3rd Street Columbus, IN.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Fully occupied 5‑unit, 6,000 SF strip center built in 1989; Located on 3rd Street with approx. 15,000+ vehicles per day (2021 data); MTM leases and current tenant mix includes owner‑operated business plus flexible suites
    (812) 372-2200
    We can help!
    Listing Contact
    Carrie Abfall
    Carrie Abfall
    Real Estate License ID: RB14022856
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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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