5-Unit Strip
For Sale
$1,100,000
808 3rd Street, Columbus, IN 47201
Commercial Sale, Columbus, IN
Property Size6,000 SF
Lot Size0.52 Acres
Price / SF$183.33
Days on Market104
Property Features for 808 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial Strip Mall
Elementary school district
Bartholomew Con School Corp
Middle school district
Bartholomew Con School Corp
High school district
Bartholomew Con School Corp
Directions
GPS Friendly
Subdivision
314 - Bartholomew - Columbus West
Standard status
Active
APN
039524440001500005
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lot A - Sycamore Green Mp 095.0000003.0000
Legal Description
Lot A - Sycamore Green Mp 095.0000003.0000
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Roof type
Membrane
Listing Agency:
RE/MAX Real Estate Prof · RE/MAX International
(812) 372-2200
Listed By:
Carrie Abfall · License #RB14022856
(812) 372-2200
Added: May 21
Changed: Sep 1
Last Checked: Sep 1 at 9:06PM
MLS# 22104221
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit commercial center contains approximately 6,000 SF and was built in 1989. The property is fully occupied with month-to-month leases and includes an established owner-operated business alongside additional suites. Building systems include forced-air heating, central air conditioning, and a membrane roof. Approximately 27 parking spaces serve the center, including about 15 customer-facing spaces at the front, with additional parking along the side street and behind the building.
The property occupies a 0.52-acre site at 808 3rd Street in Columbus, Indiana, along a corridor carrying approximately 15,000+ vehicles per day based on 2021 data. Bus routes 4 and 5 add nearby pedestrian access. The center is three blocks south of downtown Columbus and approximately 0.1 mile west of the Cummins Engine Plant. It is outside a flood zone and historic district, and the zoning is identified as Commercial Strip Mall.
The property occupies a 0.52-acre site at 808 3rd Street in Columbus, Indiana, along a corridor carrying approximately 15,000+ vehicles per day based on 2021 data. Bus routes 4 and 5 add nearby pedestrian access. The center is three blocks south of downtown Columbus and approximately 0.1 mile west of the Cummins Engine Plant. It is outside a flood zone and historic district, and the zoning is identified as Commercial Strip Mall.
Key Highlights
- 5‑unit center with approximately 6,000 SF
- Fully occupied with month‑to‑month leases
- Approximately 27 parking spaces, including about 15 front customer spaces
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
$38,342
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
3.49%
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%
$766,840
$766.8K
Cap Rate 7%
$547,743
$547.7K
Cap Rate 9%
$426,022
$426.0K
Market Conditions
NOI Build-Up for 6,000 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
$61.2K $10.20/SF
− Vacancy
−$6.4K −$1.07/SF
EGI
$54.8K $9.13/SF
− OpEx
−$16.4K −$2.74/SF
NOI
$38.3K $6.39/SF
Area
Bartholomew County, IN
Vacancy
10.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$766,840
Cap Rate 7%
$547,743
Cap Rate 9%
$426,022
Alternative Uses
Best Use
Retail
$547.7K
$479.3K – $639.0K
NOI $38,342 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.16M
$1.01M – $1.35M
NOI $81,194 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied commercial property with flexible suites, central air, and convenient customer parking near downtown Columbus.
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: 5‑unit center with approximately 6,000 SF; Fully occupied with month‑to‑month leases; Approximately 27 parking spaces, including about 15 front customer spaces
