Building Details

Year Built 1989

Tenancy Multi

Listing Agency: Patton Hall Real Estate Show Phone

Listed By: Patton Hall Show Phone

Source: Pattonhall

Added: Jul 20 Changed: Oct 13 Last Checked: Oct 12 at 8:09PM

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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 Patton Hall Real Estate

Investment Insights

Based on property information with market context.

Located at 8098 N State Road 23 Road in Walkerton, Indiana, this 3,478-square-foot mixed-use property was built in 1989. The asset includes a leased commercial storefront with a new furnace and A/C, along with two remodeled one-bedroom, one-bath residences. One residence has an attached garage, while the other includes off-street parking.

A 12' x 20' storage shed provides an additional rented component. The property also includes a large yard and is situated minutes from Koontz Lake, combining commercial, residential, and storage uses within one income-producing asset.

Key Highlights

• 3,478 SF mixed‑use property built in 1989
• Leased commercial storefront with new furnace and A/C
• Two remodeled 1 bed/1 bath homes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,654

Cap Rate

8.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$533,080 $533.1K

Cap Rate 7%

$380,771 $380.8K

Cap Rate 9%

$296,156 $296.2K

Market Conditions

NOI Build-Up for 3,478 SF

Gross rent

$54.7K $15.72/SF

− Vacancy

−$12.0K −$3.46/SF

EGI

$42.6K $12.26/SF

− OpEx

−$16.0K −$4.60/SF

NOI

$26.7K $7.66/SF

Area

St. Joseph County, IN

Vacancy

22.00%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$533,080

Cap Rate 7%

$380,771

Cap Rate 9%

$296,156

Alternative Uses

Best Use

Retail

$689.7K

$603.5K – $804.6K (±1% cap)

NOI $48,278 @ 7.0% cap · market cap 14.63%

Second Best

Multifamily LT 5

$437.7K

$383.0K – $510.6K (±1% cap)

NOI $30,637 @ 7.0% cap · market cap 9.28%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Auto Repair Shop Big Box & Wholesale Store Storage Facility Restaurant Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

38

Businesses Nearby

Explore this area Business Placement

Demographics for 46574, IN

8,377

Population

3,952

Households

2.1

Avg Household Size

42

Median Age

18%

College-Educated

92%

High-School Grad

97.5 sq mi

ZIP Area

86

Density / Sq Mi

$73,950

Median Household Income

$40,731

Median Earnings

$839

Median Rent

$167,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Leased retail space combines with two remodeled one-bedroom residences and an additional rented storage building.

Where is this mixed-use property located?

The property is located at 8098 N State Road 23 Road Walkerton, IN.

What is the asking price?

The asking price for this property is $330,000.

What are key features of this property?

This property features: 3,478 SF mixed‑use property built in 1989; Leased commercial storefront with new furnace and A/C; Two remodeled 1 bed/1 bath homes