Mixed-Use Commercial
New
For Sale
$925,000
848 W Johnson Drive, Terre Haute, IN 47802
SINGLE_FAMILY - Terre Haute, IN
Property Size15,431 SF
Lot Size2.00 Acres
Price / SF$59.94
Days on Market2
Property Features for 848 W Johnson Drive
General Information
Property type
Residential
Property subtype
Retail
Zoning
C-2
Interior features
Carpeting, Restroom(s), Inventory, Rec. Facility, Inside Storage, Living Space, Handicap Access, Handicap Restroom
Accessibility
Accessible Approach with Ramp
Subdivision
Vigo County
Standard status
Active
APN
84-09-05-400-021.000-004
Lot size
2.00 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Floors in Building
1
Additional Structures
Storage
Listing Agency:
Berkshire Hathaway HomeServices Newlin-Miller REALTORS(R) · Prudential Real Estate
(812) 478-1900
Listed By:
Andrew Southard · License #RB16001137
(812) 249-6623
Added: Aug 7
Last Checked: Aug 8 at 10:06PM
MLS# 110143
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.
Investment Insights
Based on property information with market context.
Built in 2005, this 15,431 SF metal-frame commercial building combines business, rental, residential, and storage components. Approximately 9,100 SF is configured for the included Lazer Tag entertainment operation, with carpeting, restrooms, inventory, recreational facilities, interior storage, and handicap-accessible features. The property also contains a leased Paw Spa, a 1-bedroom/2-bath residential unit, an owner-occupied insurance office, a vacant commercial suite, and miscellaneous storage space.
The 2-acre property is located at 848 W Johnson Drive in Terre Haute, Indiana, and carries C-2 zoning. Building systems include electric heating and central air, with an accessible approach ramp and handicap restroom. The combination of an operating business, occupied spaces, residential accommodations, and additional commercial area creates a varied property configuration for qualified buyers.
The 2-acre property is located at 848 W Johnson Drive in Terre Haute, Indiana, and carries C-2 zoning. Building systems include electric heating and central air, with an accessible approach ramp and handicap restroom. The combination of an operating business, occupied spaces, residential accommodations, and additional commercial area creates a varied property configuration for qualified buyers.
Key Highlights
- 15,431 SF mixed‑use commercial building on 2 acres
- Approximately 9,100 SF configured for the included Lazer Tag operation
- Leased Paw Spa, owner‑occupied insurance office, and vacant commercial suite
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
$68,114
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
7.36%
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%
$1,362,280
$1.4M
Cap Rate 7%
$973,057
$973.1K
Cap Rate 9%
$756,822
$756.8K
Market Conditions
NOI Build-Up for 15,431 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
$140.7K $9.12/SF
− Vacancy
−$16.9K −$1.09/SF
EGI
$123.8K $8.03/SF
− OpEx
−$55.7K −$3.61/SF
NOI
$68.1K $4.41/SF
Area
Vigo County, IN
Vacancy
12.00%
Lease Rate
$9.12 /SF/Yr
Expense Ratio
45.00%
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%
$1,362,280
Cap Rate 7%
$973,057
Cap Rate 9%
$756,822
Alternative Uses
Best Use
Retail
$3.26M
$2.85M – $3.80M
NOI $227,954 @ 7.0% cap · market cap 24.64%
Second Best
Office B
$2.23M
$1.95M – $2.60M
NOI $155,989 @ 7.0% cap · market cap 16.86%
Theoretical Best
Warehouse
$11.14M
$9.75M – $13.00M
NOI $779,734 @ 7.0% cap · market cap 84.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 47802, IN
34,229
Population
14,682
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
158.8 sq mi
ZIP Area
216
Density / Sq Mi
$58,880
Median Household Income
$36,457
Median Earnings
$865
Median Rent
$165,800
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Includes an established entertainment business, rental space, residential quarters, and additional commercial suites.
Where is this mixed-use property located?
The property is located at 848 W Johnson Drive Terre Haute, IN.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 15,431 SF mixed‑use commercial building on 2 acres; Approximately 9,100 SF configured for the included Lazer Tag operation; Leased Paw Spa, owner‑occupied insurance office, and vacant commercial suite
