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    Prime Commercial Building in Downtown Title is generated by Realmo AI

    8647 W College Street, French Lick, IN 47432

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    For Sale
    $249,000

    Commercial Land - French Lick, IN

    Property size:
    12,500 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $19/SF
    Added:
    Jan 30, 2025
    Days on Market:
    481
    Last Refresh:
    May 26 at 4:06 pm

    Property Features for 8647 W College Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Exterior features
    Storm Sewers, Street Lights, Underground Service, Sidewalks, Other Buildings
    Standard status
    Active
    APN
    59-12-03-310-001.001-002
    Size
    12,500 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6000

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    RANDY CHAPLIN

    Listing agent RANDY CHAPLIN

    Listing office Brooks Galloway Real Estate 8481 W. College Street, French Lick, IN

    Listing date Jan 30, 2025

    MLS# 202502836 Listing URL

    Copyright © 2026 Bedford Board 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

    • Prime commercial building in downtown French Lick with high visibility
    • Potential for mixed‑use development (retail, housing, boutique hotel)
    • Large building: 12,500+ sq ft with 3 stories above grade plus a full unfinished basement
    • Includes an elevator shaft
    • Recent updates: Main level furnace replaced this year, most windows replaced, rubber roof approximately 15 years old
    • Off‑street parking available

    Overview

    Located in downtown French Lick, Indiana, this commercial building at the corner of Maple and College Streets offers a prime opportunity for mixed-use development. Known as the "Ritter Building," this landmark property has a history of diverse uses, including a furniture store, mortuary, antique mall, doctor's office, and café. The building spans over 12,500 square feet with dimensions of 46'x100', featuring three stories above grade and a full unfinished basement. The main level is currently configured as retail space, while the back section includes a split-level entry previously used as a doctor's office. An elevator shaft is present. The rubber roof is approximately 15 years old, and most windows have been replaced. The main level furnace was replaced this year. The second level floor in the front section could be removed to create an atrium, suitable for uses such as a brewery. The property is situated on a 46'x145' lot, offering both off-street and on-street parking. The location is ideal for housing, retail, a boutique hotel, and the possibility of obtaining a liquor license. The adjoining lot is also for sale, and if separately owned, a mutual easement for access would be established.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Nail Salon Building Supply Accounting Firm Auto Repair Shop Daycare Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    French Lick
    County
    Orange
    State
    Indiana
    Longitude
    -86.620207
    Latitude
    38.548684

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    FAQs

    What type of property is this?
    Mixed-use property - Visible commercial building in downtown French Lick, Indiana.
    Where is this mixed-use property located?
    The property is located at 8647 W College Street French Lick, IN.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: Prime commercial building in downtown French Lick with high visibility; Potential for mixed‑use development (retail, housing, boutique hotel); Large building: **12,500+ sq ft with 3 stories above grade plus a full unfinished basement**
    (812) 797-9302
    We can help!
    Listing Contact
    RANDY CHAPLIN
    Request Owner's contact information
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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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