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    600 Main St Richmond, IN 47374

    Sponsored
    For Sale
    $1,400,000

    Prime Office Space, High Cap Rate

    Property size:
    34,096 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Class A office building, located at 600 E Main St in Richmond, Indiana (47374), presents a compelling investment opportunity. Boasting 34,096 square feet across four stories, this meticulously maintained property underwent a complete renovation in 2023, featuring new elevators, carpeting, and fresh paint throughout. The building is currently vacant, offering immediate occupancy for an owner/user or the potential for leasing to credit-rated tenants. With a net lease structure and a compelling asking price of $1,400,000 ($41.06/sq ft), this property offers a strong 12.75% cap rate. Constructed in 1924 and situated in a revitalizing downtown area, this strategically located asset benefits from a planned revitalization grant, including the construction of new apartments directly across the street. The property is zoned C1 and offers significant potential for growth within a thriving community. This is a rare chance to acquire a turnkey, energy-efficient office building in a rapidly developing downtown location.

    Property Features for 600 Main St

    General Information

    Property type
    Medical offices
    Square Feet
    34,096 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1924/2023
    Buildings
    1
    Stories
    4

    HighLights

    • Class A, 34,096 SF office building at 600 E Main St, Richmond, IN (47374).
    • Completely renovated in 2023 with new elevators, carpeting, and paint.
    • Currently vacant, offering immediate occupancy; $1,400,000 asking price ($41.06/SF), 12.75% cap rate, net lease structure.
    • Located in revitalizing downtown area with planned revitalization grant and new apartment construction nearby.
    • C1 zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Consulting Psychologists Anxty: ... Psychologist Patient Financial Services Medical Billing Service

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.89397061434
    Latitude
    39.829363655887

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    FAQs

    What type of property is this?
    Medical office - Prime Office Space, High Cap Rate
    Where is this medical office located?
    The property is located at 600 Main St Richmond, IN.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: Class A, 34,096 SF office building at 600 E Main St, Richmond, IN (47374).; Completely renovated in 2023 with new elevators, carpeting, and paint.; Currently vacant, offering immediate occupancy; $1,400,000 asking price ($41.06/SF), 12.75% cap rate, net lease structure.
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    600 Main St Richmond, IN 47374
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    Richmond, IN 47374
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    Realmo Value Estimation

    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.

    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.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    600 Main St Richmond, IN 47374
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