Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    923 E St Richmond, IN 47374

    • Specialty properties
    • 67,275 SF
    For Sale
    View listing
    $1,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Arlington Party Rental / Party Supply Store / Rental Equipment Company
    • InCONCERT / Charitable Organization / Social Service Agency
    • Richmond Hardware / Building Supply / Hardware & Home Improvement
    • Depot District Market / Grocery & Convenience Store / Food Market
    • 4th Floor Blues Club / Hotel & Motel / Resort

    Property Details for 923 E St

    Property size
    67,275 SF
    Property type
    Specialty properties
    Property subtype
    Retail properties

    Description

    This iconic three-story, 67,275 square foot mixed-use building in Richmond, Indiana's Main Street business district presents a unique investment opportunity. Located at 923 N E St, 47374, this Class C property boasts high visibility and benefits from significant pedestrian and vehicular traffic. The building, renovated in 2020, currently houses successful operating businesses. Features include a 12-foot ceiling height and ample parking with 35 spaces. The property's strategic location within the bustling commercial core ensures strong tenant demand and potential for significant returns. This single building offers a rare chance to acquire a substantial, established property in a thriving Indiana market. The building's size and diverse use potential make it ideal for a variety of investment strategies. Its prime location and existing businesses provide immediate cash flow, while the substantial square footage allows for future expansion or redevelopment. This is a truly exceptional opportunity to own a piece of Richmond's vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.8896
    Latitude
    39.834

    Comparable in this City

    • Value Estimation by Request
      6,332 SF

      3988 State Road 227

      Schools • 6,332 SF
      3988 State Road 227, Richmond, IN 47374
      View Details
    • Value Estimation by Request
      5,857 SF

      1500 E St

      Restaurants • 5,857 SF
      1500 E St, Richmond, IN 47374
      View Details
    • Value Estimation by Request
      2.10 Acres

      408 Commerce Rd

      Lifestyle centers • 2.10 Acres
      408 Commerce Rd, Richmond, IN 47374
      View Details
    • Value Estimation by Request
      2.48 Acres

      Commerce Rd

      Individual retail properties • 2.48 Acres
      0 Commerce Rd, Richmond, IN 47374
      View Details
    • Value Estimation by Request
      2,180 SF

      4360 National Rd

      Restaurants • 2,180 SF
      4360 National Rd, Richmond, IN 47374
      View Details
    • Value Estimation by Request
      2,350 SF

      2511 Chester Blvd

      Restaurants • 2,350 SF
      2511 Chester Blvd, Richmond, IN 47374
      View Details

    Similar Nearby for Sale

    • $1,500,000
      67,275 SF

      Prime Richmond Mixed-Use Investment

      Iconic 67,275 SF building, high visibility.
      923 E St, Richmond, IN 47374
      View Details
    • $499,000
      2,859 SF

      High-Traffic Richmond Mixed-Use

      Prime corner location, 2,859 SF, 100% occupied.
      900 A St, Richmond, IN 47374
      View Details
    • $960,000
      5,857 SF

      Generations Grill: Richmond, IN

      Established Bar & Restaurant, Turnkey Opportunity
      1500 E St, Richmond, IN 47374
      View Details
    • $600,000
      2.10 Acres

      Richmond Retail Investment Opportunity

      Prime I-70/US 40 location, vacant, build-to-suit potential.
      408 Commerce Rd, Richmond, IN 47374
      View Details
    • $450,000
      5,820 SF

      Prime Richmond Storefront

      5,820 SF Vacant Retail Space, I-70 Access
      406 Commerce Rd, Richmond, IN 47374
      View Details
    • $129,900
      2,112 SF

      Richmond Retail Center Investment

      Prime Retail/Office Space, High Visibility
      122 5Th St, Richmond, IN 47374
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,658 SF

      Retail or Restaurant Space Available

      New retail or restaurant spaces for lease near Earlham College.
      515-535 W National Rd, Richmond, IN 47374
      View Details
    • $9 SF/Yr
      2,112 SF

      Richmond Office Space - High Visibility

      Prime West Side location; flexible office/retail space.
      122 5Th St, Richmond, IN 47374
      View Details
    • Contact for pricing
      44,964 SF

      Richmond Commercial Property

      Multi-use building, high traffic area
      1175 A St, Richmond, IN 47374
      View Details
    • Contact for pricing
      2,534 SF

      Retail Space on National Road

      Retail space for lease near downtown Richmond and Earlham College.
      216 W National Rd, Richmond, IN 47374
      View Details
    • $6 SF/Yr
      5,820 SF

      Richmond Industrial Space - 5820 SF

      Versatile warehouse/office near I-70 & US 40.
      406 Commerce Rd, Richmond, IN 47374
      View Details
    • $10 SF/Yr
      6,156 SF

      Downtown Richmond Office Space Available

      Versatile two-story building in downtown Richmond with parking.
      36 S 9Th St, Richmond, IN 47374
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    923 E St
    Richmond, IN 47374
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.