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    1305 Main St Mitchell, IN 47446

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    1305 Main St Mitchell, IN 47446

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    • Lifestyle centers
    • 29,434 SF
    • 2.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1305 Main St

    Lot size
    2.00 lot acres
    Property size
    29,434 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional 29,434 square foot shopping center presents a compelling owner/user or redevelopment investment opportunity in Mitchell, Indiana. Located on a highly visible 2-acre lot at 1305 W Main St, this single-story, multi-tenant property boasts three units within one building. Currently, 60% occupied with a remaining lease term of 5 years on existing tenants, this NNN-leased property offers significant upside potential. Two suites are currently leased, leaving one vacant unit available for immediate occupancy. This space, previously a grocery store, features a convenient loading dock at the rear. The property's commercial zoning allows for a variety of uses, making it ideal for both established businesses and new ventures. The asking price is $1,800,000. The property's prime location on Mitchell's bustling Main Street ensures high visibility and accessibility, attracting a steady stream of potential customers. This is a rare chance to acquire a well-situated retail property in a growing Indiana market. The property's existing infrastructure and strategic location provide a solid foundation for future growth and profitability. Serious inquiries are encouraged. The property's zip code is 47446.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mitchell
    County
    Lawrence
    State
    Indiana
    Longitude
    -86.5199
    Latitude
    38.748

    Comparable in this City

    • Value Estimation by Request
      4,600 SF

      12 Wilkens Way

      SHOPPING CENTER, STRIP CENTER • 4,600 SF
      12 Wilkens Way, Mitchell, IN 47446
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    • Value Estimation by Request
      6,276 SF

      1550 Wilkins Way

      SHOPPING CENTER, STRIP CENTER • 6,276 SF
      1550 Wilkins Way, Mitchell, IN 47446-7557
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    • Value Estimation
      $1,080,000
      35,632 SF

      805 Teke Burton Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 35,632 SF
      805 Teke Burton Dr, Mitchell, IN 47446-5395
      View Details
    • Value Estimation by Request
      1.13 Acres

      120 Teke Burton Dr

      PARKING LOT • 1.13 Acres
      120 Teke Burton Dr, Mitchell, IN 47446-1200
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    • Value Estimation by Request
      1.09 Acres

      3153 Fleenor Rd

      PARKING LOT • 1.09 Acres
      3153 Fleenor Rd, Mitchell, IN 47446-8063
      View Details
    • Value Estimation by Request
      0.37 Acres

      405 Grissom Ave

      AUTO REPAIR, GARAGE • 0.37 Acres
      405 Grissom Ave, Mitchell, IN 47446-1831
      View Details

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    Mitchell, IN 47446
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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.

    More about this property
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