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    Property profile & analytics

    1500 Main St Richmond, IN 47374-4321

    • Retail space
    • 4,032 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    5%
    Retail space
    Location Intelligence
    Property ID
    US31-1969622
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Penn Station East Coast Subs / Sandwich Shop / American Restaurant

    Property Details for 1500 Main St

    Year built
    1973
    Construction
    CONCRETE
    Lot size
    0.38 lot acres
    Property size
    4,032 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    89-16-33-340-705.000-030
    APU
    891633340705000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $395,000
      6.5%
      $365,000
      7%
      $340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $258,000
      Market price range: $83.0k - $258k
      AI Estimate
      $409,000
      Market price range: $140k - $410k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.8814
    Latitude
    39.8299
    CBSA code
    39980
    CBSA name
    RICHMOND, IN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $14,166
    $64,300
    $403,300
    $467,600
    -
    $64,300
    $403,300
    $467,600

    Comparable in this City

    • Value Estimation
      $255,000
      7,997 SF

      1236 Main St

      RETAIL STORES (PERSONAL SERVICES) • 7,997 SF
      1236 Main St, Richmond, IN 47374-4306
      View Details
    • Value Estimation
      $260,000
      4,400 SF

      1036 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,400 SF
      1036 Main St, Richmond, IN 47374-4314
      View Details
    • Value Estimation
      $260,000
      3,100 SF

      216 8th St

      RETAIL STORES (PERSONAL SERVICES) • 3,100 SF
      216 8th St, Richmond, IN 47374-5446
      View Details
    • Value Estimation
      $265,000
      1,600 SF

      2905 Us Hwy 35th N

      RETAIL STORES (PERSONAL SERVICES) • 1,600 SF
      2905 Us Hwy 35th N, Richmond, IN 47374-9707
      View Details
    • Value Estimation
      $250,000
      1,538 SF

      519 5th St

      RETAIL STORES (PERSONAL SERVICES) • 1,538 SF
      519 5th St, Richmond, IN 47374-2971
      View Details
    • Value Estimation
      $250,000
      336 SF

      744 5th St

      RETAIL STORES (PERSONAL SERVICES) • 336 SF
      744 5th St, Richmond, IN 47374-6162
      View Details

    Similar Nearby for Sale

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      Remodeled Commercial Building For Sale

      Completely remodeled commercial building with new HVAC in 2025.
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      Prime Richmond Storefront

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      Richmond Retail Center Investment

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      Prime Richmond Mixed-Use Investment

      Iconic 67,275 SF building, high visibility.
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    • $259,900
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      Mixed-Use Investment Opportunity

      Versatile property with commercial space and apartments in prime location.
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    • $700,000
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      Downtown Richmond Shoe Store

      Established 77-year-old shoe store
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    Similar Nearby for Lease

    • $35 SF/Yr
      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
    • $30 SF/Yr
      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
    • $15 SF/Yr
      2,049 SF

      Eastside Plaza Retail Space

      Retail space available in Eastside Plaza Shopping Center.
      3300 E Main St, 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
    • $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
    • $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

    Property Visit Statistics

    • Visits by month
      3.6k
    • Visitors by month
      2.4k
    • Avg Time on site
      10 min
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    1500 Main St
    Richmond, IN 47374-4321
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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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