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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1594 L St Richmond, IN 47374

    • Commercial real estate
    • 1,800 SF
    • 6.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1160415
    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

    • Commercial real estate

    Property Details for 1594 L St

    Lot size
    6.00 lot acres
    Property size
    1,800 SF
    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 1594 NW L Street in Richmond, Indiana, presents a unique investment opportunity. The 6-acre lot offers significant potential for a variety of commercial ventures. The existing structure on the property comprises 1,800 square feet, providing a solid foundation for immediate use or redevelopment. Situated in Wayne County, the property benefits from convenient access to key transportation routes and local amenities. The asking price for this versatile property is $259,500. This represents a compelling value proposition for investors seeking a strategic foothold in the thriving Richmond commercial market. The property's zoning and permitted uses should be independently verified. Detailed site plans and surveys are available upon request. Don't miss this chance to acquire a substantial commercial land parcel with existing building improvements in a desirable Indiana location. The property is zoned for commercial use, offering flexibility for various business types. The 1800 square foot building presents options for immediate occupancy or renovation to suit specific business needs. Serious inquiries are encouraged to explore the full potential of this promising investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.9235134
    Latitude
    39.8441558

    Comparable in this City

    • $129,900
      0.14 Acres

      Prime Richmond Commercial Land

      0.14-Acre Lot, 2,112 SF
      122-126 5Th St, Richmond, IN 47374
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    • $600,000
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      Prime Richmond Commercial Land

      1.34 Acres, $600,000
      408 Commerce Rd, Richmond, IN 47374
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    • $1,500,000

      Prime Richmond Commercial Land

      Exceptional development opportunity in Wayne County.
      911-923 E St, Richmond, IN 47374
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    • $199,900
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      Richmond Commercial Land Opportunity

      1.25-Acre Lot, $199,900
      410 Commerce Rd, Richmond, IN 47374
      View Details
    • $450,000
      0.85 Acres

      Richmond Commercial Land Opportunity

      0.85-acre lot, 5,820 SF building
      406 Commerce Rd, Richmond, IN 47374
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    • $825,000
      40 SF

      40.92 Acres on State Road

      40.92 acres of land for sale on State Road.
      38 Richmond Ave, Richmond, IN 47374
      View Details

    Similar Nearby for Sale

    • $129,900
      0.14 Acres

      Prime Richmond Commercial Land

      0.14-Acre Lot, 2,112 SF
      122-126 5Th St, Richmond, IN 47374
      View Details
    • $600,000
      1.34 Acres

      Prime Richmond Commercial Land

      1.34 Acres, $600,000
      408 Commerce Rd, Richmond, IN 47374
      View Details
    • $1,500,000

      Prime Richmond Commercial Land

      Exceptional development opportunity in Wayne County.
      911-923 E St, Richmond, IN 47374
      View Details
    • $199,900
      1.25 Acres

      Richmond Commercial Land Opportunity

      1.25-Acre Lot, $199,900
      410 Commerce Rd, Richmond, IN 47374
      View Details
    • $450,000
      0.85 Acres

      Richmond Commercial Land Opportunity

      0.85-acre lot, 5,820 SF building
      406 Commerce Rd, Richmond, IN 47374
      View Details
    • $825,000
      40 SF

      40.92 Acres on State Road

      40.92 acres of land for sale on State Road.
      38 Richmond Ave, Richmond, IN 47374
      View Details

    Similar Nearby for Lease

    • $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
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    • Contact for pricing
      44,964 SF

      Richmond Commercial Property

      Multi-use building, high traffic area
      1175 A St, Richmond, IN 47374
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    • $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
    • $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
    • $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
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    1594 L St
    Richmond, IN 47374
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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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