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

    1600 Springhill Dr Terre Haute, IN 47802-4363

    • Medical offices
    • 4,114 SF
    • 0.56 lot acres
    OFF-MARKET
    Last Sale
    May 08, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2259975
    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

    • Union Hospital Medical Group / Dental Office
    • Good Look Ink / Hair Salon
    • Randall Lee Oliver / Physician

    Property Details for 1600 Springhill Dr

    Year built
    2009
    Construction
    WOOD
    Lot size
    0.56 lot acres
    Property size
    4,114 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    84-09-10-276-001.000-004
    APU
    840910276001000004

    Description

    This exceptional Terre Haute commercial property, located at 1600 E Springhill Drive, Vigo County, IN 47802, presents a unique investment opportunity. The 4,034 square foot office building sits on a spacious 24,393 square foot lot and is ideally suited for a variety of businesses. Recent upgrades significantly enhance its value and functionality. A newly installed HVAC system ensures efficient climate control, while a modern security system with new cameras prioritizes safety and security. The interior boasts a thoughtfully designed layout, including six exam rooms (one equipped for radiation), suggesting potential for a healthcare practice. Employee and visitor comfort is maximized with two breakrooms, multiple waiting rooms, and ample bathrooms. Additional features include a full bathroom and kitchen on the second floor, offering versatility and convenience. Parking is abundant with a two-car garage and 23 additional parking spaces. Reliable internet connectivity is provided by Joink Internet. Recent improvements also include brand new carpeting throughout and a recently resealed parking lot. This well-maintained property offers a combination of functionality, comfort, and security, making it an attractive investment opportunity in a desirable location.

    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
    Terre Haute
    County
    Vigo
    State
    Indiana
    Longitude
    -87.3927
    Latitude
    39.4127
    CBSA code
    45460
    CBSA name
    TERRE HAUTE, IN METROPOLITAN 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
    2023
    $12,534
    $64,600
    $400,200
    $464,800
    -
    $64,600
    $400,200
    $464,800

    Comparable in this City

    • Value Estimation
      $500,000
      5,030 SF

      3464 4th St

      MEDICAL BUILDING • 5,030 SF
      3464 4th St, Terre Haute, IN 47802-4168
      View Details
    • Value Estimation
      $2,365,000
      34,219 SF

      1400 Xing Blvd

      MEDICAL BUILDING • 34,219 SF
      1400 Xing Blvd, Terre Haute, IN 47802-5316
      View Details
    • Value Estimation by Request
      4,872 SF

      2499 Margaret Dr

      MEDICAL BUILDING • 4,872 SF
      2499 Margaret Dr, Terre Haute, IN 47802-3342
      View Details
    • Value Estimation by Request
      2,912 SF

      300 College Ave

      MEDICAL BUILDING • 2,912 SF
      300 College Ave, Terre Haute, IN 47802-1031
      View Details
    • Value Estimation by Request
      3,600 SF

      1310 Davis Dr

      MEDICAL BUILDING • 3,600 SF
      1310 Davis Dr, Terre Haute, IN 47802-4034
      View Details
    • Value Estimation by Request
      4,046 SF

      315 Davis Dr

      MEDICAL BUILDING • 4,046 SF
      315 Davis Dr, Terre Haute, IN 47802-4072
      View Details

    Similar Nearby for Sale

    • $130,000

      Charming Office Building in Terre Haute

      Small office building with flexible layout, ideal for various professionals.
      1543 S 7Th St, Terre Haute, IN 47802
      View Details
    • $975,000
      1.95 Acres

      Updated Office Space Near High Traffic

      Updated office space with modern amenities and ample parking.
      3498 S 4Th St, Terre Haute, IN 47802
      View Details
    • $650,000
      2.63 Acres

      Versatile Commercial/Mixed-Use Opportunity

      Commercial or mixed-use property in a convenient, accessible location.
      6700 S Carlisle St, Terre Haute, IN 47802
      View Details
    • $1,600,000
      1.31 Acres

      Remodeled Office Building Investment Opportunity

      5,600 SF commercial building with long-term tenant in place.
      525 W Honey Creek Dr, Terre Haute, IN 47802
      View Details
    • New
      $225,000
      2,700 SF

      Versatile Commercial Property on US 41

      Flexible commercial space with warehouse on busy US 41.
      10524 S Us 41 Hwy, Terre Haute, IN 47802
      View Details
    • $112,000
      1,036 SF

      Commercial Office Opportunity Near I-70

      Former residence, commercially zoned, suitable for professional office use.
      3100 S 7Th St, Terre Haute, IN 47802
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Former Dialysis Clinic For Sublease

      Sublease opportunity: highly visible medical space near Terre Haute, Indiana.
      1705 East Industrial Dr, Terre Haute, IN 47802
      View Details
    • Contact for pricing
      7,936 SF

      Terre Haute Retail Space - Sublease

      7,936 SF Healthcare Building, High Visibility
      1705 Industrial Dr, Terre Haute, IN 47802
      View Details
    • $10 SF/Yr
      66,211 SF

      Retail/Service Space in Terre Haute

      Retail/service space in a high-traffic Terre Haute location.
      500 W Honey Creek Dr, Terre Haute, IN 47802
      View Details
    • $1,100 /Mo
      15,682 SF

      Move-in Ready Office Space

      Office space with high-traffic road frontage available for lease.
      4445 South 10Th St S 10th, Terre Haute, IN 47802
      View Details
    • $6,000 /Mo
      55,757 SF

      Spacious Office Building For Lease

      Versatile office space with ample parking and recent upgrades.
      3900 S 7Th St, Terre Haute, IN 47802
      View Details
    • $4,500 /Mo
      17,424 SF

      Versatile Commercial Space in Terre Haute

      New commercial building with office, warehouse, and flexible options.
      1460 Washington Ave, Terre Haute, IN 47802
      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.
    1600 Springhill Dr
    Terre Haute, IN 47802-4363
    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.