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

    228 12th E Main St North Manchester, IN 46962-1823

    • Retail space
    • 3,808 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Oct 01, 2021
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1336604
    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

    • Subway / Sandwich Shop / Caterer

    Property Details for 228 12th E Main St

    Year built
    1973
    Construction
    WOOD
    Lot size
    0.06 lot acres
    Property size
    3,808 SF
    Property type
    Retail space
    APN
    85-07-05-201-072.000-002
    APU
    850705201072000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $298,000
      Market price range: $124k - $298k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $185,000
      Current use
      AUTO REPAIR, GARAGE
      $410,000
      Change: +124% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $205,000
      Change: +13% Conversion: Easy
      WAREHOUSE, STORAGE
      $165,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Manchester
    County
    Wabash
    State
    Indiana
    Longitude
    -85.7674
    Latitude
    40.9994
    CBSA code
    47340
    CBSA name
    WABASH, 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
    2023
    $4,624
    $4,500
    $166,400
    $170,900
    -
    $4,500
    $166,400
    $170,900

    Comparable in this City

    • Value Estimation
      $285,000
      3,654 SF

      210 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,654 SF
      210 Main St, North Manchester, IN 46962-1823
      View Details
    • Value Estimation
      $280,000
      3,624 SF

      108 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 3,624 SF
      108 Walnut St, North Manchester, IN 46962-1844
      View Details
    • Value Estimation
      $265,000
      7,440 SF

      410 Market St

      RETAIL STORES (PERSONAL SERVICES) • 7,440 SF
      410 Market St, North Manchester, IN 46962-1525
      View Details
    • Value Estimation
      $215,000
      4,000 SF

      806 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      806 Main St, North Manchester, IN 46962
      View Details
    • Value Estimation
      $105,000
      3,843 SF

      108 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,843 SF
      108 Main St, North Manchester, IN 46962-1821
      View Details
    • Value Estimation
      $280,000
      9,600 SF

      1208 State Rd 114th W

      RETAIL STORES (PERSONAL SERVICES) • 9,600 SF
      1208 State Rd 114th W, North Manchester, IN 46962-1946
      View Details

    Similar Nearby for Sale

    • $194,000
      0.11 Acres

      Historic Main Street Commercial Opportunity

      Two buildings with retail/office fronts and upper-level apartments.
      127 E Main St, North Manchester, IN 46962
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    • $155,900
      0.08 Acres

      North Manchester Retail and Apartments

      Downtown building with retail space and two apartments.
      114 E Main St, North Manchester, IN 46962
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    • $275,000
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      North Manchester House of Worship

      Former church with potential on high-traffic State Road 114.
      1002 E State Road 114, North Manchester, IN 46962
      View Details
    • Contact for pricing
      0.16 Acres

      Residential Land Near Downtown Amenities

      0.1644 acre lot near downtown North Manchester amenities.
      208 E 3Rd St, North Manchester, IN 46962
      View Details
    • $1,400,000

      Established Golf Course For Sale

      Turnkey 18-hole golf course with clubhouse and equipment.
      10679 S 1000 W, North Manchester, IN 46962
      View Details
    • New
      $270,000
      2,100 SF

      North Manchester Commercial Building Opportunity

      2,100+ SF commercial building on almost an acre of land.
      611 W 4Th St, North Manchester, IN 46962
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    Similar Nearby for Lease

    • $4 SF/Yr

      Retail Space in North Manchester

      Retail spaces with long-term anchor tenants, great visibility.
      1204 S.r. 114 W, North Manchester, IN 46962
      View Details
    • $2 SF/Yr
      68,104 SF

      North Manchester Industrial Property

      68,104 SF Manufacturing Space, Indiana
      801 South St, North Manchester, IN 46962
      View Details
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    North Manchester, IN 46962-1823
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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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