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

    380 Honey Crk Dr Terre Haute, IN 47802-3720

    • Strip malls
    • 13,310 SF
    • 2.20 lot acres
    OFF-MARKET
    Last Sale
    Jul 28, 2021
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2783153
    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

    • Misael D. Refugio, PT / Physician

    Property Details for 380 Honey Crk Dr

    Year built
    1999
    Construction
    WOOD
    Lot size
    2.20 lot acres
    Property size
    13,310 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    84-09-04-151-012.000-005
    APU
    840904151012000005

    Description

    This exceptional 13,460-square-foot single-tenant office building, located at 380 West Honey Creek Drive, Terre Haute, Indiana, presents a unique investment opportunity. Situated on a 1.6-acre lot, this Class B property boasts a convenient location with easy access via South 3rd Place. Built in 1997 and extensively renovated in 2019, the building features a single story with 83 total parking spaces. The property is currently vacant and offers significant potential for a variety of uses. The interior includes 15 exam rooms, a radiology suite, and a break room, reflecting its previous use as a VA clinic. The build-out is only three years old, ensuring modern and efficient spaces. The property benefits from three-phase 800-amp power. Taxes are $1.65 per square foot. The zoning is Retail, offering flexibility for potential tenants. The seller is open to considering offers for the sale of the asset. This property is located in Vigo County, Indiana, with a zip code of 47802.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $525,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $495,000
      Market price range: $243k - $718k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $445,000
      Current use
      AUTO REPAIR, GARAGE
      $750,000
      Change: +68% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $615,000
      Change: +38% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Terre Haute
    County
    Vigo
    State
    Indiana
    Longitude
    -87.4241
    Latitude
    39.4306
    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
    $33,113
    $142,800
    $520,400
    $663,200
    -
    $142,800
    $520,400
    $663,200

    Comparable in this City

    • Value Estimation by Request
      15,431 SF

      848 Johnson Dr

      SHOPPING CENTER, STRIP CENTER • 15,431 SF
      848 Johnson Dr, Terre Haute, IN 47802-4189
      View Details
    • Value Estimation by Request
      17,500 SF

      500 Springhill Dr

      SHOPPING CENTER, STRIP CENTER • 17,500 SF
      500 Springhill Dr, Terre Haute, IN 47802-4439
      View Details
    • Value Estimation by Request
      13,566 SF

      4122 7th St

      SHOPPING CENTER, STRIP CENTER • 13,566 SF
      4122 7th St, Terre Haute, IN 47802-4123
      View Details
    • Value Estimation by Request
      6,112 SF

      3181 3rd Pl

      SHOPPING CENTER, STRIP CENTER • 6,112 SF
      3181 3rd Pl, Terre Haute, IN 47802-3785
      View Details
    • Value Estimation by Request
      6,128 SF

      2400 3rd St

      SHOPPING CENTER, STRIP CENTER • 6,128 SF
      2400 3rd St, Terre Haute, IN 47802-3514
      View Details
    • Value Estimation
      $1,600,000
      88,318 SF

      3360 Us Hwy 41

      SHOPPING CENTER, STRIP CENTER • 88,318 SF
      3360 Us Hwy 41, Terre Haute, IN 47802-3728
      View Details

    Similar Nearby for Sale

    • $1,400,000
      0.93 Acres

      Retail/Service in Terre Haute, IN

      Retail/service property in high-traffic Terre Haute location for sale.
      4400-4408 S 7Th St, Terre Haute, IN 47802
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    • $135,000
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      Land for Retail or Development

      Prime location suitable for retail or professional development in Terre Haute.
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    • $7,350,000
      18,788 SF

      Prime Terre Haute Auto Dealership

      18,788 SF, 7 Acres, High Traffic
      4120 Us Highway 41, Terre Haute, IN 47802
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    • $4,000,000
      4.00 Acres

      Retail/Service Property in Terre Haute

      Former auto dealership on 4 acres with high traffic.
      4120 S Us Highway 41, Terre Haute, IN 47802
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    • $1,100,000
      1.00 Acre

      Retail/Service Property on US 41

      Former auto dealership on US 41 with high traffic.
      4120 S Us Highway 41, Terre Haute, IN 47802
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    • $5,250,000
      5.00 Acres

      Retail/Service Property on US 41

      19,000 SF building on 5 acres, high traffic location.
      4120 S Us Highway 41, Terre Haute, IN 47802
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,700 SF

      Retail Spaces Near Indiana State

      Newly constructed retail spaces available for lease near I-70.
      2101 S 3Rd St, Terre Haute, IN 47802
      View Details
    • Contact for pricing

      Retail Space Near Walmart

      Retail spaces available near high-performing Walmart and Aldi.
      5791 S Us Highway 41, Terre Haute, IN 47802
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Walmart

      Retail spaces available near major retailers and Indiana State University.
      5679-5793 S Us Highway 41, Terre Haute, IN 47802
      View Details
    • $1,620 /Mo

      Retail Space Near Honey Creek

      Retail space for lease in high-traffic Terre Haute area.
      501 W Honey Creek Dr, Terre Haute, IN 47802
      View Details
    • Contact for pricing
      11,800 SF

      New Retail Center with Drive-Thru

      Newly constructed retail spaces with drive-thru, near Indiana State University.
      Terre Haute, IN 47802
      View Details
    • Contact for pricing
      7,936 SF

      Terre Haute Retail Space - Sublease

      7,936 SF Healthcare Building, High Visibility
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      View Details
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    Terre Haute, IN 47802-3720
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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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