Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    501 7th St Richmond, IN 47374-6116
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    501 7th St Richmond, IN 47374-6116

    View on Map
    • Office properties & Spaces
    • 30,000 SF
    • 0.58 lot acres
    Off-Market
    Property ID
    US31-1567172
    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.
    Value Estimations
    $1,040,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • LifeSpring Church South / Church
    • Saint Johns Church / Church
    • The NEST - Maternal Treatment Program / Medical Clinic
    • Emily Hart / Physician
    • Youth As Resources-Wayne County / Child Welfare Organization / Charitable Organization

    Property Details for 501 7th St

    Year built
    1844
    Construction
    WOOD
    Lot size
    0.58 lot acres
    Property size
    30,000 SF
    Zone code
    ZO01
    Property type
    Office properties & Spaces
    APN
    89-18-05-420-415.000-030
    APU
    891805420415000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,016,000
      Market price range: $349k - $2.33M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,090,000
      Current use
      RETAIL STORES
      $1,315,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.8926
    Latitude
    39.8213
    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
    $0.00
    $42,900
    $805,100
    $848,000
    -
    $42,900
    $805,100
    $848,000

    Comparable in this City

    • Value Estimation by Request
      7,776 SF

      2341 Cart Rd

      OFFICE (GENERAL) • 7,776 SF
      2341 Cart Rd, Richmond, IN 47374-1152
      View Details
    • Value Estimation by Request
      2,400 SF

      5600 Us Hwy 27th N

      OFFICE (GENERAL) • 2,400 SF
      5600 Us Hwy 27th N, Richmond, IN 47374-9240
      View Details
    • Value Estimation by Request
      2,266 SF

      408 O St

      OFFICE (GENERAL) • 2,266 SF
      408 O St, Richmond, IN 47374-6850
      View Details
    • Value Estimation by Request
      7,176 SF

      7918 State Rd 227th N

      OFFICE (GENERAL) • 7,176 SF
      7918 State Rd 227th N, Richmond, IN 47374-9221
      View Details
    • Value Estimation by Request
      5,764 SF

      5701 National E Rd

      OFFICE (GENERAL) • 5,764 SF
      5701 National E Rd, Richmond, IN 47374-2619
      View Details
    • Value Estimation by Request
      7,650 SF

      1281 Round Barn Rd

      OFFICE (GENERAL) • 7,650 SF
      1281 Round Barn Rd, Richmond, IN 47374-4801
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,000 SF

      Commercial Property with Flexible Layout

      3000 sq ft commercial property with multiple office spaces.
      1015 S A St, Richmond, IN 47374
      View Details
    • $349,900
      0.27 Acres

      Versatile Building in Downtown Richmond

      Two-story building with offices, open area, and parking.
      36 S 9Th St, Richmond, IN 47374
      View Details
    • $119,900
      1,072 SF

      Richmond Commercial Space For Sale

      1,072 SF commercial space in high-traffic Richmond location.
      315 NW 5Th St, Richmond, IN 47374
      View Details
    • $600,000

      Commercial Property on Main Street

      Commercial property for sale at 600 E Main Street.
      600 E Main St, Richmond, IN 47374
      View Details
    • $9,500,000
      13.76 Acres

      Richmond Commercial Land on HWY

      13.76-acre parcel ideal for commercial development in Richmond, IN.
      2147 Hwy 35 N, Richmond, IN 47374
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • $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
    • Contact for pricing

      Remodeled Warehouse with Cooler/Freezer Space

      30,000 SF warehouse with cooler/freezer and medical fitness space.
      910 Progress Dr, Richmond, IN 47374
      View Details
    • Contact for pricing

      Versatile Mixed-Use Property Available

      Multi-use property in a Federal Opportunity Zone.
      1175 N A St, Richmond, IN 47374
      View Details
    • Contact for pricing

      Downtown Richmond Office Space Available

      Four-story office building for lease in revitalizing downtown Richmond.
      600 E Main St, Richmond, IN 47374
      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.
    501 7th St
    Richmond, IN 47374-6116
    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.
    Sign Up Successful!
    You now have access to more from Realmo!