Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    702 Main St Madison, IN 47250

    Property Lookup

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

    702 Main St Madison, IN 47250

    View on Map
    • Commercial real estate
    Off-Market
    Property ID
    US31-1405555
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ILLUMINAT-INK / Tattoo & Piercing Shop

    Property Details for 702 Main St

    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 702 W Main St in Madison, Indiana, presents a unique investment opportunity. Priced at $444,500, this two-story brick building sits on a prominent corner in Madison's historic downtown, recently lauded as the "Best Small Town in the Midwest." The building offers a versatile live-work space, featuring a ground floor commercial area with an attractive wrought iron entry, and a separate private staircase leading to the upper residential level. Both the upper and lower levels have undergone recent remodeling. The upstairs apartment includes appliances and a washer/dryer. Currently, the building includes two one-bedroom apartments on the first floor, each equipped with appliances, and are rented on a month-to-month basis, allowing a new owner flexibility to adjust occupancy to suit their business needs. The upper level offers endless possibilities, adaptable for retail, professional office space, or additional residential units. This prime location places the property within easy walking distance of all downtown Madison amenities. Please note that the sale is subject to existing tenant rights, and 24-hour notice is required for all showings. The property's address is 702 W Main St, Madison, IN 47250.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Jefferson
    State
    Indiana
    Longitude
    -85.387548
    Latitude
    38.73793

    Comparable in this City

    • Contact for pricing
      1,984 SF

      Former Medical Office Ready

      Versatile commercial space suitable for medical, office, retail, or daycare.
      3400 In-56, Madison, IN 47250
      View Details
    • $1,200,000
      2,300 SF

      72 Acre Gentleman's Farm/Retreat

      72 acre farm with nursery business, trails, lakes.
      5530 W County Road 900 S, Madison, IN 47250
      View Details
    • $525,000
      6,750 SF

      Versatile Commercial Building on Clifty Drive

      6,750 sq ft building on 1.04 acres with income potential.
      2929 Clifty Dr, Madison, IN 47250
      View Details
    • $410,000

      Commercial Properties on Clifty Drive

      Two commercial properties with high traffic exposure on Clifty Drive.
      337 Clifty Dr. Clifty Dr, Madison, IN 47250
      View Details
    • Contact for pricing

      Commercial Land Zoned General Business

      Land for sale, zoned for general business use.
      3617 Clifty Dr, Madison, IN 47250
      View Details
    • Contact for pricing
      1,292 SF

      35-Acre Farm with Updated Mobile

      35 acres with tillable land, woods, and updated mobile home.
      9428 W Conservation Lake Rd, Deputy, IN 47250
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,984 SF

      Former Medical Office Ready

      Versatile commercial space suitable for medical, office, retail, or daycare.
      3400 In-56, Madison, IN 47250
      View Details
    • $1,200,000
      2,300 SF

      72 Acre Gentleman's Farm/Retreat

      72 acre farm with nursery business, trails, lakes.
      5530 W County Road 900 S, Madison, IN 47250
      View Details
    • $525,000
      6,750 SF

      Versatile Commercial Building on Clifty Drive

      6,750 sq ft building on 1.04 acres with income potential.
      2929 Clifty Dr, Madison, IN 47250
      View Details
    • $410,000

      Commercial Properties on Clifty Drive

      Two commercial properties with high traffic exposure on Clifty Drive.
      337 Clifty Dr. Clifty Dr, Madison, IN 47250
      View Details
    • Contact for pricing

      Commercial Land Zoned General Business

      Land for sale, zoned for general business use.
      3617 Clifty Dr, Madison, IN 47250
      View Details
    • Contact for pricing
      1,292 SF

      35-Acre Farm with Updated Mobile

      35 acres with tillable land, woods, and updated mobile home.
      9428 W Conservation Lake Rd, Deputy, IN 47250
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space with Drive-Thru

      New retail development with drive-thru in Madison, Indiana.
      Clifty Dr & Michigan Rd, Madison, IN 47250
      View Details
    • Contact for pricing

      Retail Space in Madison, Indiana

      Retail space for lease in Madison's commercial corridor.
      3144 English Sta, Madison, IN 47250
      View Details
    • Contact for pricing

      Retail Space in Hilltop Plaza

      24,920 SF retail space in Madison's Clifty Drive corridor.
      440 E Clifty Dr, Madison, IN 47250
      View Details
    • Contact for pricing
      4,950 SF

      Retail Space in Madison, Indiana

      Retail space available in Jefferson County's main shopping district.
      411 E Clifty Dr, Madison, IN 47250
      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.
    702 Main St
    Madison, IN 47250
    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!