New search
Property profile & analytics
OFF-MARKET
Estimated value
$600,000
Office Spaces
728 Main St Richmond, IN 47374-4312
Entity Owned
1-yr Hold
Free & Clear
Property ID
US31-1493955
Property summary
AI-generated overview
This exceptional mixed-use property, located at 728 E Main St in Richmond, Indiana (zip code 47374), presents a prime investment opportunity. The historic building offers a substantial 21,766 square feet of space, spread across five stories. Its versatile configuration includes spaces suitable for bank operations, storefront retail, and traditional office uses. Currently vacant, this building offers a blank canvas for a variety of redevelopment projects. The asking price is $999,000, translating to $45.90 per square foot. On-site parking is available for 27 vehicles. The property's location in downtown Richmond, within Wayne County, Indiana, provides excellent visibility and accessibility. This significant structure may qualify for matching grants or other potential funding opportunities, further enhancing its investment appeal. The building's rich history and prime location combine to create a unique and potentially lucrative investment prospect. Serious inquiries are encouraged to explore the full potential of this remarkable property.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1910
Construction
TYPE NOT SPECIFIED
Total area
21,766 SF
Lot
0.09 ac (4,008 SF)
APN
89-16-32-440-615.000-030
UPID
US31-1493955
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$640k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$393k
Blend (final)
Blend
$600k
Owner & transaction history
Ap Richmond LLC · 1 yrs held
Ap Richmond LLC
since 2025
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$955,000
+20.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$560,000
ML approach
$640,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$790,000
Current use
RETAIL STORES
$955,000
Change: +21% · Conversion: Easy
Blend value · Realmo final
$600k
Range $540k – $660k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$28 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$27,180
Tax year 2022
Assessed value
$328,200
Assessed 2023
Previous assessed
$328,200
+0.0% YoY
Effective rate
8.28%
On assessed value
Assessed land
$9,800
Assessed improvement
$318,400
Land market value
$9,800
Improvement market value
$318,400
Total market value
$328,200
Applied tax rate
29.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1910
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
6
Total area
21,766 SF
Lot
0.09 ac (4,008 SF)
APN
89-16-32-440-615.000-030
UPID
US31-1493955
Jurisdiction
WAYNE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$790,000
RETAIL STORES
Est. value
$955,000
COMMERCIAL (GENERAL) Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1910
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
6
Lot
0.09 ac
Current owner
From public records · entity-resolved
Ap Richmond LLC
Entity
Free & Clear · 1 yrs held
Mailing address
242 SKYLINE PLZ, DALY CITY, CA 94015-3825
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 11, 2025
—
Ap Richmond LLC
Vikrant Punj
Warranty Deed
—
Jul 30, 2020
$425,000
Vikrant Punj
National Second LLC
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 728 Main St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
