1503 Park AveAlexandria, IN 46001

Property Details for 1503 Park Ave

Year built

1992

Lot size

1.14 AC

Property size (Sq ft)

3,536 SF

Property type

Turn key restaurants

APN

48-06-18-200-046.000-022

APU

480618200046000022

Description

Prime 6.3-acre commercial development land in Alexandria, Indiana, is available for $175,000. This exceptional property boasts a highly visible location at the intersection of SR 9 (North Park Avenue) and SR 28 (East Cleveland Street) in Monroe Township, benefiting from significant traffic counts exceeding 5,500 vehicles per day (VPD) on SR 28 and over 7,000 VPD on SR 9. The property's APN is 48-06-18-200-045.000-022. Zoned B2 General Commercial, this site is ideal for a variety of businesses, including fast food restaurants, gas stations, grocery stores, and drugstores. Utilities are readily available on-site, facilitating a streamlined development process. The location offers excellent proximity to Alexandria's main retail corridor, featuring established businesses such as McDonald's, Pizza King, Dollar General, the Madison County Fair Grounds, and Vic's Hardware & Lumber. This owner-user opportunity presents a compelling investment prospect for developers seeking a high-visibility site in a thriving community. The property address is 1503 N Park Ave, Alexandria, IN 46001.

• CAP approach

  CAP return

  Valuation

  6%

  $646,948

  6.5%

  $597,183

  7%

  $554,527

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,106,622

  Geo Method

  $1,106,622

• Alternative Use

  Use

  Valuation

  Residential

  $503,746

  Hospitality

  $461,429

  Educational

  $383,903

  Medical

  $397,106

  Retail

  $597,183

Location Insight

City

Alexandria

County

Madison

State

Indiana

Latitude

40.2761

Longitude

-85.6711

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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