11 7Th StRichmond, IN 47374

Property Details for 11 7Th St

Year built

1982

Construction

TYPE NOT SPECIFIED

Lot size

0.34 AC

Property size (Sq ft)

480 SF

Property type

Office properties

APN

89-16-32-440-605.000-030

APU

891632440605000030

Description

This exceptional investment opportunity presents a vacant, single-story, 480-square-foot retail building situated at 11 N 7th St, Richmond, IN 47374, within Wayne County. The property, renovated in 2010, functions as a three-bay drive-up bank facility, uniquely complemented by 38 prime parking spaces in a highly desirable downtown location. The building's asking price is $499,000, translating to $1,039.58 per square foot. Currently vacant, this property is offered with a NNN lease type, presenting a blank canvas for a variety of potential uses. The building's convenient location and ample parking make it an attractive proposition for businesses seeking a high-visibility presence in the heart of Richmond. The property's unique combination of a drive-up bank and extensive parking provides significant potential for future income generation. This is a rare opportunity to acquire a well-maintained, strategically located commercial property with substantial upside potential. The property's size and layout offer flexibility for adaptive reuse, catering to a range of commercial ventures. Serious inquiries are encouraged to explore the possibilities of this unique downtown Richmond offering.

• CAP approach

  CAP return

  Valuation

  6%

  $71,372

  6.5%

  $65,882

  7%

  $61,176

• Comparable approach

  Method

  Valuation

  Relative Method

  $46,361

  Geo Method

  $59,611

• Alternative Use

  Use

  Valuation

  Residential

  $81,694

  Hospitality

  $74,831

  Educational

  $62,258

  Medical

  $64,400

  Retail

  $96,846

Location Insight

City

Richmond

County

Wayne

State

Indiana

Latitude

39.8295

Longitude

-84.8922

CBSA code

39980

CBSA name

RICHMOND, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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