11 7Th StRichmond, IN 47374

  • Office properties
  • 480 SF
For Sale
$499,000 View listing

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
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
11 7Th St, Richmond, Indiana

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

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
$3,048
$25,100
$12,400
$37,500
-
$25,100
$12,400
$37,500

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