1175 A StRichmond, IN 47374

Property Details for 1175 A St

Year built

1976

Construction

TYPE NOT SPECIFIED

Lot size

1.69 AC

Property size (Sq ft)

44,964 SF

Zone code

ZO01

Property type

Office properties

Property subtype

Other office properties

APN

89-16-33-330-801.000-030

APU

891633330801000030

Description

This exceptional multi-use property, formerly housing The Palladium-Item newspaper, presents a unique investment opportunity in Richmond, Indiana's vibrant downtown. Spanning 2.48 acres and encompassing two buildings, this 44,964 square foot complex offers diverse potential. The larger building, boasting 44,964 square feet, features approximately half dedicated to office space and the other half to a former industrial area, previously a printing plant. Ample parking is available, with a lot to the east and additional spaces across a breezeway. A smaller building, situated opposite, served as a maintenance garage. Located in a Federal Opportunity Zone, this property is ideal for a single user or can be subdivided for multi-tenant occupancy, catering to incubator space, manufacturing, office, or warehouse needs. The property enjoys high visibility and accessibility on North A Street, benefiting from approximately 14,195 vehicles per day. Zoned GC (General Commercial), the main building allows for a wide range of commercial and office uses, including entertainment, restaurants, breweries, studios, fitness centers, retail, and training facilities. The smaller building, located at 19 N 12th Street, is zoned UR (Urban Residential). Strategically located near downtown Richmond and less than four miles from I-70, providing easy access to Indianapolis and Columbus, Ohio, this property benefits from a dense population, with approximately 43,704 individuals residing within a 5-mile radius in 2020. This property offers a compelling blend of location, size, and versatility, making it an attractive prospect for various commercial ventures.

• CAP approach

  CAP return

  Valuation

  6%

  $6,686,896

  6.5%

  $6,172,520

  7%

  $5,731,626

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,339,787

  Geo Method

  $5,584,079

• Alternative Use

  Use

  Valuation

  Residential

  $7,653,924

  Hospitality

  $7,010,954

  Educational

  $5,833,031

  Medical

  $6,033,638

  Retail

  $9,073,604

Location Insight

City

Richmond

County

Wayne

State

Indiana

Latitude

39.8302

Longitude

-84.887

CBSA code

39980

CBSA name

RICHMOND, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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