515 Main StMitchell, IN 47446

Property Details for 515 Main St

Year built

1910

Construction

WOOD

Lot size

0.08 AC

Property size (Sq ft)

1,250 SF

Property type

Retail space

APN

47-11-36-342-047.000-005

APU

471136342047000005

Description

This exceptional 1,250 square foot commercial building, located at 515 W Main Street in Mitchell, Indiana, presents a fantastic investment opportunity. Completely remodeled in 2021, this property boasts a unique blend of historic charm and modern functionality. The original exposed brick wall adds character and visual appeal, while updated features include fresh paint, new lighting, and a high-efficiency HVAC system supplemented by two additional mini-splits, ensuring year-round comfort. Recent improvements also encompass a fully renovated bathroom, updated plumbing and sewer lines, and a durable rubber roof, minimizing future maintenance concerns. Added convenience is provided by a new key pad entry system on the rear door. The interior further benefits from newly installed cabinets and a sink, enhancing functionality and appeal. Sitting on a 0.08-acre lot, this versatile space is zoned B-2, allowing for a multitude of uses. Previously utilized as a rental property, its potential is virtually limitless, making it ideal for a variety of businesses. The asking price is $109,900. This is a rare opportunity to acquire a move-in ready commercial property in a desirable location. Don't miss out on this exceptional offering.

• CAP approach

  CAP return

  Valuation

  6%

  $280,873

  6.5%

  $259,268

  7%

  $240,748

• Comparable approach

  Method

  Valuation

  Relative Method

  $271,152

  Geo Method

  $271,152

• Alternative Use

  Use

  Valuation

  Residential

  $218,702

  Hospitality

  $200,330

  Educational

  $166,672

  Medical

  $172,404

  Retail

  $259,268

Location Insight

City

Mitchell

County

Lawrence

State

Indiana

Latitude

38.7335

Longitude

-86.4717

CBSA code

13260

CBSA name

BEDFORD, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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