8 3Rd StLafayette, IN 47901

Property Details for 8 3Rd St

Year built

1865

Construction

WOOD

Lot size

0.14 AC

Property size (Sq ft)

29,475 SF

Property type

Office properties

APN

79-07-20-465-002.000-004

APU

790720465002000004

Description

This exceptional Class A creative office building, located at 8 N 3rd St, Lafayette, IN 47901, presents a unique investment opportunity. Boasting 36,688 square feet across four stories, this property sits on a 0.14-acre lot (APN: 79-07-20-465-002.000-004) at a prime downtown corner location, offering excellent visibility and accessibility. Built in 1865 and listed on the National Register of Historic Places, the building underwent a major interior renovation in 2010. The property features two elevators (one passenger, one freight) and benefits from a permitted CB zoning designation. Its strategic location, within walking distance of the County and Federal courthouses, attracts a desirable tenant base, including attorneys and technology companies. The building's corner location maximizes natural light and provides enhanced tenant comfort. Currently housing top-quality, long-term tenants, this investment offers significant rent growth potential. The asking price is $2,975,000, translating to $81.09 per square foot. This multi-tenant building represents a rare blend of historic charm and modern functionality in a high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $10,735,400

  6.5%

  $9,909,610

  7%

  $9,201,780

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,839,120

  Geo Method

  $3,839,120

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $20,003,400

  Retail / Commercial

  $10,161,000

  Mixed-Use / Specialty

  $10,048,600

  Hospitality / Lodging

  $7,273,210

  Institutional / Educational

  $10,419,300

  Residential Income

  $12,190,600

  Multifamily

  $15,043,000

  Automotive / Energy

  $8,930,840

  Parking / Income-Based Land

  $3,157,170

  Restaurant / Food Service

  $5,063,840

  Healthcare / Senior Housing

  $10,382,800

Location Insight

City

Lafayette

County

Tippecanoe

State

Indiana

Latitude

40.4175

Longitude

-86.8946

CBSA code

29200

CBSA name

LAFAYETTE-WEST LAFAYETTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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