122 E 5th St, Fowler, IN 47944
An amazing opportunity to own a business on the downtown strip! I was just in town and got these photos in early Dec 2017. I believe in being fully transparent and showing everything I know about the properties for sale. That being said, this is being sold as-is, where-is as a rehab property. Sale is final.
The building with everything intact is 5,500 sqft. It definitely has the historic and intrinsic value of the cornerpiece. The front 1/3 of the building is in great shape, and would make for a great general store, restaurant, bar, or any one of a number of possibilities. In the past, I understand it was a consignment store, and previously a jewelry store. There is plenty of shelving, and by putting some ceiling pieces back in place could easily be a turnkey opportunity for the front 1/3 of the building.
In the middle 1/3, there is a really awesome (and extremely heavy!) safe. The door was left open by the prior owner, and I'd have no idea what the combination is. However, this is something a locksmith should easily be able to determine for you. I've been told the safe alone could be worth anywhere from $2,000 to $5,000 or more!!! Also in good shape in this section is the "backroom area" including space for desks, a sofa, a fridge, the bathroom, and other possibilities. The ceiling has fallen a bit, but a hanging ceiling can easily be installed for relatively cheap.
At this point, if I were to start a business, I would install a drywall break between the middle section and the rear, or living, section. This would enable someone to have an awesome establishment for relatively cheap. If you wish to fix the rest of the place in the back, it appears there's roof damage to repair/replace, and all the floor joists, subfloor, stairwells, and so forth would need to be replaced. I had a high-level estimate for everything on the back of a napkin to run about $60k or so for the materials, then plus labor. The back 1/3 of the building looked to me to just be a living area, so once fixed it would eliminate the need for your own housing saving you lots of money every month! If you decide to fix it up, you can have an amazing establishment in a downtown environment right off of the highway in a town very hungry for shops for a very cheap investment!
The asking price could be made back even if all you decide to do is sell the safe, appliances, sofa, fixtures, etc. There's also a lot of opportunity to find treasures in the back, however with only a flashlight I was unable to do much searching.