2915-3013 S 14th St
New Castle, IN 47362
Payne Village Shopping Center · Property For Lease

Property Overview Payne Village Shopping Center, located at 2915–3013 S 14th St in New Castle, IN 47362, offers a rare opportunity in the heart of South New Castle. With a dedicated surface parking spaces and excellent highway visibility, this asset delivers a strong value proposition for investors and owner-users alike. Strategic Location & Market Context Positioned on South 14th Street—one of New Castle’s primary commercial corridors—the center benefits from high vehicular traffic, easy access, and prominent signage opportunities. The property's location is further bolstered by a new church development immediately adjacent, resulting in daily foot traffic from over 200 onsite employees in conjunction with frequent churchgoers. The center draws from a trade area with strong residential density and limited competing retail supply, optimizing tenant performance and long-term value. Property Features & Amenities Building Specs: With flexible retail space offering 3,214–3,400 SF blocks currently available. Parking: A generous asphalt parking lot accommodates high customer volumes and supports peak activity times. Access & Visibility: Corner-lot orientation with direct road frontage facilitates excellent ingress/egress, and prominent signage opportunities enhance brand exposure. Tenant-Controlled HVAC & Lighting: Individual HVAC systems and accent/recessed lighting options allow customization per tenant.  24-Hour Access: Ideal for service-oriented users requiring flexible operating hours. Current Tenant Mix & Occupancy The shopping center maintains strong occupancy. The existing tenant roster includes a mix of national and regional operators alongside local retailers and service businesses. The new church addition next door contributes daytime and weekend draw, supported by a full staff presence of over 200 people. Available Spaces Currently, one contiguous space of approx. 3,400 SF is available for lease. The offering is ideal for restaurants, grocery, personal services, medical, or neighborhood-oriented uses seeking easy access and visibility. The asking rate is approximately $3.34/SF/year. Opportunity Highlights Restaurant or Grocery Anchor Potential: The presence of a faith-based institution next door and substantial employee density creates an excellent environment for a new food and beverage concept or specialty grocer. Extended Hours & Flexible Formats: With 24-hour access and tenant-controlled utilities, the site suits diverse retail, healthcare, or fitness concepts. Upside Room: Modest retail rents offer cost advantages in a regional context, while passive ownership improves returns. Land Use Flexibility: Zoned C-1 and offering significant land acreage, the property allows potential redevelopment, remodels, façade enhancements, or even pad developments (subject to approvals). Traffic & Demographics South 14th Street runs through dense residential and commercial sections. Traffic counts remain strong, and the retail corridor serves as a primary destination for surrounding neighborhoods. The onsite church further boosts evening and weekend visitation. The center’s 23-acre footprint offers visibility and accessibility unmatched by smaller retail nodes in the region. Asset Positioning The center represents a stabilized cash-flow property, attractive for investors seeking strong NOI, or for operators aiming to secure a flagship location in a vibrant community hub. Nearby amenities include strong residential densities, community institutions, and commercial diversity. Capital & Build-Out Opportunities Tenant Improvement Support: Competitive TI packages may be offered to destination tenants bringing strong co-tenancy. Property Enhancements: Potential exists for façade upgrades, landscaping enhancements, and outparcels for restaurants or drive-thru service (pending approvals). Repositioning Possibility: Long-term value can be unlocked through redevelopment, densification, or adaptive reuse. Call to Action Contact the listing broker for leasing details, floor plans, and to schedule a site tour. Investors are encouraged to explore stabilized income return opportunities, while tenants should inquire about favorable lease terms, TI packages, and occupancy timelines.