55 W Water St

Wabash, IN 46992

$1
Price
—
Beds
0.5
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.

Description

A Rare Chance to Revitalize a Landmark in the Heart of Historic Wabash. Constructed in 1890 of rough-hewn Indiana limestone, the iconic Sposeep Building stands as one of the community’s most distinctive remaining industrial-era structures. Located on Water Street—just one block south of the downtown commercial district—this commanding 3-story building (plus full basement) offers approximately 3,276 sq ft per floor and showcases remarkable original features throughout: massive, exposed timber beams...A Rare Chance to Revitalize a Landmark in the Heart of Historic Wabash. Constructed in 1890 of rough-hewn Indiana limestone, the iconic Sposeep Building stands as one of the community’s most distinctive remaining industrial-era structures. Located on Water Street—just one block south of the downtown commercial district—this commanding 3-story building (plus full basement) offers approximately 3,276 sq ft per floor and showcases remarkable original features throughout: massive, exposed timber beams and columns, rustic limestone walls inside and out, original plank wood flooring, and ceiling heights ranging from 10–13 feet. Set on a prominent corner lot, the building’s expansive open floor plans provide exceptional flexibility for adaptive reuse—studio or workshop space, creative offices, gallery, mixed commercial concepts, or other visionary pursuits suitable to local guidelines. Its character-rich envelope and authentic industrial detailing make it an extraordinary canvas for a buyer committed to sensitive restoration and preservation. The property previously underwent IDEM-guided environmental remediation due to historic industrial use. Documentation, reports, and ongoing use limitations are available in the attached environmental and remediation records. Any acceptable purchase offer will require final approval from both the City of Wabash Redevelopment Commission and the Indiana Landmarks Foundation Board of Directors. The property will be subject to protective covenants & right of first refusal. This is a significant opportunity for a preservation-minded buyer to bring new life to one of Wabash’s most recognizable historic structures while contributing to the continued revitalization of the downtown district.
  1. Listed by Robert Lundquist • Lundquist Appraisals & Real Estate • bob@lundquistrealestate.com

Property Details for 55 West Water Street

Subdivision
None
Waterfront
No
Water Features
None
LISTING UPDATED: 11/18/2025 09:04 PM

Property Details for 55 West Water Street

StatusActive
MLS #202546266
Days on Market51
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial / Mixed Use
Year Built1890
Lot Size0.65 AC / 28,116 SF
CountyWabash County

Location

Listing Courtesy of Lundquist Appraisals & Real Estate
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Building Information for 55 West Water Street

Stories3Residences-Year Built1890Lot Size0.65 AC / 28,116 SF

Payment Calculator

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Property Information for 55 West Water Street

Summary
Location and General Information
  • Area: Wabash County
  • City: Wabash
  • Zip Code: 46992
  • State: IN
  • Township: Noble
  • Cross Street: Miami St
  • Geo Latitude: 41
  • Geo Longitude: -86
  • Road Access: City
  • Zoning Description: General Business
  • Fips Code: 18169
  • Directions To Property: From Wabash Street you will turn right onto W Water Street and the building will be on your left
  • Sea Wall Type: None
  • Location: City
  • Road Frontage Description: frontage on 2 sides
Taxes and HOA
  • Parcel Description: Corner, Flood Plain
  • Annual Taxes: $0
  • Year Taxes Payable: 2024 Payable 2025
  • Parcel Number Id: 85-14-14-102-044.000-009
Parking
  • Parking: Gravel, Off-Street, Unpaved
Property
Lot Information
  • Class: COMMERCIAL
  • Property Subtype: Mixed Use
  • Approx Lot Size Acres: 0.6455
  • Lot Dimensions: See attached plat map
  • Approx Lot Size Sqft: 28116.0
Property and Assessments
  • New Construction: No
  • Year Built: 1890
  • Age: 135
  • Documents Available: Plat Map, LBP Form, Other, Inspection Reports
  • Planned Unit Development: No
  • Special Assessments: None
Green Features
  • Exemptions: Tax Exempt
Utilities
  • Cable Company: Cinergy MetroNet, Comcast/Xfinity
  • Electric Company: Duke Energy Indiana
  • Gas Company: NIPSCO
  • Sewer: City, Public
  • Water Company: Indiana American Water Co
  • Water Utility: City, Public
Interior and Exterior Features
Exterior Features
  • Driveway: Stone
  • Exterior: Stone
  • Fence: None
  • Platted: Yes
  • Road Surface: Asphalt
  • Roof Material: Other
Interior Features
  • Basement: Yes
  • Basement/Foundation: Full Basement, Unfinished, Walk-Up
  • Cooling: None
  • Flooring: Concrete, Wood
  • Heating/Fuel: Gas, Forced Air, None
  • Stories: 3
Multi Family
Multi-Family Information
  • Number of Buildings: 1

Property History for 55 West Water Street

DateEvent & SourcePriceAppreciation
Nov 16, 2025

Listed (Active)

Indiana Regional MLS #202546266

$1—
DateEvent & SourcePrice
11/16/2025

Listed (Active)

Indiana Regional MLS #202546266

$1

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 55 West Water Street

Taxable ValueLand-Additions-Total-
Home Facts
Total Finished SqFt9,828 SqFtAbove Grade Finished SqFt9,828 SqFtStories3Lot Size28,116 SqFtStyleMiscellaneous CommercialYear Built1890CountyWABASHAPN85-14-14-102-044.000-009

Schools near 55 West Water Street

This home is within Wabash City Schools.
Rating
School
Type
Grades
Distance
O J Neighbours Elementary School
Public - PK to 4
W C Mills Elementary School
Public - 4 to 5
Wabash Middle School
Public - 5 to 8
Wabash High School
Public - 9 to 12
Rating
School
Distance
O J Neighbours Elementary School
PublicPK to 4

W C Mills Elementary School
Public4 to 5

Wabash Middle School
Public5 to 8

Wabash High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 55 West Water Street, Wabash, IN 46992

55 West Water Street is a mixed use property for sale in Wabash, IN 46992. This property was listed for sale on November 16, 2025 by Lundquist Appraisals & Real Estate, it's currently listed at $1. This listing's school district is Wabash City Schools. Nearby schools include O J Neighbours Elementary School, W C Mills Elementary School and Wabash Middle School. 55 West Water Street is a 0-bed, 0.5-bath, mixed use property built in 1890.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Lundquist Appraisals & Real Estate

Based on information from one of the following Multiple Listing Services: MIBOR MLS,IRMLS,Southern Indiana REALTORS® Association,Southeastern Indiana Board of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by MIBOR MLS,IRMLS,Southern Indiana REALTORS® Association,Southeastern Indiana Board of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.