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    The Largest CRE Database in the US with Over 1 Million Listings

    128 Michigan St Corunna, IN 46730

    Sponsored
    For Sale
    Pending
    $169,900

    House of Worship, Special Purpose - Corunna, IN

    Type:Single Family Residence
    Lot size:
    0.23 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 25 at 11:06 pm

    Property Features for 128 Michigan St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Single Family Residence
    Standard status
    Pending
    Rooms
    Bathroom 1, Bathroom 2, Kitchen, Office
    Bathrooms
    2
    APN
    17-05-04-201-029.000-017
    Parking
    15
    Interior features
    Drywall, Handicap Access, Alley, Office Space, Public Restrooms
    Exterior features
    Handicap Access, Alley, Office Space, Public Restrooms
    Accessibility
    Accessible Approach with Ramp
    Lot size
    0.23 Acres

    Utilities

    Heating system
    Forced Air, Propane (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    1
    Flooring type
    Slate
    Building materials
    Brick
    Roof type
    Shingle, Slate
    Architectural style
    Other

    We can help!

    Listing Contact
    Deborah Rodriguez
    Deborah Rodriguez

    Mike Thomas Assoc/FC Tucker (260) 925-6900

    Listing agent Deborah Rodriguez (260) 925-6900

    Listing date Feb 19, 2026

    MLS# 202549148 Listing URL

    Copyright © 2026 Northeastern Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Well-Maintained Church in Corunna

    This well-maintained church is located in Corunna. The main floor features a worship center with a baptismal tank behind the altar, accommodating 75-100 people. There is an optional nursery and audio-visual room located behind the main seating area. The lower level includes a full kitchen, a fellowship hall, and two restrooms. A chair lift provides accessibility to the stairs. An addition behind the kitchen area offers six rooms suitable for classrooms, offices, or storage. The property is situated next to the city park and includes parking on the side and front. The property's lot size is 0.23 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Map

    City
    Corunna
    County
    DeKalb
    State
    Indiana
    Longitude
    -85.145327
    Latitude
    41.437511

    FAQs

    What type of property is this?
    Church & religious facility - Church with worship center, kitchen, fellowship hall, and classrooms.
    Where is this church & religious facility located?
    The property is located at 128 Michigan St Corunna, IN.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: - Spacious worship center accommodating 75-100 people, with baptismal tank, nursery, and audio-visual room.; - Full kitchen and fellowship hall downstairs, ideal for gatherings.; - Additional space with 6 rooms suitable for classrooms, offices, or storage.
    (260) 316-6148
    Request Owner's contact information
    128 Michigan St Corunna, IN 46730
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    Corunna, IN 46730
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    128 Michigan St Corunna, IN 46730
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    We can help!
    Listing Contact
    Deborah Rodriguez
    Deborah Rodriguez
    (260) 316-6148 (260) 925-6900
    Learn more
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