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    Commercial Property on State Road Title is generated by Realmo AI

    13 W Rampart Road, Shelbyville, IN 46176

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    Claim this Listing
    For Sale
    $900,000

    Mixed Use - Shelbyville, IN

    Type:Mixed Use
    Property size:
    3,600 SF
    Lot size:
    0.51 Acres
    Price / SF:
    $250/SF
    Added:
    Aug 22, 2025
    Days on Market:
    266
    Last Refresh:
    May 14 at 1:06 am

    Property Features for 13 W Rampart Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    R1
    Standard status
    Active
    APN
    730729300048000002
    Size
    3,600 SF
    Lot size
    0.51 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1958
    Architectural style
    Other

    We can help!

    Listing Contact
    Justin Polston
    Justin Polston

    Listing agent Justin Polston License #RB14043542

    Listing office Mackenzie Allen, Polston & Ass E. Washington St., Shelbyville, IN

    Listing date Aug 22, 2025

    MLS# 22058384 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location on State Road 9, a major thoroughfare.
    • City officials have expressed interest in future commercial development at this location.
    • Excellent investment potential for commercial development.
    • Located at the entrance to Shelbyville via the new gateway down Riley Highway/State Road 9.
    • Redevelopment into a beautified city gateway with streetscape enhancements and pedestrian infrastructure.
    • Neighboring parcels have interest in working a sale individually.

    Overview

    This property is proposed for commercial use and is currently zoned R1. City officials have expressed interest in future development at the entrance to Shelbyville via the new gateway down Riley Highway/State Road 9. The seller welcomes anyone wanting to approach with that intent. Located directly on the northbound corridor of State Road 9, this 0.51-acre parcel offers investment potential for commercial development. Neighboring adjacent parcels to the West and South have interest in working a sale individually. The property benefits from high-visibility traffic exposure along a major thoroughfare that is currently being redeveloped into a beautified city gateway, complete with streetscape enhancements and pedestrian infrastructure. State Road 9 is one of the busier thoroughfares with heavy traffic volumes and consistent regional development momentum.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Shelby
    State
    Indiana
    Longitude
    -85.776052
    Latitude
    39.547182

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    FAQs

    What type of property is this?
    Commercial land - Investment potential for commercial development on a major thoroughfare.
    Where is this commercial land located?
    The property is located at 13 W Rampart Road Shelbyville, IN.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: High‑visibility location on State Road 9, a major thoroughfare.; City officials have expressed interest in future commercial development at this location.; Excellent investment potential for commercial development.
    (317) 364-1106
    We can help!
    Listing Contact
    Justin Polston
    Justin Polston
    Real Estate License ID: RB14043542
    Learn More
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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
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