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    15415 Opera Road Leopold, IN 47586

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    Claim this Listing
    For Sale
    $173,000

    Residential Land - Leopold, IN

    Property size:
    864 SF
    Lot size:
    12.00 Acres
    Added:
    Apr 10, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 19 at 2:06 am

    Property Features for 15415 Opera Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Garage
    Standard status
    Active
    APN
    62-06-21-300-004.000-004
    Size
    864 SF
    Lot size
    12.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    690

    Building Details

    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    William Daily

    Listing agent William Daily License #RB14049351

    Listing office Midwest Land & Lifestyle LLC 10555 Hampton Place, Newburgh, IN

    Listing date Apr 10, 2026

    MLS# 202612359 Listing URL

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

    Overview

    Perry County Land with Pond

    This 12-acre property in Perry County, Indiana, offers a blend of country living and recreational opportunities. It features an 864 sq ft building with electric already in place, suitable for conversion into a cabin or hunting lodge. City water, electric, and an existing septic system are installed. A pond is present for fishing and swimming. The property includes open space and nearby wooded areas, with countryside and farm views. It is located near Hoosier National Forest, Patoka Lake, and the Ohio River, providing access to hunting, fishing, hiking, and boating. The property is suitable for recreational use, hunting, or as a homesite. It has 1/4 mile of road frontage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Leopold
    County
    Perry
    State
    Indiana
    Longitude
    -86.527037
    Latitude
    38.155256

    Nearby Similar for Sale

    • $45,000

      Land Backing Hoosier National Forest

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      14050 Leopold Road, Leopold, IN 47551
      View Details
    • $210,000

      Leopold Retail Store with Living

      Turnkey business opportunity with living area in Leopold, Indiana.
      12228 Indiana Street, Leopold, IN 47551
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    • $340,000
      3,439 SF

      Log Cabin on Wooded Acreage

      27-acre property with log cabin, barn, and outbuildings.
      14775 Oriole Road, Leopold, IN 47551
      View Details

    FAQs

    What type of property is this?
    Recreation land - 12 acres in Perry County, Indiana, with existing utilities.
    Where is this recreation land located?
    The property is located at 15415 Opera Road Leopold, IN.
    What is the asking price?
    The asking price for this property is $173,000.
    What are key features of this property?
    This property features: 12‑acre property featuring a **private pond ideal for recreation, fishing, and swimming.**; Existing 864 sq ft building with electric, suitable for cabin conversion or hunting lodge.; City water, electric, and septic system already installed.
    (812) 568-8698
    We can help!
    Listing Contact
    William Daily
    Real Estate License ID: RB14049351
    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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