Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2140 S 500 E Lagrange, IN 46761

    View on Map
    Claim this Listing
    For Sale
    $1,980,000

    Site-Built Home - Lagrange, IN

    Type:Farm
    Property size:
    1,120 SF
    Lot size:
    40.00 Acres
    Price / SF:
    $1,767/SF
    Added:
    Oct 29, 2025
    Days on Market:
    176
    Last Refresh:
    Apr 22 at 1:06 am

    Property Features for 2140 S 500 E

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Bedrooms
    2
    Bathrooms
    1
    Rooms
    Basement, Bathroom 1, Bedroom 1, Bedroom 2, Great Room, Kitchen, Living Room
    Exterior features
    None
    Basement Y/N
    1
    Standard status
    Active
    APN
    44-10-02-200-002.000-010
    Size
    1,120 SF
    Lot size
    40.00 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Waterfront Royer Lake, Waterfront, Waterfront Royer Lake
    Water front
    1

    Building Details

    Year built
    1983
    Floors in Building
    1
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Marlynn Mast

    Listing agent Marlynn Mast License #RB22002775

    Listing office Keller Williams Realty Group 930 S Calhoun St., Fort Wayne, IN

    Listing date Oct 29, 2025

    MLS# 202543956 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    40 Acres with Lakefront Home

    This exceptional 40-acre property in LaGrange County features 1,200 feet of lakefront on Royer Lake and over 3,000 feet of combined road frontage. Zoned Agricultural and currently under cultivation, the property offers income potential and flexibility for future use. It includes a 1,120 sq. ft. home with 2 bedrooms and 1 bath, situated on a walkout basement plumbed for a second bathroom. The home is suitable for guest quarters or temporary residence. Royer Lake is a non-ski lake known for fishing and its connection to Fish Lake. The property is located at 2140 S 500 E, Lagrange, IN 46761.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Auto Repair Shop Food Market HVAC Service Farmer's Market Fish Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Lagrange
    County
    LaGrange
    State
    Indiana
    Longitude
    -85.329602
    Latitude
    41.611084

    Nearby Similar for Sale

    • $219,900

      Historic Mixed-Use Building in Lagrange

      Historic mixed-use property in downtown LaGrange with redevelopment potential.
      203 S Detroit Street, Lagrange, IN 46761-1807
      View Details
    • $225,000

      Updated Office Building Near Downtown

      Remodeled office building with private offices, conference room, and kitchenette.
      116 E Wayne Street, Lagrange, IN 46761
      View Details
    • $75,000

      Lagrange Residential Land For Sale

      0.79 acre residential lot ready for new construction.
      217-219 Church Street, Lagrange, IN 46761
      View Details
    • $138,000

      Health Center in Lagrange, IN

      Versatile building suitable for adaptive reuse near US 20.
      405 Union Street, Lagrange, IN 46761
      View Details
    • $401,428

      Versatile Agricultural Land in Lagrange

      Productive land suitable for agriculture, recreation, hunting, or private retreat.
      00 350 S Road, Lagrange, IN 46761
      View Details
    • $19,900

      Residential Land in Lagrange, IN

      Residential land available in Lagrange, Indiana.
      000 Ln 131c Turkey Lake, Lagrange, IN 46761
      View Details
    • $1,200,000

      Prime Farmland in Lagrange County

      48 acres of farmland near Lagrange, suitable for building.
      2200 S State Road 9 Highway, Lagrange, IN 46761
      View Details
    • $375,000

      Lagrange Restaurant with Apartment

      Restaurant with equipment, liquor license, and updated 3-bedroom apartment.
      112 E Spring, Lagrange, IN 46761
      View Details
    • $28,900

      Residential Land Near Turkey Lake

      0.22 acres of vacant land near Big Turkey Lake.
      LN 131 C turkey lake lot # 23 &24, Lagrange, IN 46761
      View Details
    • $17,500

      Residential Land Near Turkey Lake

      Residential lot near Turkey Lake with utilities included.
      15 Lane 134 Turkey Lake Lane, Lagrange, IN 46761
      View Details
    • $28,000

      Wooded Lot Near Big Turkey Lake

      Serene wooded lot near Big Turkey Lake, ideal for home.
      Lane 131 Turkey Lake Lot 4 & 5 Lane, Lagrange, IN 46761
      View Details
    • Contact for pricing
      12,804 SF

      Mixed-Use Property with Commercial Space

      Mixed-use property featuring well-kept commercial space and apartment potential.
      118-122 N Detroit St, Lagrange, IN
      View Details

    FAQs

    What type of property is this?
    Farm - 40-acre property with lake frontage and a 1,120 sqft home.
    Where is this farm located?
    The property is located at 2140 S 500 E Lagrange, IN.
    What is the asking price?
    The asking price for this property is $1,980,000.
    What are key features of this property?
    This property features: 40 acres with **1,200 feet of lakefront on Royer Lake**; Over 3,000 feet of combined road frontage; Existing 1,120 sq. ft. home with 2 bedrooms and 1 bath, walkout basement plumbed for a second bathroom
    (260) 460-7707
    We can help!
    Listing Contact
    Marlynn Mast
    Real Estate License ID: RB22002775
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!