Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Turnkey Investment Opportunity in Ashley Title is generated by Realmo AI

    217 W State Street, Ashley, IN 46705

    View on Map
    Claim this Listing
    New
    For Sale
    $279,999

    Retail, Retail,Other - Ashley, IN

    Type:Retail
    Lot size:
    0.15 Acres
    Added:
    May 21, 2026
    Days on Market:
    7
    Last Refresh:
    May 27 at 7:06 pm

    Property Features for 217 W State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    General Business
    Bathrooms
    1
    Rooms
    Bathroom 1, Office
    Parking
    10
    Interior features
    Block, Drywall, 220 Volts, Three Phase, Alley, Public Restrooms, Ventilating/Exhaust Fans
    Exterior features
    220 Volts, Three Phase, Alley, Public Restrooms, Ventilating/Exhaust Fans
    Standard status
    Active
    APN
    76-11-31-440-324.000-018
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Annual Amount
    920

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1942
    Floors in Building
    1
    Flooring type
    Tile, Tile - Ceramic
    Building materials
    Block
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Santino Zurzolo
    Santino Zurzolo

    Listing agent Santino Zurzolo License #RB23001926

    Listing office Corporate Commercial Group 11495 N Pennsylvania St, Carmel, IN

    Listing date May 21, 2026

    MLS# 202619359 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.

    HighLights

    • Established, cash‑flowing laundromat business with updated commercial laundry equipment.
    • Additional rental income potential from a newly transformed apartment.
    • Located directly off the highway in Ashley, Indiana, benefiting from consistent local and seasonal traffic.
    • Turnkey investment opportunity with immediate operational potential.
    • Sale includes three parcels with additional parking.
    • Clean operational setup ready for continued business use.

    Overview

    This turnkey investment opportunity is located in Ashley, Indiana, directly off the highway between Auburn and Angola. The property benefits from consistent local traffic and seasonal travel generated by the surrounding lake communities and recreational destinations. It consists of a fully operational laundromat featuring updated commercial laundry equipment, along with a newly transformed apartment in the rear, creating an additional source of rental income. The property presents an excellent opportunity for an owner-operator or investor seeking an entry-level commercial investment with immediate operational potential. The sale includes three parcels with additional parking, updated equipment, and a clean operational setup ready for continued business use. The property is zoned for general business and sits on a 0.15-acre lot. A full equipment list is available.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Wash Tub - Ashley ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Hotel & Motel Department Store Kitchen & Bath Showroom Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashley
    County
    DeKalb
    State
    Indiana
    Longitude
    -85.067748
    Latitude
    41.527302

    FAQs

    What type of property is this?
    Retail space - Established business with real estate income potential in Northeast Indiana.
    Where is this retail space located?
    The property is located at 217 W State Street Ashley, IN.
    What is the asking price?
    The asking price for this property is $279,999.
    What are key features of this property?
    This property features: Established, cash‑flowing laundromat business with updated commercial laundry equipment.; Additional rental income potential from a newly transformed apartment.; Located directly off the highway in Ashley, Indiana, benefiting from consistent local and seasonal traffic.
    (260) 740-1887
    We can help!
    Listing Contact
    Santino Zurzolo
    Santino Zurzolo
    Real Estate License ID: RB23001926
    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

    Thank You for Inquiry
    217 W State Street, Ashley, IN 46705
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!