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    Shipshewana Boutique Inn Opportunity Title is generated by Realmo AI

    240 E Farver Street, Shipshewana, IN 46565

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    New
    For Sale
    $595,000

    Hotel & Motel - Shipshewana, IN

    Lot size:
    1.14 Acres
    Added:
    May 28, 2026
    Days on Market:
    2
    Last Refresh:
    May 29 at 2:06 pm

    Property Features for 240 E Farver Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    13
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Parking features
    Off Street
    Interior features
    Drywall, 220 Volts, Office Space, Reception Area
    Exterior features
    220 Volts, Fenced, Office Space, Reception Area
    Fencing
    Fenced
    Standard status
    Active
    APN
    44-05-11-300-000.064-015
    Lot size
    1.14 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10865

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1969
    Floors in Building
    2
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic, Wood
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Michael Patka

    Listing agent Michael Patka

    Listing office Grogg Martin Realty PO Box 393, Millersburg, IN

    Listing date May 28, 2026

    MLS# 202620507 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.

    HighLights

    • Prime location directly across from the Michiana Event Center and walking distance to a major flea market.
    • Established boutique lodging destination with 11 guest rooms plus 3‑bedroom owner's quarters.
    • Strong revenue potential due to year‑round tourism and event‑driven economy.
    • Limited competition of similar scale, offering a unique market position.
    • Includes location, future cash flow, tourism demand, event traffic, and established reputation.
    • Proximity to the nationally recognized Blue Gate Theatre entertainment district.

    Overview

    This property, offered at auction, is a boutique lodging destination located in Shipshewana's entertainment and tourism area. The property is positioned across from the Michiana Event Center, with a walking path to one of the largest flea markets in the United States, and minutes from the Blue Gate Theatre entertainment district. The property features 11 rooms plus 3-bedroom owner's living quarters. The location is suited to capitalize on the region’s year-round tourism and event-driven economy. The property offers large-group accommodations, walkable access to major attractions, and limited competing inventory of similar scale, the property offers exceptional revenue potential and long-term appreciation. The property is situated on a 1.14-acre lot in LaGrange County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Old Carriage Inn Bed & Breakfast F 1 Computer ... IT Consulting Firm

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Pharmacy Auto Parts Store

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

    Similar Places Nearby

    • Village Gardens B & B — 100 talmadge st, shipshewana, in 46565
    • Old Carriage Inn — 240 E Farver St, Shipshewana, IN 46565
    • Blue gate garden inn — Shipshewana, IN 46565
    • Historic Davis Inn — 120 N Morton St, Shipshewana, IN 46565
    • A Buggy Stop Away — 100 Talmadge St, Shipshewana, IN 46565

    Location Insight

    • Map
    • Local Demand
    City
    Shipshewana
    County
    LaGrange
    State
    Indiana
    Longitude
    -85.577897
    Latitude
    41.669688

    Nearby Similar for Sale

    • $675,000

      Commercial Property in Shipshewana, Indiana

      5+ acre commercial property with buildings and greenhouses for sale.
      505 N Morton Street, Shipshewana, IN 46565
      View Details
    • $284,900
      1,200 SF

      Retail Property in Shipshewana

      Well-maintained retail property in a high-traffic tourist destination.
      135 Harrison St, Shipshewana, IN
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Boutique lodging property in Shipshewana's tourism corridor.
    Where is this bed & breakfast located?
    The property is located at 240 E Farver Street Shipshewana, IN.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Prime location directly across from the Michiana Event Center and walking distance to a major flea market.; Established boutique lodging destination with 11 guest rooms plus 3‑bedroom owner's quarters.; Strong revenue potential due to year‑round tourism and event‑driven economy.
    (260) 350-8603
    We can help!
    Listing Contact
    Michael Patka
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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.

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    240 E Farver Street, Shipshewana, IN 46565
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