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    Turnkey Venue on Scenic Acres Title is generated by Realmo AI

    3011 S Whitney Road, Selma, IN 47383

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    For Sale
    $340,000

    Retail, Meeting Hall,Professional,Recreational - Selma, IN

    Type:Retail
    Lot size:
    7.56 Acres
    Added:
    Apr 18, 2026
    Days on Market:
    44
    Last Refresh:
    May 31 at 8:06 pm

    Property Features for 3011 S Whitney Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    F Farming Zone
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Office
    Parking
    30
    Interior features
    Wood, 110 Volts, Reception Area
    Exterior features
    110 Volts, Reception Area
    Standard status
    Active
    APN
    18-12-20-400-010.000-010
    Lot size
    7.56 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2914

    Utilities

    Cooling system
    Multi Units

    Building Details

    Year built
    1841
    Floors in Building
    2
    Flooring type
    Wood
    Roof type
    Shingle
    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 Apr 18, 2026

    MLS# 202613826 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

    • Turnkey wedding and event venue on 7.5 scenic acres, including furniture, fixtures, and equipment.
    • Historic cabin (circa 1841) beautifully remodeled while preserving its charm.
    • Enjoy the private 3/4 acre pond with fountains and manicured grounds.
    • Utilities in place: electric, water, new well system, and no septic.
    • Purpose‑built restroom building with separate men’s and women’s facilities and mini‑split HVAC.
    • Located in a desirable area near upscale homes, golf amenities, and Prairie Creek Reservoir.

    Overview

    This turnkey property, set on 7.5 scenic acres in Selma, Indiana, presents a rare opportunity. Currently operating as a successful wedding and event venue, this estate offers flexibility for various uses, including continuing the existing business, creating a private retreat, converting to a unique residence, or designing a custom estate. The grounds feature a private 3/4 acre pond with fountains and manicured landscaping. A historic cabin dating back to 1841 has been remodeled while preserving its original charm. Utilities are in place, including electric, water, and a new well system. The property also features a newer purpose-built restroom building with separate men’s and women’s facilities, mini split HVAC systems, lounge and patio areas, multiple brick gathering spaces, a pergola, and electrical service positioned throughout the property for outdoor events and entertaining. The sale includes furniture, fixtures, equipment, and venue assets. Located in a desirable setting surrounded by upscale homes and neighboring golf amenities, the property is also just minutes from Prairie Creek Reservoir. The zoning is F Farming Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wedding venues

    Map

    City
    Selma
    County
    Delaware
    State
    Indiana
    Longitude
    -85.295912
    Latitude
    40.16648

    FAQs

    What type of property is this?
    Wedding venue - Unique property with endless potential on 7.5 acres.
    Where is this wedding venue located?
    The property is located at 3011 S Whitney Road Selma, IN.
    What is the asking price?
    The asking price for this property is $340,000.
    What are key features of this property?
    This property features: Turnkey wedding and event venue on **7.5 scenic acres**, including furniture, fixtures, and equipment.; Historic cabin (circa 1841) beautifully remodeled while preserving its charm.; Enjoy the private 3/4 acre pond with fountains and manicured grounds.
    (260) 740-1887
    We can help!
    Listing Contact
    Santino Zurzolo
    Santino Zurzolo
    Real Estate License ID: RB23001926
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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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