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    Mount Vernon Agricultural Land Title is generated by Realmo AI

    3400 Bufkin Springfield Road, Mount Vernon, IN 47620

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    Claim this Listing
    Pending
    $169,900

    Agricultural Land - Mount Vernon, IN

    Lot size:
    12.76 Acres
    Added:
    Oct 29, 2025
    Days on Market:
    206
    Last Refresh:
    May 22 at 10:06 am

    Property Features for 3400 Bufkin Springfield Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Pole Barn, Stable, Deeded
    Standard status
    Pending
    APN
    65-12-23-600-003.000-017
    Lot size
    12.76 Acres

    Taxes and HOA fees

    Tax Annual Amount
    690.18

    Utilities

    Water front features
    Waterfront Deeded

    Building Details

    Architectural style
    Other
    Additional Structures
    Barn(s), Stable(s)

    We can help!

    Listing Contact
    Shaun Angel

    Listing agent Shaun Angel License #RB18000726

    Listing office RE/MAX REVOLUTION 331 Kimber Lane, Evansville, IN

    Listing date Oct 29, 2025

    MLS# 202543849 Listing URL

    Copyright © 2026 Southwest 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

    • Almost 13 acres of rolling pasture land
    • Enjoy stocked lake access with catfish, bluegill, and crappie
    • Fenced paddocks, ideal for horses
    • Electric service to the barn
    • German Township water available at the road
    • Newer pole barn with four stalls

    Overview

    This property features almost 13 rolling acres with access to a stocked lake containing catfish, bluegill, and crappie. Located in Posey County at the corner of Bufkin and Blackford Roads, the land is currently utilized as a horse pasture, complete with fenced paddocks. Several potential building spots are present throughout the property. Electric service is available to the barn, and German Township water is accessible at the road. The property includes an older barn with two pony stalls and two run-ins, as well as a newer pole barn with four stalls. The barns are sold As-Is. A cell tower lease is perpetual and paid out to a prior owner, generates no income, and transfers to the new owner.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Travel Agency

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Posey
    State
    Indiana
    Longitude
    -87.848819
    Latitude
    37.988887

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    FAQs

    What type of property is this?
    Horse & equestrian property - 12.76 acres with lake access and horse facilities.
    Where is this horse & equestrian property located?
    The property is located at 3400 Bufkin Springfield Road Mount Vernon, IN.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Almost 13 acres of rolling pasture land; Enjoy stocked lake access with catfish, bluegill, and crappie; Fenced paddocks, ideal for horses
    (812) 430-4851
    We can help!
    Listing Contact
    Shaun Angel
    Real Estate License ID: RB18000726
    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.

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