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

    493 Hornettown Ln Morgantown, IN 46160

    View on Map
    Sponsored
    For Sale
    $317,000

    Residential Lots - Morgantown, IN

    Lot size:
    23.88 Acres
    Days on Market:
    144
    Last Refresh:
    Mar 28 at 4:06 am

    Property Features for 493 Hornettown Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    residential
    APN
    070206300121000002
    Lot size
    23.88 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jack Crenshaw

    Trueblood Real Estate

    Listing agent Jack Crenshaw License #RB25000155

    Listing date Nov 4, 2025

    MLS# 22071172 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Secluded Residential Lots in Morgantown

    Discover 24 wooded acres in Brown County, a serene retreat available as a full property or divided into 3-acre parcels. Located off the grid, yet minutes from Morgantown, Martinsville, and Bloomington, this land offers seclusion and opportunity. Accessed via a private easement with no direct road frontage, it offers peace and natural beauty, ideal for tiny homes, cabins, or a private retreat community. The property is currently zoned Residential and Forest Reserve, providing flexibility for multiple uses, including a dream compound, short-term rental cabins, or a sustainable, nature-focused getaway. Utilities are available on site. The terrain features rolling wooded hills, open build sites, and design possibilities. This property is suited for builders, investors, or those ready to carve their own path. The 23.88-acre property is divisible into 3-acre parcels. Forest Reserve zoning in Brown County, Indiana, is a protective land-use category meant to preserve natural forested areas while allowing limited, low-impact residential use. Typical permitted uses include single-family residences on large lots, forestry, tree farming, timber harvesting, wildlife habitats, nature preserves, hiking trails, hunting cabins, and private retreats. Conditional uses, with approval, may include campgrounds, retreat centers, bed & breakfasts, and eco-lodges. Subdivision into smaller tracts often requires rezoning or variance approval. Key restrictions include no commercial or industrial use unless related to forestry or conservation, and limited road and utility expansion may require easement or variance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency HVAC Service Garden Center Daycare Center Travel Agency

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

    Location Insight

    • Map
    • Local Demand
    City
    Morgantown
    County
    Morgan
    State
    Indiana
    Longitude
    -86.248417
    Latitude
    39.328923

    Nearby Similar for Sale

    • $1,700,000
      Pending

      Morgantown Farm with Equestrian Amenities

      Farm residence on 33.9 acres with horse barn.
      7601 S 700 W, Morgantown, IN 46160
      View Details

    FAQs

    What type of property is this?
    Land - 24 acres of wooded land divisible into 3-acre parcels.
    Where is this land located?
    The property is located at 493 Hornettown Ln Morgantown, IN.
    What is the asking price?
    The asking price for this property is $317,000.
    What are key features of this property?
    This property features: - 24 acres of wooded land divisible into 3-acre parcels; - Secluded location accessed via private easement; - Zoned Residential and Forest Reserve, allowing for single-family residences, forestry, and private retreats
    (317) 341-2474
    Request Owner's contact information
    493 Hornettown Ln Morgantown, IN 46160
    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.
    493 Hornettown Ln
    Morgantown, IN 46160
    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
    493 Hornettown Ln Morgantown, IN 46160
    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

    We can help!
    Listing Contact
    Jack Crenshaw
    Real Estate License ID: RB25000155
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!