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    Versatile Duplex on Spacious Acreage Title is generated by Realmo AI

    5380 N 450 W, Angola, IN 46703

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    Claim this Listing
    For Sale
    $625,000

    Mixed Use, Business Service,Personal - Angola, IN

    Type:Mixed Use
    Property size:
    4,000 SF
    Lot size:
    1.38 Acres
    Price / SF:
    $156/SF
    Added:
    Dec 21, 2025
    Days on Market:
    156
    Last Refresh:
    May 26 at 11:06 pm

    Property Features for 5380 N 450 W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Interior features
    Drywall, Living Space, Office Space, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Exterior features
    Fenced, Living Space, Office Space, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Fencing
    Fenced
    Standard status
    Active
    APN
    76-03-30-000-012.000-006
    Size
    4,000 SF
    Lot size
    1.38 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1701.42

    Utilities

    Heating system
    Forced Air, Propane (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1996
    Floors in Building
    1.5
    Flooring type
    Carpet, Laminate, Tile
    Building materials
    Stone
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Tracey Musser
    Tracey Musser

    Listing agent Tracey Musser

    Listing office RE/MAX Results 100 Growth Parkway, IN

    Listing date Dec 21, 2025

    MLS# 202549435 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

    • 4,000 sq ft duplex on 1.38 acres near Jimmerson Lake
    • Two units: loft‑style short‑term rental and 2‑bedroom residence
    • Commercial/agricultural zoning offers flexible use options
    • Recent upgrades throughout
    • Spacious acreage provides privacy and expansion potential
    • Optional pontoon rental business available separately

    Overview

    This unique 4,000 sq ft duplex is located on 1.38 acres in Angola, Indiana, just minutes from Jimmerson Lake. The property, a former commercial building, has been thoughtfully converted into two units. One unit is a loft-style short-term rental that sleeps 5-6 people. The other is a private 2-bedroom residence suitable for either owner occupancy or long-term rental. The property is zoned commercial/agricultural, offering flexible use options, subject to buyer verification. Recent upgrades have been made throughout the property. The spacious acreage provides privacy and expansion potential. An established pontoon rental business, including five pontoons and related equipment, is available separately for an additional cost.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Auto Repair Shop Storage Facility Bar & Pub Garden Center Grocery & Convenience Store Pet Store Coworking & Hybrid Office

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

    Location Insight

    • Map
    • Local Demand
    City
    Angola
    County
    Steuben
    State
    Indiana
    Longitude
    -85.075675
    Latitude
    41.72086

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    FAQs

    What type of property is this?
    Mixed-use property - Unique duplex in Angola, Indiana with flexible use options.
    Where is this mixed-use property located?
    The property is located at 5380 N 450 W Angola, IN.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: 4,000 sq ft duplex on 1.38 acres near Jimmerson Lake; Two units: **loft‑style short‑term rental** and 2‑bedroom residence; Commercial/agricultural zoning offers flexible use options
    (260) 668-6663
    We can help!
    Listing Contact
    Tracey Musser
    Tracey Musser
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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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