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    7874 E State Road 28 Elwood, IN 46036

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    For Sale
    $350,000

    Mixed Use - Elwood, IN

    Type:Mixed Use
    Property size:
    8,120 SF
    Lot size:
    4.09 Acres
    Price / SF:
    $43/SF
    Added:
    Jun 11, 2025
    Days on Market:
    324
    Last Refresh:
    Apr 30 at 3:06 am

    Property Features for 7874 E State Road 28

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    Commerical General
    Standard status
    Active
    APN
    800908400048000007
    Size
    8,120 SF
    Lot size
    4.09 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Roof type
    Asbestos Shingle, Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Sky Estes

    Listing agent Sky Estes License #RB21001218

    Listing office RE/MAX Real Estate Solutions E. 53rd St, IN

    Listing date Jun 11, 2025

    MLS# 22043983 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.

    Overview

    Elwood Mixed-Use Commercial Property

    Located on heavily traveled State Road 28, this 4.09-acre commercial property offers high visibility and access. The property includes a main warehouse of approximately 6,900 square feet, featuring two entry doors, an office area, a loft, and storage space. The metal roof of the warehouse is 2 years old. Additionally, there is a 1,200-square-foot office building that is fully heated and cooled, connected to city water and sewer, and currently occupied by an HVAC company. The office building also has a 2-year-old roof. A large paved parking lot provides flexible use options. Billboard rights are included, offering an opportunity for extra income. The property is zoned Commerical General and is suitable for a variety of business ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Department Store Kitchen & Bath Showroom Food Market Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Elwood
    County
    Madison
    State
    Indiana
    Longitude
    -85.863945
    Latitude
    40.277115

    Nearby Similar for Sale

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      Elwood Brick Triplex on Acreage

      Investment opportunity: brick triplex on over an acre.
      1887 S 700 E, Elwood, IN 46036
      View Details
    • $700,000

      Elwood Farm with Tillable Land

      35-acre farm with tillable land and woodland.
      0 N 900 W, Elwood, IN 46036
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 4.09 acres with warehouse and office on State Road 28.
    Where is this mixed-use property located?
    The property is located at 7874 E State Road 28 Elwood, IN.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: High‑traffic location on State Road 28 with excellent visibility and access.; 4.09 acres of prime, multi‑purpose commercial property.; Main warehouse (approx. 6,900 sq. ft.) with office, loft, and abundant storage.
    (765) 640-1900
    We can help!
    Listing Contact
    Sky Estes
    Real Estate License ID: RB21001218
    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.

    More about this property
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