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    N 150 E Road Rome City, IN 46784

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    Picture of Waterfront Land at N 150 E Road, Rome City, IN
    For Sale
    $54,700

    Residential Land - Rome City, IN

    Lot size:
    0.35 Acres
    Added:
    Mar 20, 2026
    Days on Market:
    36
    Last Refresh:
    Apr 24 at 10:06 pm

    Property Features for N 150 E Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Deeded, Walk To Lake Access
    Standard status
    Active
    APN
    57-04-17-300-007.000-010
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Annual Amount
    250

    Utilities

    Water front features
    Waterfront Tamarack Lake, Walk To Lake Access, Waterfront, Waterfront Tamarack Lake, Waterfront Deeded
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Joseph Sells

    Listing agent Joseph Sells License #RB14047124

    Listing office Hosler Realty Inc 106 S. Main St., Kendallville, IN

    Listing date Mar 20, 2026

    MLS# 202609214 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.

    Overview

    Residential Land Near Tamarack Lake

    This 0.35-acre residential land, identified as Lot 7, offers deeded access to Tamarack Lake and a chain-of-lakes system. The property includes approximately 100 feet of association frontage on Tamarack Lake, complete with a concrete boat ramp and pavilion. Tamarack Lake, spanning 84 acres, is known for panfish fishing and connects directly to Steinbarger Lake, which covers 73 acres. A channel from Steinbarger Lake leads to Waldron Lake, a 216-acre skiing lake, with further navigation to Jones Lake (114 acres) and Waldron’s second basin, which feeds into the Elkhart River. All lakes are navigable, providing opportunities for boating, fishing, and water sports. This land is located in Rome City, Indiana, in Noble County, and is suitable for building a dream home.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Rome City
    County
    Noble
    State
    Indiana
    Longitude
    -85.3788
    Latitude
    41.4949

    Nearby Similar for Sale

    • $145,000

      Residential Land with Lake Access

      Land with lake access and utility access in Rome City.
      856 Lions Drive, Rome City, IN 46784
      View Details
    • $248,900

      Lakefront Residential Land Opportunity

      3.59 acre lakefront lot with 418' frontage on Sylvan Lake.
      4200 E 850 N Road, Rome City, IN 46784
      View Details
    • $340,000

      Sylvan Lake Waterfront Land Parcel

      6.5 acre wooded lot with channel and lake frontage.
      1721 Cain Landing Drive, Rome City, IN 46784
      View Details
    • $5,000

      Residential Land Near Tamarack Lake

      Three residential lots with lake access in Rome City, Indiana.
      E Timber Trce Drive, Rome City, IN 46784
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Land with deeded access to Tamarack Lake and chain-of-lakes.
    Where is this waterfront land located?
    The property is located at N 150 E Road Rome City, IN.
    What is the asking price?
    The asking price for this property is $54,700.
    What are key features of this property?
    This property features: Deeded access to Tamarack Lake and chain‑of‑lakes system.; Association frontage on Tamarack Lake with concrete boat ramp and pavilion.; Tamarack Lake connects to Steinbarger, Waldron, and Jones Lakes, plus the Elkhart River.
    (260) 242-4557
    We can help!
    Listing Contact
    Joseph Sells
    Real Estate License ID: RB14047124
    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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