Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    N Melville St Rensselaer, IN 47978

    Sponsored
    For Sale
    $240,000

    LAND - Rensselaer, IN

    Lot size:
    2.10 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 7 at 10:06 am

    Property Features for N Melville St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    370729019059000027
    Lot size
    2.10 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Nicole Mathew

    Re/Max Executives (219) 987-2230

    Listing agent Nicole Mathew (219) 866-0170

    Listing date Feb 5, 2026

    MLS# 833620 Listing URL

    Copyright © 2026 Greater Northwest 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.

    Learn more

    Property Insight Report

    Overview

    Rensselaer Land for Development

    Eight city lots are available in a desirable location, suitable for a development project. The property offers space and potential, with city utilities available for connection. The lots are being sold as a single package and will not be divided. The property is 2.104 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Rensselaer
    County
    Jasper
    State
    Indiana
    Longitude
    -87.141565
    Latitude
    40.939534

    Nearby Similar for Sale

    • $150,000
      0.23 Acres

      Rensselaer Mixed-Use Investment Opportunity

      Flexible zoning property suitable for commercial or residential use.
      620 N Cullen St, Rensselaer, IN 47978
      View Details
    • $199,000
      2,160 SF

      Renovated Office Space in Rensselaer

      Prime business district office space with long-term tenant.
      210 E Washington St, Rensselaer, IN 47978
      View Details
    • $635,000
      2,925 SF

      Established Auto Sales Business

      Turnkey auto sales and service business with highway frontage.
      1105 N Mckinley Ave N, Rensselaer, IN 47978
      View Details
    • $325,000
      5,000 SF

      Versatile Commercial Building in Rensselaer

      5,000 sq ft commercial building in a prime location.
      507 S College Ave, Rensselaer, IN 47978
      View Details
    • $364,900
      1,876 SF

      Remodeled Home on Peaceful Acres

      Remodeled 3-bedroom home on 5 acres with horse facilities.
      1362 N 350 W, Rensselaer, IN 47978
      View Details
    • $179,900
      0.06 Acres

      Established Downtown Rensselaer Cafe

      Turnkey Restaurant w/Office Space
      112 Van Rensselaer St, Rensselaer, IN 47978
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Eight city lots in prime location, ideal for development.
    Where is this residential land & home lot located?
    The property is located at N Melville St Rensselaer, IN.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: - 8 Prime City Lots in a Desirable Location; - Ideal for New Construction/Development Project; - City Utilities Readily Available (Water)
    (219) 866-0170
    Request Owner's contact information
    N Melville St Rensselaer, IN 47978
    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.
    N Melville St
    Rensselaer, IN 47978
    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
    N Melville St Rensselaer, IN 47978
    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
    Nicole Mathew
    (219) 866-0170
    Learn more
    Google sign-in failed. Please try again or use another login method.