Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Leesburg Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    100 Old State Road 15, Leesburg, IN 46538

    View on Map
    Claim this Listing
    For Sale
    $699,900

    3.8-acre mixed-use property with commercial and residential zoning.

    Type:Commercial / Mixed Use
    Property size:
    164,221 SF
    Lot size:
    3.80 Acres
    Price / SF:
    $4/SF
    Added:
    May 17, 2026
    Days on Market:
    13
    Last Refresh:
    May 27 at 12:54 pm

    Property Features for 100 Old State Road 15

    General Information

    Standard status
    Active
    Size
    164,221 SF
    Lot size
    3.80 Acres
    Property subtype
    Commercial / Mixed Use

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Brian Peterson
    Brian Peterson

    Listing agent Brian Peterson License #RB14043309

    Listing office Brian Peterson Real Estate

    Listing date May 17, 2026

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Brian Peterson Real Estate

    HighLights

    • Mixed‑use zoning on 3.8 acres offers diverse development possibilities.
    • High‑visibility, high‑traffic location with abundant on‑site parking and expansion potential.
    • Approximately 4,780 SF main building with updated interiors and ample storage.
    • Secondary building includes apartment/living space.
    • Historic Leesburg Mill with preserved original character and charm.
    • Originally constructed in 1900 with metal roof and partial basement.

    Overview

    This mixed-use property, situated on 3.8 acres just outside of Leesburg, presents an exceptional opportunity. Zoned for both commercial and residential use, the property offers potential for investors, entrepreneurs, or redevelopment. Originally constructed as the historic Leesburg Mill, the property has been transformed into a brewery and dining destination, preserving the building’s original character and charm. The main building features approximately 4,780 square feet with updated interiors, spacious dining and gathering areas, and ample storage. A secondary building includes apartment or living space, adding flexibility for owner occupancy, rental income, or staff housing. The property is situated in a high-visibility, high-traffic location with abundant on-site parking and room for future expansion. This property is ideal for restaurant, brewery, event venue, retail, mixed-use development, or other commercial ventures. It offers character, versatility, and growth potential.
    Location Intelligence

    Current Use by Public Records

    HopLore Brewing - The Mill Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom Storage Facility HVAC Service Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Leesburg
    County
    Kosciusko
    State
    Indiana
    Longitude
    -85.844354
    Latitude
    41.331422

    Nearby Similar for Sale

    • $699,900
      4,780 SF

      Leesburg Mixed-Use Redevelopment Opportunity

      3.8-acre mixed-use property with commercial and residential zoning.
      100 S Old State Road 15, Leesburg, IN 46538-7711
      View Details
    • $430,000
      2,080 SF

      Retail Outlet on State Road

      Retail outlet with road frontage in Leesburg, Indiana.
      4454 N State Road 13 Highway, Leesburg, IN 46538
      View Details
    • $1,140,506
      9,100 SF

      Dollar General NNN Investment Property

      NNN leased Dollar General property with corporate guarantee.
      221 W School St, Leesburg, IN 46538
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 3.8-acre mixed-use property with commercial and residential zoning.
    Where is this mixed-use property located?
    The property is located at 100 Old State Road 15 Leesburg, IN.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: Mixed‑use zoning on 3.8 acres offers diverse development possibilities.; High‑visibility, high‑traffic location with abundant on‑site parking and expansion potential.; Approximately 4,780 SF main building with updated interiors and ample storage.
    (574) 268-1899
    We can help!
    Listing Contact
    Brian Peterson
    Brian Peterson
    Real Estate License ID: RB14043309
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    100 Old State Road 15, Leesburg, IN 46538
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!