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    Leesburg Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    100 S Old State Road 15, Leesburg, IN 46538

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    For Sale
    $699,900

    Mixed Use - Leesburg, IN

    Type:Mixed Use
    Property size:
    4,780 SF
    Lot size:
    3.77 Acres
    Price / SF:
    $146/SF
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 100 S Old State Road 15

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Interior features
    Drywall, Metal, Wood, Other, Living Space, Office Space
    Exterior features
    Living Space, Office Space
    Standard status
    Active
    APN
    43-07-09-400-376.000-016
    Size
    4,780 SF
    Lot size
    3.77 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3841

    Utilities

    Heating system
    Forced Air, Other (Heating)
    Cooling system
    Other (Cooling)

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Other, Wood
    Building materials
    Other
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Brian Peterson

    Listing agent Brian Peterson License #RB14043309

    Listing office Brian Peterson Real Estate 2008 E Center Street, Warsaw, IN

    Listing date May 21, 2026

    MLS# 202619473 Listing URL

    Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3.8‑acre property zoned for both commercial and residential use, offering diverse development possibilities.
    • High‑visibility, high‑traffic location with abundant on‑site parking and room for expansion.
    • Main building (approx. 4,780 SF) thoughtfully updated, previously used as a brewery and dining destination.
    • Secondary building includes apartment/living space for owner occupancy, rental income, or staff housing.
    • Historic Leesburg Mill, preserving original character and charm.
    • Updated interiors with spacious dining and gathering areas and ample storage.

    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 the historic Leesburg Mill, it has been transformed into a brewery and dining destination, while 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/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. It is suited for restaurant, brewery, event venue, retail, mixed-use development, or other commercial ventures. This property offers character, versatility, and growth potential.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $538.5K
    NOI $48,467 @ 9.00% cap · cautious / downside scenario
    Moderate
    $692.4K
    NOI $48,467 @ 7.00% cap · market / base-case scenario
    Aggressive
    $969.3K
    NOI $48,467 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Retail

    Component $ $/SF
    Gross rent $72.3k $15.12
    − Vacancy −$3.0k −$0.64
    EGI $69.2k $14.48
    − OpEx −$20.8k −$4.35
    NOI $48.5k $10.14
    4,780 SF · lease $15.12/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $692.4K
    $605.8K – $807.8K (±1% cap)
    NOI $48,467 @ 7.0% cap · market cap 6.92%
    Second Best
    Apartment 5plus
    $518.1K
    $453.4K – $604.5K (±1% cap)
    NOI $36,268 @ 7.0% cap · market cap 5.18%
    Theoretical Best
    Office A
    $832.7K
    $728.7K – $971.5K (±1% cap)
    NOI $58,292 @ 7.0% cap · market cap 8.33%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report 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
    -85.844063
    Latitude
    41.332024

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    • $1,140,506
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    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 S 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: 3.8‑acre property zoned for both commercial and residential use, offering diverse development possibilities.; High‑visibility, high‑traffic location with abundant on‑site parking and room for expansion.; Main building (approx. 4,780 SF) thoughtfully updated, previously used as a brewery and dining destination.
    (574) 268-1899
    We can help!
    Listing Contact
    Brian Peterson
    Real Estate License ID: RB14043309
    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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    100 S Old State Road 15, Leesburg, IN 46538-7711
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