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    337 Us Highway 421 Versailles, IN 47042

    For Sale
    $495,000

    23-Acre Mixed-Use Property, Huge Potential

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional 23+ acre property presents a unique investment opportunity in Versailles, Indiana. Currently operating as the beloved Bel Air Drive-In movie theater for over 73 years, this iconic location boasts significant potential for diverse uses. The property features frontage on two roads, providing excellent accessibility. Improvements include a 1000 square foot concession building offering a variety of food and drink options, a projector room equipped for digital movie downloads, and an office. Three oversized pole barn garages provide ample storage space. The expansive grounds also include several large ponds and approximately 12-14 acres of woodlands. The property's versatility allows for various development options, including subdivision for residential building sites, the installation of storage units, potential solar fields, or the creation of a recreational/campground. Its prime location offers easy access to major metropolitan areas, being less than an hour from Cincinnati, Ohio and Florence, Kentucky, and approximately 75 miles from both Indianapolis and Louisville, Kentucky. This nostalgic property offers a blend of established business and significant future development potential, making it an attractive investment for those seeking a unique and versatile asset. The existing drive-in theater provides immediate income potential while the vast acreage allows for a wide range of future development possibilities.

    Property Features for 337 Us Highway 421

    General Information

    Property type
    Investment properties
    Lot Size
    1,001,880 SF

    Building Details

    Year Built
    1952
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Investment properties

    Suggested Use

    Restaurant Law Firm Dental Office Wholesale Shop Clothing Store Auto Parts Store Department Store HVAC Service Storage Facility Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Versailles
    County
    Ripley
    State
    Indiana
    Longitude
    -85.27365
    Latitude
    39.07977

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Investment property - 23-Acre Mixed-Use Property, Huge Potential
    Where is this investment property located?
    The property is located at 337 Us Highway 421 Versailles, IN.
    What is the asking price?
    The asking price for this property is $495,000.
    (812) 689-5030
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    337 Us Highway 421 Versailles, IN 47042
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    Realmo Value Estimation

    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.

    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.

    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
    337 Us Highway 421 Versailles, IN 47042
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