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    Mini-Farm with Updated Home Title is generated by Realmo AI

    8290 W State Road 356, Lexington, IN 47138

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    For Sale
    $285,000

    10+ acre mini-farm with updated home, barns, and pastures.

    Type:Farm
    Property size:
    1,260 SF
    Lot size:
    10.00 Acres
    Price / SF:
    $226/SF
    Added:
    Feb 21, 2022
    Days on Market:
    1541
    Last Refresh:
    Apr 1 at 9:10 pm

    Property Features for 8290 W State Road 356

    General Information

    Standard status
    Active
    Size
    1,260 SF
    Lot size
    10.00 Acres
    Property subtype
    Farm

    Building Details

    Year Built
    1976

    We can help!

    Listing Contact
    Jacqueline Greene

    Listing agent Jacqueline Greene

    Listing office Coldwell Banker Harrell & Asso

    Listing date Feb 21, 2022

    Source Xome

    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 Coldwell Banker Harrell & Asso

    HighLights

    • Over 10‑acre mini‑farm with fenced pastures, livestock barn, and pole barn with 3 bays, transformer, and 600amp service.
    • Updated 3 BR, 2 bath home with full brick exterior and newer metal roof.
    • Huge covered back porch and beautiful landscaping.
    • Updated interior with fresh paint, newer Heat and Central A/C, on‑demand hot water heater, and whole house water filtration system.
    • Wooded area with running creek and trails for recreational activities (4‑wheeling, dirt biking, hunting).
    • Two RV hookups and a large fenced garden area.

    Overview

    This property features a mini-farm spanning over 10 acres, complete with fenced pastures, a livestock barn, and a pole barn with three bays, a transformer, and 600 amp service. The updated home includes three bedrooms and two bathrooms. The house has a full brick exterior and a newer metal roof. The interior has been freshly painted in gray and white, and features newer heat and central air conditioning, an on-demand hot water heater, and a whole-house water filtration system. Updated bathrooms and a large dining area enhance the living space. The spacious living room includes a professionally restored wood-burning fireplace. The property also features beautiful landscaping, a large fenced area for a garden, and a wooded area with a running creek and trails suitable for recreational activities like four-wheeling, dirt bike riding, hunting, or nature walks. Additionally, there are two hookups for RVs. A large covered back porch allows enjoyment of the property's setting.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Lexington
    County
    Scott
    State
    Indiana
    Longitude
    -85.53891
    Latitude
    38.693043

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    FAQs

    What type of property is this?
    Farm - 10+ acre mini-farm with updated home, barns, and pastures.
    Where is this farm located?
    The property is located at 8290 W State Road 356 Lexington, IN.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: Over 10‑acre mini‑farm with fenced pastures, livestock barn, and **pole barn with 3 bays, transformer, and 600amp service.**; Updated 3 BR, 2 bath home with full brick exterior and newer metal roof.; **Huge covered back porch** and beautiful landscaping.
    (812) 265-3000
    We can help!
    Listing Contact
    Jacqueline Greene
    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.

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