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    Huntertown Commercial Building with Steel Frame Title is generated by Realmo AI

    1611 Pheasant Run, Huntertown, IN 46748

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    Commercial building with pre-engineered steel frame, multiple income streams.

    Type:Industrial
    Property size:
    2,843 SF
    Price / SF:
    $439/SF
    Added:
    Jan 4, 2023
    Days on Market:
    1247
    Last Refresh:
    May 19 at 9:04 pm

    Property Features for 1611 Pheasant Run

    General Information

    Standard status
    Active
    Size
    2,843 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    Brad Stinson

    Listing agent Brad Stinson License #RB14039622

    Listing office North Eastern Group Realty

    Listing date Jan 4, 2023

    Source Crexi

    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 North Eastern Group Realty

    HighLights

    • Income‑producing property with a rented, pre‑engineered steel frame building.
    • C3 Zoning offers loads of various uses.
    • Large Main Building: Features 2843 sqft of living space and 2800 sqft of garage/workshop/storage space.
    • Updated with a new kitchen, baths, utility area (2018), roof (2015), and HVAC system (2019).
    • Second Building: A 3415 sqft pre‑engineered steel frame building with 14’ eave height, 3‑phase power, and two 12' overhead doors.
    • Prime Location: Close to the new Parkview location in Huntertown.

    Overview

    This commercial building features an industrial chic design and includes a pre-engineered steel frame building that is currently rented out, providing an additional income stream. The property is zoned C3 and is located close to the new Parkview location in Huntertown. Recent updates include a new kitchen, baths, and utility area in 2018, two new baths in the steel building in 2018, a new roof in 2015, and one new HVAC system in 2019. The main building offers 2843 square feet of living space and 2800 square feet of garage, workshop, or storage space. The front door opens to a large great room with vaulted ceilings and natural light. There is a large main floor bedroom or office and a full bath. The upstairs has been completely remodeled and features a large kitchen with custom cabinets, granite counters, skylights, a cathedral ceiling, custom lighting, and a utility room. The main level garage area spans 2800 square feet and can accommodate numerous vehicles or equipment, with two overhead doors, work benches, built-in cabinets, and a 53x11 storage area. The second building is a 3415 square foot pre-engineered steel frame building with steel exterior wall panels and a standing seam roof. It has a poured concrete slab foundation and a ceiling height of 14 feet to the eave. It also includes two full baths, an upstairs office area, two 12-foot overhead doors, ample parking, two separate entrances, and 3-phase power. This property offers various potential uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Similar Places Nearby

    • NineHouse — 14617 Lima Rd, Fort Wayne, IN 46818

    Location Insight

    • Map
    • Local Demand
    City
    Huntertown
    County
    Allen
    State
    Indiana
    Longitude
    -85.1647822
    Latitude
    41.2236527

    FAQs

    What type of property is this?
    Flex space - Commercial building with pre-engineered steel frame, multiple income streams.
    Where is this flex space located?
    The property is located at 1611 Pheasant Run Huntertown, IN.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Income‑producing property with a rented, pre‑engineered steel frame building.; C3 Zoning offers loads of various uses.; Large Main Building: Features **2843 sqft of living space and 2800 sqft of garage/workshop/storage space**.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brad Stinson
    Real Estate License ID: RB14039622
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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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