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    Versailles Former Church Opportunity Title is generated by Realmo AI

    2270 W Co Rd 700 S, Versailles, IN 47042

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    Claim this Listing
    Pending
    $369,900

    COMMERCIAL - Versailles, IN

    Property size:
    5,268 SF
    Lot size:
    1.58 Acres
    Added:
    Mar 19, 2026
    Days on Market:
    57
    Last Refresh:
    May 14 at 11:06 am

    Property Features for 2270 W Co Rd 700 S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Exterior features
    Outside Storage
    Standard status
    Pending
    APN
    69-18-09-400-022.001-020
    Size
    5,268 SF
    Lot size
    1.58 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1960
    Flooring type
    Vinyl
    Building materials
    Brick, Vinyl Siding
    Roof type
    Shingle
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Meghan Mcdonough Boyle

    Listing agent Meghan Mcdonough Boyle

    Listing office Lohmiller Real Estate 3654 Edwards Rd., IN

    Listing date Mar 19, 2026

    MLS# 1872163

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

    HighLights

    • Fully renovated former church with nearly 8,000 sq ft on 1.5 acres.
    • Large open‑span former sanctuary ideal for event space, studio, office, or other uses.
    • Two geothermal HVAC units for energy efficiency.
    • Renovated kitchen/break area with stainless steel appliances.
    • Grand stained glass windows providing distinctive character.
    • 2‑car detached garage and covered shelter house.

    Overview

    This is an exceptional adaptive reuse opportunity featuring a fully renovated former church with nearly 8,000 square feet of space on 1.5 acres. The property is currently configured with 5 private rooms or offices, 2 full baths, and 1 half bath. It includes a renovated kitchen and break area equipped with stainless steel appliances and luxury vinyl flooring. Multiple gathering spaces are available, and the property benefits from two geothermal HVAC units for energy efficiency. The former sanctuary remains intact, offering a large open-span area suitable for event space, studio use, office conversion, wellness center, educational facility, or creative workspace. Grand stained glass windows add distinctive character to the space. A finished lower level expands the usable area. The exterior features a 2-car detached garage, a covered shelter house for events or group functions, and open land suitable for parking or future improvements. This unique property is well-suited for owner-users, investors, or specialty commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shelby Church Cemetery Church

    Suggested Use

    Auto Repair Shop Department Store Food Market Nursing Home Farmer's Market Fish Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Versailles
    County
    Ripley
    State
    Indiana
    Longitude
    -85.300942
    Latitude
    38.971758

    Nearby Similar for Sale

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      1,532 SF

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      924 W County Road 200 S, Versailles, IN 47042
      View Details
    • $155,000

      Versatile Building with Garage

      Clean building suitable for retail, office, restaurant, or multifamily use.
      4492 S Us Highway 421, Versailles, IN 47042
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    FAQs

    What type of property is this?
    Church & religious facility - Renovated church on 1.5 acres, ideal for various uses.
    Where is this church & religious facility located?
    The property is located at 2270 W Co Rd 700 S Versailles, IN.
    What is the asking price?
    The asking price for this property is $369,900.
    What are key features of this property?
    This property features: Fully renovated former church with nearly 8,000 sq ft on 1.5 acres.; Large open‑span former sanctuary ideal for event space, studio, office, or other uses.; Two geothermal HVAC units for energy efficiency.
    (812) 537-1023
    We can help!
    Listing Contact
    Meghan Mcdonough Boyle
    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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