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    Renovated Home with Acreage and Pond Title is generated by Realmo AI

    2480 Highway 64 NE, New Salisbury, IN 47161

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    For Sale
    $279,900

    Updated home on almost 6 acres with pond and outbuildings.

    Type:Farm
    Property size:
    1,175 SF
    Lot size:
    6.00 Acres
    Price / SF:
    $238/SF
    Added:
    Jun 27, 2024
    Days on Market:
    685
    Last Refresh:
    Apr 1 at 9:12 pm

    Property Features for 2480 Highway 64 NE

    General Information

    Standard status
    Active
    Size
    1,175 SF
    Lot size
    6.00 Acres
    Property subtype
    Farm

    Building Details

    Year Built
    1948

    We can help!

    Listing Contact
    Lopp Real Estate Brokers

    Listing agent Lopp Real Estate Brokers

    Listing office Lopp Real Estate Brokers

    Listing date Jun 27, 2024

    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 Lopp Real Estate Brokers

    HighLights

    • Almost 6‑acre lot with pasture, woods, pond, garden space, and multiple outbuildings.
    • Totally renovated house with new roof, windows, electric panel, baths, paint, flooring, fixtures, landscape, appliances, furnace, and AC.
    • Excellent location with easy access to shopping, dining, medical facilities, and the interstate.
    • Potential for subdivision due to 475' road frontage and sewer access.
    • New kitchen with white cabinets, new countertops, and new appliances (including washer/dryer).
    • Owner's suite with a brand new bath and custom tile shower.

    Overview

    This property features an almost 6-acre lot with pasture, woods, a pond, garden space, and multiple outbuildings. The home has been completely renovated with split bedrooms on opposite ends. The living room includes a brick fireplace with a wood stove insert. The kitchen features white cabinets, new countertops, and new appliances, including a washer and dryer. The owner's suite has a new bathroom with a custom tile shower. The property has 475 feet of road frontage and a sewer main at the road, offering potential for adding building lots. Several outbuildings have electric. A well is available for watering the garden, and the septic system was pumped in spring 2024. There is a storm cellar and a carport suitable for an RV. The pond contains fish. New features include a roof, double-pane windows, a 200-amp electric panel, a new master bath, an updated second bath, paint, flooring, ceiling fixtures, landscaping, all appliances, a furnace, and air conditioning.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Auto Parts Store Pharmacy Kitchen & Bath Showroom Accounting Firm Discount Store Grocery & Convenience Store Car Rental Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    New Salisbury
    County
    Harrison
    State
    Indiana
    Longitude
    -86.0784811
    Latitude
    38.3169808

    Nearby Similar for Sale

    • $764,900
      3,411 SF

      Custom Estate on 20 Acres

      Exceptional custom-built estate with high-end finishes and many extras.
      538 Keller Drive NE, New Salisbury, IN 47161
      View Details
    • $82,500
      938 SF

      Secluded Mini Farm Opportunity

      7-acre mini farm with potential for new construction.
      7565 Kincaid Drive NE, New Salisbury, IN 47161
      View Details

    FAQs

    What type of property is this?
    Farm - Updated home on almost 6 acres with pond and outbuildings.
    Where is this farm located?
    The property is located at 2480 Highway 64 NE New Salisbury, IN.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: Almost 6‑acre lot with pasture, woods, pond, garden space, and multiple outbuildings.; Totally renovated house with **new roof, windows, electric panel, baths, paint, flooring, fixtures, landscape, appliances, furnace, and AC**.; Excellent location with easy access to shopping, dining, medical facilities, and the interstate.
    (812) 728-8181
    We can help!
    Listing Contact
    Lopp Real Estate Brokers
    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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    2480 Highway 64 NE, New Salisbury, IN 47161
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