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    307 Nursery Street Lagrange, IN 46761

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    New
    For Sale
    $349,900

    Industrial - Garage,Industrial Warehouse,Light Industry Mfg,Office/Showroom,Professional,Service,Service Center,Service Station,Warehouse

    Type:Manufactured Home
    Property size:
    4,000 SF
    Lot size:
    1.16 Acres
    Price / SF:
    $87/SF
    Added:
    May 1, 2026
    Days on Market:
    2
    Last Refresh:
    May 2 at 12:06 pm

    Property Features for 307 Nursery Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Manufactured Home
    Bathrooms
    1
    Rooms
    Bathroom 1, Office
    Parking
    25
    Parking features
    Garage, Off Street, Other, Paved or Surfaced
    Interior features
    Metal, Overhead Door 1, Overhead Door 2, Compressed Air Lines, Delivery Door, Display Room, Display Window(s), Office Space, Public Restrooms, Reception Area, Other, Clear Span
    Exterior features
    Loading Dock 1, Overhead Door 1, Overhead Door 2, Compressed Air Lines, Delivery Door, Display Room, Display Window(s), Office Space, Public Restrooms, Reception Area, Other, Clear Span
    Standard status
    Active
    APN
    44-07-19-200-000.013-002
    Size
    4,000 SF
    Lot size
    1.16 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2056.66

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1961
    Floors in Building
    1
    Flooring type
    Concrete
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Daniel Orlando

    Listing agent Daniel Orlando License #RB14051647

    Listing office Mike Thomas Associates 116 E. Wayne St., LaGrange, IN

    Listing date May 1, 2026

    MLS# 202616079 Listing URL

    Copyright © 2026 Northeastern Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    LaGrange Heavy Industrial Garage Property

    Located in LaGrange County, this commercial garage property offers flexibility. Formerly Hoffman’s Automotive and NAPA Care Center, the site provides approximately 4,000 square feet with multiple service bays, a paint bay with existing exhaust fans, and office space. Shop infrastructure includes air compressor lines and heated interior. Situated on 1.16 acres, the property has city utilities and is outside of a flood zone, providing ample yard space for parking, storage, or expansion. Zoned I-2 Heavy Industrial, it allows for a range of uses including automotive service, contractor operations, light industrial, and storage. It is ideal for an owner-user or investor. Potential business uses include lake storage, boat storage, marina servicing, heated storage units, and collaborative multi-family heated winter storage for lake toys. Food service with room for outdoor dining is another possibility. Other options include a mixed-use building, apartments, assisted living, or elder living facilities. The property has easy access to SR 9, US 20, and State Highway 120.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Huffman Automotive Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Twin Lakes RV Repair — 401 E Central Ave, LaGrange, IN 46761
    • FlexArmor LeGrange — 401 Central Ave, LaGrange, IN 46761
    • Hostetler Tire Auto Sales — 45 US-20, LaGrange, IN 46761
    • CJ'S GARAGE — 400 S Townline Rd, LaGrange, IN 46761
    • Huffman Automotive — 307 Nursery St, LaGrange, IN 46761

    Location Insight

    • Map
    • Local Demand
    City
    Lagrange
    County
    LaGrange
    State
    Indiana
    Longitude
    -85.414591
    Latitude
    41.651969

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    FAQs

    What type of property is this?
    Auto shop - Adaptable commercial asset in a high-demand lake region.
    Where is this auto shop located?
    The property is located at 307 Nursery Street Lagrange, IN.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: Zoned Heavy Industrial (I‑2) offering a wide range of permitted uses.; Approximately **4,000 sq ft building** with multiple service bays and a paint bay.; **Large 1.16‑acre lot** with city utilities, outside of a flood zone.
    (260) 463-2881
    We can help!
    Listing Contact
    Daniel Orlando
    Real Estate License ID: RB14051647
    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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    307 Nursery Street, Lagrange, IN 46761

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