Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Commercial Property on 3.63 Acres Title is generated by Realmo AI

    529 N Us Highway 31, Whiteland, IN 46184

    View on Map
    Claim this Listing
    For Sale
    $695,000

    Commercial property with C2 zoning, high visibility, and traffic counts.

    Type:Mixed Use
    Property size:
    1,148 SF
    Lot size:
    3.63 Acres
    Price / SF:
    $605/SF
    Added:
    Oct 20, 2024
    Days on Market:
    593
    Last Refresh:
    May 12 at 9:29 pm

    Property Features for 529 N Us Highway 31

    General Information

    Standard status
    Active
    Size
    1,148 SF
    Lot size
    3.63 Acres
    Property subtype
    Mixed Use

    Building Details

    Year Built
    1981

    We can help!

    Listing Contact
    Diana Elmore

    Listing agent Diana Elmore

    Listing office Realty World-Turtle Crk Realty

    Listing date Oct 20, 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 Realty World-Turtle Crk Realty

    HighLights

    • High visibility and traffic counts ideal for commercial use.
    • C2 zoning allows for diverse business opportunities (office, retail, restaurants, etc.).
    • 3.63 acres provides ample space for development or expansion.
    • Large front parking area suitable for semi‑trucks or construction equipment.
    • Includes a 28x76 mobile home usable as an office or rental property.
    • Four‑car outbuilding and carport offer additional storage or workspace.

    Overview

    This commercial property, zoned C2, spans 3.63 acres and benefits from high visibility and traffic counts. The property is located next to Rascal's Fun Zone. It includes a 28x76 mobile home, suitable for use as a small business office or rental property. A large four-car outbuilding and carport are situated at the rear of the property. Improvements have been made, including a large front parking area that is ideal for semi-truck parking or a construction business requiring office and equipment storage. The property offers 1148 square feet of space and is suitable for office, retail, and restaurant uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Whiteland
    County
    Johnson
    State
    Indiana
    Longitude
    -86.08836
    Latitude
    39.55772

    Nearby Similar for Sale

    • $1,000,000
      1,656 SF

      Commercial Land on US 31

      5 acres of commercial land with high visibility.
      6540 N Us Highway 31, Whiteland, IN 46184
      View Details
    • $695,000

      Whiteland Development Opportunity on US 31

      5.5 acre parcel on high-visibility corridor, ideal for development.
      6516 N Us Highway 31, Whiteland, IN 46184
      View Details
    • $1,695,000

      Whiteland Land with Development Potential

      Over 10 acres with residential and commercial zoning.
      6540 N Us Highway 31, Whiteland, IN 46184
      View Details
    • $695,000
      1,148 SF

      Whiteland Mixed-Use Property For Sale

      3.63 acre mixed-use property with high visibility and traffic.
      529 N Us Highway 31, Whiteland, IN 46184
      View Details
    • $480,000

      Whiteland Estate Property: 10 Acres

      10 acre estate property for custom home, no HOA.
      0 W 500 N, Whiteland, IN 46184
      View Details
    • $45,000

      Whiteland Residential Lot Available

      Wooded lot in Whiteland, Indiana, suitable for building.
      4810 N Centerline Road, Whiteland, IN 46184
      View Details
    • $650,000

      Land Ready for Development

      Land available for retail development with high traffic and visibility.
      811 US 31, Whiteland, IN
      View Details
    • $3,325,000
      36,000 SF

      36,000 SF Flex/Industrial Space

      Flex/industrial space with updated infrastructure and logistical convenience.
      594 N Front St, Whiteland, IN
      View Details
    • Contact for pricing
      130,200 SF

      Whiteland Distribution Facility Leased to DHL

      130,200 SF Class A distribution facility leased to DHL.
      5141 Graham Rd, Whiteland, IN
      View Details
    • Contact for pricing
      114,660 SF

      Industrial Park Site For Sale

      Industrial park site with city utilities and tax abatement.
      5879 Graham Rd, Whiteland, IN
      View Details
    • Contact for pricing
      175,172 SF

      Whiteland Industrial Park Location

      Industrial park with city utilities and highway access.
      Tracy Rd & Graham Rd, Whiteland, IN
      View Details
    • Contact for pricing
      219,516 SF

      Whiteland Industrial Park Land

      Industrial park land with city utilities and tax abatement.
      Graham Rd & Tracy Rd, Whiteland, IN
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Commercial property with C2 zoning, high visibility, and traffic counts.
    Where is this mixed-use property located?
    The property is located at 529 N Us Highway 31 Whiteland, IN.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: High visibility and traffic counts ideal for commercial use.; C2 zoning allows for diverse business opportunities (office, retail, restaurants, etc.).; 3.63 acres provides ample space for development or expansion.
    (317) 783-0783
    We can help!
    Listing Contact
    Diana Elmore
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    529 N Us Highway 31, Whiteland, IN 46184
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!