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    Floyd County Park-Like Setting Title is generated by Realmo AI

    7747 Pekin Road, Greenville, IN 47124

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    For Sale
    $295,000

    Secluded 6-acre property with two updated houses and pole barn.

    Type:Farm
    Property size:
    1,527 SF
    Lot size:
    6.00 Acres
    Price / SF:
    $193/SF
    Added:
    Jun 27, 2020
    Days on Market:
    2146
    Last Refresh:
    Apr 1 at 9:10 pm

    Property Features for 7747 Pekin Road

    General Information

    Standard status
    Active
    Size
    1,527 SF
    Lot size
    6.00 Acres
    Property subtype
    Farm

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    Donna Lone

    Listing agent Donna Lone

    Listing office Real Estate Road LLC

    Listing date Jun 27, 2020

    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 Real Estate Road LLC

    HighLights

    • Secluded 6‑acre property with a park‑like setting, offering privacy and natural beauty.
    • Two well‑maintained houses: a 3‑bed, 1‑bath main house and a renovated 2‑bed, 1‑bath second house.
    • Large 42x41 pole barn with water and electric, ideal for storage, workshop, or agricultural use.
    • Detached garage with workshop area provides ample space.
    • Recent upgrades include roof replacement (6 years old), new gutters with transferable Gutter Helmet warranty, and replacement tilt‑out double pane windows.
    • All appliances included in both houses, along with two owned 500‑gallon LP gas tanks.

    Overview

    This secluded 6-acre property in Floyd County features a park-like setting and includes two well-maintained and updated houses. The main house, located at 7747 Pekin Road, is a 3-bedroom, 1-bathroom home with 1527 square feet. There is potential for expansion to add a master bath or additional living space. The second house, located at 7755 Pekin Road, is a completely renovated 775 square foot, 2-bedroom, 1-bathroom home suitable for in-laws, young adults, or downsizing. Appliances, including the washer and dryer, are included in both houses. The water heater in the second house has been recently replaced. A large detached garage and a 42x41 pole barn with water and electric provide ample storage and workspace. The main house has a wood-burning stove in the basement and a large 2-car concrete block detached garage with a workshop area. The home features replacement tilt-out double-pane windows, and the roof was replaced in 2014. All new gutters were installed on both houses in 2019 with a transferable Gutter Helmet warranty. Two owned 500-gallon LP gas tanks are included. The property has several tracts with deeds and possible 17 acres ties into property. The pole barn is suitable for hay, horses, or use as a work shed. The property offers lots of extra storage and parking for farm equipment, cars, or other uses. It shares a driveway and water meter. This property is ideal as a small farm or private getaway.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Real Estate Agency Building Supply Auto Repair Shop Nail Salon Pharmacy Auto Parts Store Department Store Accounting Firm Storage Facility Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Floyd
    State
    Indiana
    Longitude
    -85.987465
    Latitude
    38.385498

    FAQs

    What type of property is this?
    Farm - Secluded 6-acre property with two updated houses and pole barn.
    Where is this farm located?
    The property is located at 7747 Pekin Road Greenville, IN.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Secluded 6‑acre property with a park‑like setting, offering privacy and natural beauty.; Two well‑maintained houses: a 3‑bed, 1‑bath main house and a renovated 2‑bed, 1‑bath second house.; **Large 42x41 pole barn with water and electric**, ideal for storage, workshop, or agricultural use.
    (812) 366-4771
    We can help!
    Listing Contact
    Donna Lone
    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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