Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    860 W Michigan St New Carlisle, IN

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Commercial land for sale with frontage on West Michigan.

    Type:LAND
    Lot size:
    10.05 Acres
    Added:
    Jul 1, 2025
    Days on Market:
    277
    Last Refresh:
    Apr 1 at 10:53 pm

    Property Features for 860 W Michigan St

    General Information

    Standard status
    Active
    Lot size
    10.05 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Roy Roelke
    Roy Roelke

    Listing agent Roy Roelke License #RB14051091

    Listing office NAI Cressy Commercial Real Estate - Corporate

    Listing date Jul 1, 2025

    Source Moodyscre

    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 NAI Cressy Commercial Real Estate - Corporate

    Overview

    Commercial Land Development Opportunity

    This commercial land presents a development opportunity with frontage on West Michigan Street and County Line Road. The property is zoned LB Local Business in New Carlisle. It is located adjacent to a Dollar General and Phillips 66, and across from a CVS.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Carlisle
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.5247
    Latitude
    41.7034

    Nearby Similar for Sale

    • $4,602,500

      Prime Land in New Carlisle

      Rare opportunity in established, growing commercial district near major businesses.
      31890 Edison Road, New Carlisle, IN 46552
      View Details
    • $200,000

      Historic Downtown Retail Opportunity

      Former bakery with retail space and apartment renovation potential.
      125 E Michigan Street, New Carlisle, IN 46552
      View Details
    • $220,000

      Established Hardware Store in Downtown

      Hardware store in historic downtown New Carlisle with retail space.
      123 E Michigan Street, New Carlisle, IN 46552
      View Details
    • $75,000

      Buildable Land Near Hudson Lake

      Spacious parcels with water frontage near Hudson Lake.
      N Hudson Boulevard, New Carlisle, IN 46552
      View Details
    • $39,900

      Spacious Residential Lot in Subdivision

      Build your dream home in a lively, connected community.
      55420 Forest Cove Court, New Carlisle, IN 46552-8228
      View Details
    • $12,500

      Corner Lot in Hudson Lake

      Corner lot ready for a dream home in Hudson Lake.
      Pansy Lane, New Carlisle, IN 46552
      View Details
    • $17,500

      Undeveloped Land in Hudson Lake

      Two parcels of land ready for development in Hudson Lake.
      Balsam Lane, New Carlisle, IN 46552
      View Details
    • $180,000

      3.9 Acres Corner Lot Land

      3.9 acres corner lot ideal for homesite or development.
      0 US 20 Highway, New Carlisle, IN 46552
      View Details
    • $25,000

      Residential Lot in New Carlisle

      1.239 acre residential lot in a desirable New Carlisle area.
      E Chicago Road, New Carlisle, IN 46552
      View Details
    • $2,080,000
      10,296 SF

      Retail Investment Opportunity in Indiana

      10,296 SF retail building in a high-traffic area.
      8989 U.S. Highway 20, New Carlisle, IN 46552
      View Details
    • $15,000

      Residential Lots in New Carlisle

      Two residential lots totaling 4,000 sq ft for sale.
      E John Emery Road, New Carlisle, IN 46552
      View Details
    • $15,167,750

      233 Acres Near Battery Plant

      Large land parcel near upcoming battery plant in New Carlisle.
      VL NW Corner Spruce Rd & Chicago, New Carlisle, IN 46552
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial land for sale with frontage on West Michigan.
    Where is this commercial land located?
    The property is located at 860 W Michigan St New Carlisle, IN.
    What is the asking price?
    The asking price for this property is $319,000.
    What are key features of this property?
    This property features: Frontage on West Michigan and County Line Road; Commercial Development Opportunity; Zoned LB Local Business in New Carlisle
    (574) 485-1537 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Roy Roelke
    Roy Roelke
    Real Estate License ID: RB14051091
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!