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    Sec Of Us-31 & Us-24 Peru, IN 46970

    Sponsored
    For Sale
    $1,500,000

    7.76 Acres, High-Traffic Corner Site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 7.76-acre commercial land parcel is strategically located at the southeast corner of US-31 and US-24 in Peru, Indiana, offering unparalleled visibility and access. The B-3 commercial zoning allows for a variety of uses, including a truck stop, gas station, and convenience store, perfectly suited to capitalize on the high volume of traffic on these major trucking routes. With 20,647 vehicles per day on US-31 and 13,427 on US-24, this site presents a significant opportunity for substantial returns. The property benefits from the impending reduction in access for a nearby competitor due to Indiana Department of Transportation (INDOT) improvements on US-31, creating a competitive advantage. Furthermore, the site's proximity to the under-construction $2.5 billion Stellantis/Samsung EV battery plant (with a planned $3.4 billion Phase II) ensures long-term growth potential. Existing infrastructure includes 16-inch water and 15-inch sewer lines along the bisecting road. An adjacent 22-acre parcel is also available for purchase. A retail gap analysis indicates significant market demand for various retail services within a 25-minute drive, further supporting the viability of this development opportunity. The asking price for this prime development site is $1,500,000.

    Property Features for 0 Sec Of Us-31 & Us-24

    General Information

    Property type
    Land
    Lot Size
    338,156 SF

    HighLights

    • High‑traffic corner lot at the US‑31 and US‑24 interchange, ideal for gas station development.
    • Nearby high‑performing BP station will see reduced access due to US‑31 improvements.
    • INDOT's US‑31 access changes will negatively impact competing businesses.
    • B‑3 zoning allows for truck stop, gas station, and convenience store development.
    • Adjacent 22‑acre parcel available for $2.75M ($125,000/acre).
    • Proximity to the $2.5B Stellantis/Samsung EV battery plant (Phase I), with a planned $3.4B Phase II.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Peru
    County
    Miami
    State
    Indiana
    Longitude
    -86.1278962
    Latitude
    40.7675054

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    FAQs

    What type of property is this?
    Land - 7.76 Acres, High-Traffic Corner Site
    Where is this land located?
    The property is located at Sec Of Us-31 & Us-24 Peru, IN.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: High-traffic corner lot at the US-31 and US-24 interchange, ideal for gas station development.; Nearby high-performing BP station will see reduced access due to US-31 improvements.; INDOT's US-31 access changes will negatively impact competing businesses.
    Request Owner's contact information
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    Peru, IN 46970
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    Realmo Value Estimation

    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.

    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.

    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
    Sec Of Us-31 & Us-24 Peru, IN 46970
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