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    5411 Us Highway 52 Thorntown, IN 46071

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    For Sale
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    Boone County, IN: 27 Acres, Event Space

    Property size:
    3,800 SF

    Property Features for 5411 Us Highway 52

    General Information

    Property type
    Wedding venues
    Square Feet
    3,800 SF
    Lot Size
    1,197,464 SF

    Building Details

    Year Built
    2022
    Buildings
    2

    We can help!

    Listing Contact
    Creighton Shook
    Creighton Shook

    Listing Agent: Creighton Shook

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Ironwood Farms presents a unique investment opportunity in Boone County, Indiana. This exceptional 27.49-acre property, situated on US-52 in Thorntown, seamlessly blends a thriving U-Pick farm with a newly constructed (2022) 3,800 square foot event venue. The main building boasts a modern farmhouse aesthetic, ideal for weddings, family gatherings, and other events, accommodating up to 100 guests. Floor-to-ceiling windows offer stunning views of the on-site pond and wooded areas, complemented by multiple outdoor patios and a second-floor bridal suite with a private sitting area. The existing catering kitchen is designed for expansion into a full-service commercial kitchen. The property includes ample parking for 80-100 vehicles, ADA accessibility, and a commercial well and septic system. Beyond the main building, approximately 10 acres are dedicated to a U-Pick farm, currently cultivating over 30 varieties of fruits and vegetables. Additional features include designated campsite/fire pit areas perfect for "glamping" and fall events, and wildflower fields for U-Pick flowers. An apple and plum orchard is expected to bear fruit by 2025. The property is zoned for both agricultural and commercial use, offering significant potential for future development. The asking price is $1,690,000, representing a price per square foot of $444.74 and a land value of $67,297.20 per acre. This turnkey operation offers immediate income potential and long-term growth opportunities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store HVAC Service Grocery & Convenience Store Furniture & Home Goods (Bike/Boat/Book/etc) Store Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Thorntown
    County
    Boone
    State
    Indiana
    Longitude
    -86.5520938
    Latitude
    40.1184918

    FAQs

    What type of property is this?
    Wedding venue - Boone County, IN: 27 Acres, Event Space
    Where is this wedding venue located?
    The property is located at 5411 Us Highway 52 Thorntown, IN.
    What is the asking price?
    The asking price for this property is $1,690,000.
    What are key features of this property?
    This property features: 27.49-acre event venue and U-Pick farm on US-52 in Boone County, IN.; 3,800 SF event venue (2022 construction) with modern farmhouse aesthetic, accommodating up to 100 guests.; Scenic pond and wooded views, multiple outdoor patios, and a second-floor bridal suite.
    (317) 605-3723 Call to check price and availability
    Request Owner's contact information
    5411 Us Highway 52 Thorntown, IN 46071
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    Thorntown, IN 46071
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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.

    More about this property
    5411 Us Highway 52 Thorntown, IN 46071
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Creighton Shook
    Creighton Shook
    Real Estate License ID: RB14044571
    (317) 605-3723 (317) 249-9000
    Learn more
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