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    4146 In-56 Hanover, IN 47243

    For Sale
    $548,500

    2.88 Acres, Prime Location, High Potential

    Property size:
    2,088 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional 2.88-acre property in Hanover, Indiana, presents a compelling redevelopment opportunity. Located at 4146 IN-56, this mixed-use parcel boasts a strategic location, directly across from Hanover College's new Veterinary/Graduate School expansion. Currently zoned R-1, allowing up to four single-family homes per acre, the property has been annexed into Hanover town limits and approved for mixed-use zoning under a comprehensive plan. This prime location offers proximity to established commercial businesses, including urgent care, a garage door company, fast food establishments, and a gas station. The existing 2,088 square foot, single-story, one-unit building, constructed in 1960, features three bedrooms and two bathrooms. This structure could continue as a single-family residence or be repurposed for office or business use, subject to Town Board approval. An updated recorded survey is available. The asking price is $548,500, representing a land value of $190,450 per acre. This presents a unique chance to capitalize on the growth and development surrounding Hanover College and the town's strategic planning initiatives. The property's versatility and prime location make it an ideal investment for developers and investors seeking high-return potential.

    Property Features for 4146 In-56

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,088 SF
    Lot Size
    125,453 SF

    Building Details

    Year Built
    1960
    Buildings
    1
    Stories
    1
    Units
    1
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Hanover
    County
    Jefferson
    State
    Indiana
    Longitude
    -85.466625484345
    Latitude
    38.725443184847

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    FAQs

    What type of property is this?
    Mixed-use property - 2.88 Acres, Prime Location, High Potential
    Where is this mixed-use property located?
    The property is located at 4146 In-56 Hanover, IN.
    What is the asking price?
    The asking price for this property is $548,500.
    Request Owner's contact information
    4146 In-56 Hanover, IN 47243
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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
    4146 In-56 Hanover, IN 47243
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