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

    Hwy 111 Elizabeth, IN 47117

    View on Map
    Claim this Listing
    Picture of Commercial land at Hwy 111, Elizabeth, IN
    Pending
    Contact for pricing

    LAND - Elizabeth, IN

    Lot size:
    0.66 Acres
    Added:
    Jun 6, 2022
    Days on Market:
    1423
    Last Refresh:
    Apr 28 at 10:06 pm

    Property Features for Hwy 111

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    311512400005000015
    Lot size
    0.66 Acres

    Taxes and HOA fees

    Tax Description
    PT FRAC 12-4-5 .662 BRIDGEPORT PT INLOT 66
    Tax Annual Amount
    26

    We can help!

    Listing Contact
    Chelsea Gardner

    Listing agent Chelsea Gardner

    Listing office Keller Williams Realty Consultants 1994 Charlestown New Albany Rd Suite 200, Jeffersonville, IN

    Listing date Jun 6, 2022

    MLS# 202209418 Listing URL

    Copyright © 2026 Southern Indiana REALTORS Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Land Near Casino and River

    This 0.66-acre commercial land is located in Elizabeth, Indiana, just inside Harrison County and across from the Ohio River. The property is situated next to a casino and is approximately 15 minutes from I-64. The land is located on Hwy 111.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Elizabeth
    County
    Harrison
    State
    Indiana
    Longitude
    -85.90089
    Latitude
    38.180275

    Nearby Similar for Sale

    • $199,000

      8.49 Acres with Lake Views

      Residential land in Seven Springs area with building sites.
      Pine Shore Drive, Elizabeth, IN 47117
      View Details
    • $3,499,000
      1,426 SF

      Distillery and Winery on 40 Acres

      Turnkey winery and distillery on 40 acres in Elizabeth, IN.
      8373 Morgans Lane SE, Elizabeth, IN 47117
      View Details
    • $175,000
      1,271 SF

      Brick Home on One Acre

      One-acre property with brick home near Highway 211.
      9340 Sandy Branch Road SE, Elizabeth, IN 47117
      View Details
    • $234,900
      1,412 SF

      Renovated Farmhouse on Nearly 6 Acres

      Move-in ready, renovated 3 bed, 1.5 bath home on 6 acres.
      5685 Pumping Station Road SE, Elizabeth, IN 47117
      View Details
    • $475,000
      2,600 SF

      Floyd County Home on Acres

      Custom home on nearly 19 acres in Floyd County.
      5590 Highway 11, Elizabeth, IN 47117
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.66 acres near casino and Ohio River in Elizabeth, IN.
    Where is this commercial land located?
    The property is located at Hwy 111 Elizabeth, IN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Next to casino; Across from Ohio River; Large .66 acre lot
    (812) 944-7024
    We can help!
    Listing Contact
    Chelsea Gardner
    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!