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    7826 In-28 Elwood, IN 46036
    Property profile & analytics

    7826 In-28, Elwood, IN 46036

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    • Retail properties & Spaces
    • 4,000 SF
    • 0.68 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 7826 In-28

    Lot size
    0.68 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Freestanding property

    Description

    This exceptional 4,000 square foot retail storefront in Elwood, Indiana, presents a remarkable opportunity for businesses seeking high visibility and convenient access. Situated on 0.68 acres of land at 7826 West State Road 28, this single-tenant building boasts a modern design with high ceilings and abundant natural light, creating an inviting atmosphere for customers and employees. The property features expansive, open layouts adaptable to various retail or business needs. Ample parking is provided with 40 spaces, ensuring convenient access for patrons. Its strategic location on a major road guarantees excellent visibility and accessibility. The property's proximity to key transportation routes and a robust consumer base makes it an ideal location for businesses aiming to establish a strong presence in the Elwood market. The entire 4,000 square feet is currently vacant, offering immediate occupancy for prospective tenants. This property is zoned for retail use and offers a significant opportunity for growth and success. The zip code is 46036.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elwood
    County
    Madison
    State
    Indiana
    Longitude
    -85.8195
    Latitude
    40.2775

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      Main St

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      812 SF

      1500 Main St

      RETAIL STORES (PERSONAL SERVICES)
      1500 Main St, Elwood, IN 46036-2054
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    • Value Estimation by Request
      2,991 SF

      516 Anderson St

      RETAIL STORES (PERSONAL SERVICES)
      516 Anderson St, Elwood, IN 46036-1294
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    • Value Estimation by Request
      1,920 SF

      1444 A St

      RETAIL STORES (PERSONAL SERVICES)
      1444 A St, Elwood, IN 46036-1903
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    • Value Estimation
      $1,370,000
      21,448 SF

      10900 State Rd 37

      RETAIL STORES (PERSONAL SERVICES)
      10900 State Rd 37, Elwood, IN 46036-9030
      View Details
    • Value Estimation by Request
      960 SF

      836 22nd St

      RETAIL STORES (PERSONAL SERVICES)
      836 22nd St, Elwood, IN 46036-2522
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Prime Retail Space in Elwood

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    • $14 SF/Yr
      4,020 SF

      Retail Space on State Road

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      8,000 SF

      Elwood Warehouse Space Available

      8,000 SF warehouse space for lease in Elwood, Indiana.
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      4,040 SF

      Park Plaza Shopping Center Office

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    7826 In-28
    Elwood, IN 46036
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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
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