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    Michigan Rd Shelbyville, IN 46176

    • Land
    • 44.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Michigan Rd

    Lot size
    44.30 lot acres
    Property type
    Land
    Property subtype
    Industrial properties

    Description

    This exceptional 44.3-acre industrial land parcel presents a remarkable development opportunity in Shelbyville, Indiana. Strategically located with direct frontage on I-74, this property boasts unparalleled visibility and convenient interstate access, ensuring maximum exposure and ease of transportation. The site's prime location offers significant advantages for a variety of uses, making it ideal for high-density multifamily or industrial development. The property is identified by APN 73-07-19-400-003.000-012 and is situated within the Shelbyville Central School Corporation. Easy access is provided via Michigan Road. The asking price for this expansive tract is $2,658,000. Given its size, location, and accessibility, this property represents a rare chance to acquire a highly desirable development site with substantial potential for significant return on investment. The property's location offers excellent visibility to a high volume of daily traffic on I-74, making it an attractive location for businesses seeking high visibility and convenient access to major transportation routes. This is a truly exceptional opportunity for developers seeking a prime location in a growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Shelby
    State
    Indiana
    Longitude
    -85.7801
    Latitude
    39.5335

    Comparable in this City

    • Value Estimation by Request
      30.81 Acres

      1002 Boggstown Rd

      Distribution properties • 30.81 Acres
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    • Value Estimation by Request
      13.97 Acres

      44 East Dr

      Land • 13.97 Acres
      44 East Dr, Shelbyville, IN 46176
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    • Value Estimation by Request
      0.40 Acres

      Michigan Rd

      Flex space • 0.40 Acres
      0 Michigan Rd, Waldron, IN 46176
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    • Value Estimation by Request
      0.18 Acres

      38 Franklin St

      INDUSTRIAL (GENERAL) • 0.18 Acres
      38 Franklin St, Shelbyville, IN 46176-1250
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    • Value Estimation
      $3,850,000
      122,768 SF

      400 Northbrook Dr

      HEAVY INDUSTRIAL • 122,768 SF
      400 Northbrook Dr, Shelbyville, IN 46176-5511
      View Details
    • Value Estimation
      $2,070,000
      100,056 SF

      108 Boggstown Rd

      HEAVY INDUSTRIAL • 100,056 SF
      108 Boggstown Rd, Shelbyville, IN 46176-9706
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13.97 Acres

      Shelbyville Commercial Land - 13.97 Acres

      Prime Shelbyville location, divisible parcels, I-74 access.
      44 East Dr, Shelbyville, IN 46176
      View Details
    • $2,658,000

      44.3 Acres Development Ground

      44.3 acres of development ground with I-74 frontage.
      2150 N Michigan Rd, Shelbyville, IN 46176
      View Details
    • $399,000
      4.00 Acres

      Shelbyville Commercial Land Development

      4-Acre Multifamily Development Site
      0 Saraina Rd, Shelbyville, IN 46176
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    • $120,000
      0.36 Acres

      Shelbyville Commercial Land Parcel

      0.36-acre lot, R-1 zoning, $120,000
      0 Eastern Ave, Shelbyville, IN 46176
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    • Contact for pricing
      0.40 Acres

      Shelbyville Flex Space Outparcel

      High-traffic flex space, ideal for retail or industrial use.
      0 Michigan Rd, Waldron, IN 46176
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    • $550,000
      3.00 Acres

      Industrial Land For Sale

      3.705 acres of industrial-zoned land suitable for truck parking.
      1325 Enterprise Dr, Shelbyville, IN 46176
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    Similar Nearby for Lease

    • Contact for pricing

      Shelbyville Land For Rent

      Land available for rent in Shelbyville, Indiana.
      1840 E Michigan Rd, Shelbyville, IN 46176
      View Details
    • $8 SF/Yr
      108,060 SF

      Bel Aire Shopping Center: Shelbyville, IN

      Prime Shelbyville Retail/Office Space Available
      2525 In-44, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space with Highway Visibility

      Retail space available in Shelbyville with excellent highway visibility.
      114-136 Lee Blvd, Shelbyville, IN 46176
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    • $195 SF/Yr
      12,000 SF

      Unique Downtown Shelbyville Office Space

      Shared and private office memberships available in downtown Shelbyville.
      110 S Harrison St, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,840 SF

      Retail Space in Shelbyville

      Retail space available in busy Shelbyville trade area.
      2505-2519 E State Road 44, Shelbyville, IN 46176
      View Details
    • $3,900 /Mo
      12,000 SF

      Office Space in Historic Lofts

      Office floor with private offices, lab, conference, and breakroom.
      110 S Harrison St, Shelbyville, IN 46176
      View Details
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    Michigan Rd
    Shelbyville, IN 46176
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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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