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    5223 In-3 New Castle, IN 47362

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    5223 In-3 New Castle, IN 47362

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    • Land
    • 0.89 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 5223 In-3

    Lot size
    0.89 lot acres
    Property type
    Land

    Description

    This exceptional commercial land offering presents a unique investment opportunity. Strategically located just north of I-70, exit 123, near New Castle, Indiana, this property boasts high visibility with an impressive 42,076 AADT. The listing encompasses three parcels totaling approximately 10.6 acres. Parcel 1, spanning 3.05 acres, is zoned HB1 (Highway Business 1). Parcels 2 and 3, totaling 8.55 acres, are zoned GB (General Business). Parcel 2, measuring 0.89 acres, is a former gas station with a state-issued NFA. This multi-parcel offering provides flexibility

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Henry
    State
    Indiana
    Longitude
    -85.411
    Latitude
    39.8561

    Comparable in this City

    • Value Estimation by Request
      0.86 Acres

      3167 In-3

      Land • 0.86 Acres
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      23.00 Acres

      County Road 150

      Land • 23.00 Acres
      0 County Road 150, New Castle, IN 47362
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      20.00 Acres

      County Road 275

      Land • 20.00 Acres
      0 County Road 275, New Castle, IN 47362
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    • Value Estimation by Request
      1.84 Acres

      1720 Westbrooke Pl

      Land • 1.84 Acres
      1720 Westbrooke Pl, New Castle, IN 47362
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      1.00 Acre

      000 Wittenbraker Ave

      Land • 1.00 Acre
      000 Wittenbraker Ave, New Castle, IN 47362
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      1.20 Acres

      Memorial Dr

      Land • 1.20 Acres
      0 Memorial Dr, New Castle, IN 47362
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      Land Parcels Near I-70

      Three land parcels totaling 10.6 acres with I-70 visibility.
      5223 In-3, New Castle, IN 47362
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      Land For Sale

      Land available for sale in New Castle, Indiana.
      00 N Main St, New Castle, IN 47362
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      Commercial Development Lots in New Castle

      Commercial development lots with high visibility in established commercial corridor.
      000 Wittenbraker Ave, New Castle, IN 47362
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      Commercial Land on Memorial Drive

      1.20 acre commercial development land with high visibility.
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      0.56 Acres

      Wooded Residential Lot in New Castle

      Serene 0.55-acre wooded lot with city access.
      00 N Main St, New Castle, IN 47362
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      Prime Commercial Development Opportunity

      4-acre corner parcel in growing mixed-use corridor.
      0001 Emerson Ave, New Castle, IN 47362
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    Similar Nearby for Lease

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      Versatile Space Near Hospital

      875 sq ft space suitable for office, retail, medical.
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      7,500 SF

      Retail Space in New Castle

      Retail space available for lease in New Castle, Indiana.
      427-501 S Memorial Dr, New Castle, IN 47362
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      1,848 SF

      Retail Space on Memorial Drive

      Retail space with high visibility and traffic count.
      1902 S Memorial Dr, New Castle, IN 47362
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    5223 In-3
    New Castle, IN 47362
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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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