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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Outlet malls
109 Morton Ave Martinsville, IN 46151-2469
Entity Owned
Absentee Owner
Free & Clear
Property ID
US31-1909142
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2012
Construction
TYPE NOT SPECIFIED
Total area
12,717 SF
Lot
1.18 ac (51,531 SF)
APN
55-13-04-340-006.001-021
UPID
US31-1909142
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$800k
Owner & transaction history
John W Bender Real Estate LLC
John W Bender Real Estate LLC
since 2025
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$1.1M
+3.6%
Commercial (general)
$1.0M
+0.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Martinsville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Martinsville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,030,000
Current use
WAREHOUSE, STORAGE
$1,065,000
Change: +4% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,030,000
Change: +0% · Conversion: Easy
AUTO REPAIR, GARAGE
$930,000
Change: -9% · Conversion: Difficult
RESTAURANT
$855,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$800k
Range $720k – $880k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$63 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$18,229
Tax year 2023
Assessed value
$967,500
Assessed 2023
Previous assessed
$967,500
+0.0% YoY
Effective rate
1.88%
On assessed value
Assessed land
$212,600
Assessed improvement
$754,900
Land market value
$212,600
Improvement market value
$754,900
Total market value
$967,500
Applied tax rate
21.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2012
Construction
TYPE NOT SPECIFIED
Heating
HOT WATER
Stories
1
Total area
12,717 SF
Lot
1.18 ac (51,531 SF)
APN
55-13-04-340-006.001-021
UPID
US31-1909142
Jurisdiction
MORGAN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.0M
WAREHOUSE, STORAGE
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$930,000
RESTAURANT
Est. value
$855,000
RETAIL STORES Current
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2012
Construction
TYPE NOT SPECIFIED
Heating
HOT WATER
Stories
1
Lot
1.18 ac
Current owner
From public records · entity-resolved
John W Bender Real Estate LLC
Entity
Free & Clear · 0 yrs held
Mailing address
420 E HOSPITAL LN, TERRE HAUTE, IN 47802-4251
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 25, 2025
—
John W Bender Real Estate LLC
K & K Real Estate Associates LLC
Warranty Deed
—
Nov 21, 2011
—
First Circle Investments LLC
Billy D Gray
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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