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Property profile & analytics
OFF-MARKET
Estimated value
$4,825,000
Office Spaces
11805 Pennsylvania St Carmel, IN 46032-4555
Individually Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1068810
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2004
Construction
TYPE NOT SPECIFIED
Total area
18,899 SF
Lot
4 ac (174,240 SF)
APN
29-09-35-001-017.001-018
UPID
US31-1068810
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
Current use
Occupant on record · Public records
-
Inter-Grain Specialty Products, LLC Department Store
-
nomienterprises com Tech Support Center (Bike/Boat/Book/etc) Store
-
MCV & Associates Healthcare Inc. Physician
-
Coons Philip M MD Physician
-
Sherpa Insight Advertising Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.16M
CAP Approach
CAP
$3.93M
Comparable Approach
Comparable
$5.33M
Blend (final)
Blend
$4.83M
Owner & transaction history
Indiana Statewide Assn Of Rural Ele · 3 yrs held
Indiana Statewide Assn Of Rural Ele
since 2023
Last sale
$4.4M
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$6.3M
+19.8%
Auto repair, garage
$5.5M
+4.3%
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 Carmel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Carmel 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
$6,500,000
ML approach
$6,155,000
CAP Approach
CAP Return
Estimation
6%
$4,250,000
6.5%
$3,925,000
7%
$3,645,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,235,000
Current use
RETAIL STORES
$6,275,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$5,465,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$4.83M
Range $4.34M – $5.31M · ±10% · vs last sale $4.35M (Mar 9 2023)
Last sale anchor
$4.35M
Mar 9 2023
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
$255 / 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
$43,225
Tax year 2023
Assessed value
$2,140,400
Assessed 2023
Previous assessed
$2,140,400
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$1,050,000
Assessed improvement
$1,090,400
Land market value
$1,050,000
Improvement market value
$1,090,400
Total market value
$2,140,400
Applied tax rate
18.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
2004
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
18,899 SF
Lot
4 ac (174,240 SF)
APN
29-09-35-001-017.001-018
UPID
US31-1068810
Jurisdiction
HAMILTON
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
COMMERCIAL (GENERAL) Current
Est. value
$5.2M
RETAIL STORES
Est. value
$6.3M
AUTO REPAIR, GARAGE
Est. value
$5.5M
COMMERCIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
2004
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
4 ac
Current owner
From public records · entity-resolved
Indiana Statewide Assn Of Rural Ele
Individual
Free & Clear · 3 yrs held
Mailing address
8888 KEYSTONE XING STE #1600, INDIANAPOLIS, IN 46240-4606
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 9, 2023
$4,350,000
Indiana Statewide Assn Of Rural Ele
Schlage Lock Company LLC
Special 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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