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Property profile & analytics
OFF-MARKET
Estimated value
$3,755,000
Office Spaces
1201 Water St Jonesboro, IN 46938-1655
Entity Owned
1-yr Hold
Free & Clear
Property ID
US31-1659915
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1928
Construction
TYPE NOT SPECIFIED
Total area
53,587 SF
Lot
4.19 ac (182,342 SF)
APN
27-10-04-301-009.000-016
UPID
US31-1659915
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
-
The King's Academy High School
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.75M
Blend (final)
Blend
$3.76M
Owner & transaction history
City Of Jonesboro · 1 yrs held
City Of Jonesboro
since 2025
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.5M
+47.5%
Apartment house (5+ units)
$5.1M
+35.6%
Auto repair, garage
$3.8M
+1.0%
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 Jonesboro submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Jonesboro 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
COMMERCIAL (GENERAL)
$3,755,000
Current use
RESTAURANT
$5,535,000
Change: +47% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$5,090,000
Change: +36% · Conversion: Moderate
AUTO REPAIR, GARAGE
$3,790,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$3,445,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$3.76M
Range $3.38M – $4.13M · ±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
$70 / 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
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
1928
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
3
Total area
53,587 SF
Lot
4.19 ac (182,342 SF)
APN
27-10-04-301-009.000-016
UPID
US31-1659915
Jurisdiction
GRANT
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
$3.8M
RESTAURANT
Est. value
$5.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.1M
AUTO REPAIR, GARAGE
Est. value
$3.8M
RETAIL STORES
Est. value
$3.4M
COMMERCIAL (GENERAL) Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RETAIL STORES
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
1928
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
3
Lot
4.19 ac
Current owner
From public records · entity-resolved
City Of Jonesboro
Entity
Free & Clear · 1 yrs held
Mailing address
1201 S WATER ST, JONESBORO, IN 46938-1655
Mailing matches property
Yes
Owner-occupied
Yes
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 21, 2025
—
City Of Jonesboro
Kings Academy INC
Warranty Deed
—
Dec 9, 2024
—
The Kings Academy INC
—
Deed
related
$200,000 · Grant County State Bank
Oct 16, 2023
—
Kings Academy INC
City Of Jonesboro
Quit Claim Deed
related
$150,000 · Grant County State Bank
Feb 24, 2015
—
The Kings Academy INC
City Of Jonesboro Indiana
Quit Claim Deed
related
—
Jul 2, 2013
—
City Of Jonesboro Indiana
Mississinewa Community School Corp
Quit Claim Deed
related
—
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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