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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1514 Progress Dr Albion, IN 46701

    • Manufacturing properties
    • 59,200 SF
    • 5.00 lot acres
    For Lease
    View listing
    $3 SF/Yr
    Value Estimations
    $840,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1316754
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 1514 Progress Dr

    Year built
    1994
    Construction
    WOOD
    Lot size
    5.00 lot acres
    Property size
    59,200 SF
    Property type
    Manufacturing properties
    APN
    57-12-20-400-005.000-022
    APU
    571220400005000022

    Description

    This exceptional 59,200-square-foot industrial warehouse in Albion, Indiana, presents a significant opportunity. Situated on a 5.89-acre lot at 1514 Progress Dr., this single-tenant property offers immediate occupancy. The building features a pre-engineered steel construction with a standing seam metal roof and 6-inch reinforced concrete floors. High ceilings range from 13 to 20 feet, complemented by full air conditioning and energy-efficient LED lighting. The property includes 4 truck docks and 1 drive-in door, supported by a robust 1,200-amp electric service. Ample parking is provided with 84 spaces. Thirteen ground-mounted HVAC units ensure climate control. The location is strategically advantageous, offering easy access to SR 8 and I-69. The property is versatile and has potential for subdivision. The asking price is available upon request. This well-maintained facility is ideal for a variety of industrial uses. The lease rate is $3.95 per square foot per year (NNN).

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $790,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $889,000
      Market price range: $789k - $1.77M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,225,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Albion
    County
    Noble
    State
    Indiana
    Longitude
    -85.4018
    Latitude
    41.3927
    CBSA code
    28340
    CBSA name
    KENDALLVILLE, IN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,918
    $68,600
    $847,100
    $915,700
    -
    $68,600
    $847,100
    $915,700

    Comparable in this City

    • Value Estimation
      $895,000
      71,474 SF

      1132 Park Dr

      MANUFACTURING (LIGHT) • 71,474 SF
      1132 Park Dr, Albion, IN 46701
      View Details
    • Value Estimation
      $880,000
      67,767 SF

      1612 Progress Dr

      MANUFACTURING (LIGHT) • 67,767 SF
      1612 Progress Dr, Albion, IN 46701-1494
      View Details
    • Value Estimation
      $245,000
      14,720 SF

      1545 State Rd 8th 8

      MANUFACTURING (LIGHT) • 14,720 SF
      1545 State Rd 8th 8, Albion, IN 46701
      View Details
    • Value Estimation
      $650,000
      22,060 SF

      3903 State Rd 9th 9

      MANUFACTURING (LIGHT) • 22,060 SF
      3903 State Rd 9th 9, Albion, IN 46701-9634
      View Details
    • Value Estimation
      $585,000
      42,750 SF

      71 400th S

      MANUFACTURING (LIGHT) • 42,750 SF
      71 400th S, Albion, IN 46701-9229
      View Details
    • Value Estimation
      $300,000
      10,240 SF

      1563 150th E

      MANUFACTURING (LIGHT) • 10,240 SF
      1563 150th E, Albion, IN 46701-9712
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      59,200 SF

      Albion Industrial Warehouse For Sale

      59,200 SF Warehouse, Immediate Occupancy
      1514 Progress Dr, Albion, IN 46701
      View Details
    • $1,225,000
      37,102 SF

      Albion Warehouse: Prime Industrial Space

      37,102 SF Warehouse, Vacant, $1.225M
      600 7Th St, Albion, IN 46701
      View Details
    • $249,900
      3.95 Acres

      Albion Land with Heated Pole Barn

      3.9 wooded acres featuring a 40x60 heated pole barn.
      4751 S 100 W, Albion, IN 46701
      View Details
    • $640,320
      55.68 Acres

      Noble County Agricultural Land

      55.68 acres in Noble County with frontage on 125 N.
      0000 E 125 N, Albion, IN 46701
      View Details
    • $805,000
      60.93 Acres

      60.93 Acres Tillable Cropland

      Productive farmland opportunity in Albion, Indiana.
      East 350 North, Albion, IN 46701
      View Details
    • $199,900
      10.00 Acres

      10 Acres Tillable Land, Albion

      10 acres of tillable land in Noble County, Indiana.
      S 50 W, Albion, IN 46701
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      37,102 SF

      Albion Warehouse: 37,102 SF

      Spacious industrial warehouse, 5.86 acres.
      600 7Th St, Albion, IN 46701
      View Details
    • $3 SF/Yr
      59,200 SF

      Albion, IN Industrial Warehouse

      59,200 SF Warehouse, Albion, IN
      1514 Progress Dr, Albion, IN 46701
      View Details
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    Albion, IN 46701
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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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