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

    1516 Springhill Dr Terre Haute, IN 47802-4361

    • Residential income homes
    • 3,204 SF
    • 9.63 lot acres
    OFF-MARKET
    Last Sale
    Jul 28, 2020
    $20,850
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    6.5%
    Residential income homes
    Location Intelligence
    Property ID
    US31-1732146
    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

    • Springhill Apartments / Apartment Building / Apartment Rental Agency

    Property Details for 1516 Springhill Dr

    Year built
    1980
    Construction
    WOOD
    Lot size
    9.63 lot acres
    Property size
    3,204 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    84-09-10-252-009.000-004
    APU
    840910252009000004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $265,000
      6.5%
      $245,000
      7%
      $230,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $332,000
      Market price range: $153k - $332k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $240,000
      Current use
      COMMERCIAL (GENERAL)
      $255,000
      Change: +6% Conversion: Moderate
      MEDICAL BUILDING
      $245,000
      Change: +1% Conversion: Moderate
      RETAIL STORES
      $210,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Terre Haute
    County
    Vigo
    State
    Indiana
    Longitude
    -87.3937
    Latitude
    39.4143
    CBSA code
    45460
    CBSA name
    TERRE HAUTE, IN METROPOLITAN 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
    $57,861
    $120,200
    $2,491,900
    $2,612,100
    -
    $120,200
    $2,491,900
    $2,612,100

    Comparable in this City

    • Value Estimation
      $235,000
      2,750 SF

      715 Seabury Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,750 SF
      715 Seabury Ave, Terre Haute, IN 47802-1625
      View Details
    • Value Estimation
      $320,000
      5,763 SF

      108 Southglen Dr, Unit 21

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,763 SF
      108 Southglen Dr, Terre Haute, IN 47802-4923
      View Details
    • Value Estimation
      $315,000
      5,763 SF

      7 Cresthill Rd, Unit 24

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,763 SF
      7 Cresthill Rd, Terre Haute, IN 47802-4901
      View Details
    • Value Estimation by Request
      2,056 SF

      2961 Krumbhaar St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,056 SF
      2961 Krumbhaar St, Terre Haute, IN 47802-5204
      View Details
    • Value Estimation
      $335,000
      2,880 SF

      2758 Professional Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,880 SF
      2758 Professional Ln, Terre Haute, IN 47802-3325
      View Details
    • Value Estimation
      $265,000
      3,000 SF

      1774 Morgan Dr, Unit 1794

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,000 SF
      1774 Morgan Dr, Terre Haute, IN 47802-9693
      View Details

    Similar Nearby for Sale

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      Terre Haute Fourplex For Sale

      Fourplex located in Terre Haute, Indiana available for purchase.
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      Terre Haute Multifamily Property

      Multifamily property for sale in Terre Haute, Indiana.
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      Terre Haute Triplex For Sale

      Triplex located in Terre Haute, Indiana available for purchase.
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    • $999,000
      30.38 Acres

      Prime Terre Haute Commercial Land

      30 Acres, Hwy 41, High Visibility
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    • $299,000
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      Prime Terre Haute Commercial Land

      1.79 Acres, C-3 Zoning, $299,000
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    • $65,000
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      Prime Terre Haute Commercial Land

      1.2-acre commercial lot, excellent investment.
      1730 Springhill Dr, Terre Haute, IN 47802
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,936 SF

      Terre Haute Retail Space - Sublease

      7,936 SF Healthcare Building, High Visibility
      1705 Industrial Dr, Terre Haute, IN 47802
      View Details
    • $1,200 /Mo

      Remodeled Retail Space For Rent

      Remodeled retail space available for lease on busy street.
      2610 S 7Th St, Terre Haute, IN 47802
      View Details
    • $18 SF/Yr
      40,511 SF

      Retail Space in Express Plaza

      Retail/service space for lease in high-traffic Terre Haute location.
      4400 S 7Th St, Terre Haute, IN 47802
      View Details
    • $1,620 /Mo

      Retail Space Near Honey Creek

      Retail space for lease in high-traffic Terre Haute area.
      501 W Honey Creek Dr, Terre Haute, IN 47802
      View Details
    • $4,500 /Mo
      17,424 SF

      Versatile Commercial Space in Terre Haute

      New commercial building with office, warehouse, and flexible options.
      1460 Washington Ave, Terre Haute, IN 47802
      View Details
    • $1,283 /Mo
      34,848 SF

      Terre Haute Office Space Available

      Office space for lease in Terre Haute near Springhill.
      1072 Windsor Rd, Terre Haute, IN 47802
      View Details
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    Terre Haute, IN 47802-4361
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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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