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

    15601 State Rd 23 Granger, IN 46530-7091

    • Medical offices
    • 3,662 SF
    • 0.90 lot acres
    OFF-MARKET
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    9.2%
    Medical offices
    Location Intelligence
    Property ID
    US31-2271383
    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

    • Medical offices

    Property Details for 15601 State Rd 23

    Year built
    2003
    Construction
    WOOD
    Lot size
    0.90 lot acres
    Property size
    3,662 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    71-04-22-330-020.000-011
    APU
    710422330020000011

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $201,000
      Market price range: $133k - $225k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $170,000
      Current use
      COMMERCIAL (GENERAL)
      $310,000
      Change: +84% Conversion: Easy
      AUTO REPAIR, GARAGE
      $285,000
      Change: +68% Conversion: Difficult
      RETAIL STORES
      $245,000
      Change: +45% Conversion: Difficult
      WAREHOUSE, STORAGE
      $170,000
      Change: -0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Granger
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.1696
    Latitude
    41.7281
    CBSA code
    43780
    CBSA name
    SOUTH BEND-MISHAWAKA, IN-MI 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
    $7,769
    $153,900
    $285,700
    $439,600
    -
    $153,900
    $285,700
    $439,600

    Comparable in this City

    • Value Estimation
      $610,000
      12,096 SF

      13471 State Rd 23

      MEDICAL BUILDING • 12,096 SF
      13471 State Rd 23, Granger, IN 46530-7592
      View Details
    • Value Estimation
      $450,000
      15,276 SF

      51050 Bittersweet Rd

      MEDICAL BUILDING • 15,276 SF
      51050 Bittersweet Rd, Granger, IN 46530-7879
      View Details
    • Value Estimation
      $265,000
      4,142 SF

      15051 Cleveland Rd

      MEDICAL BUILDING • 4,142 SF
      15051 Cleveland Rd, Granger, IN 46530-9218
      View Details
    • Value Estimation
      $275,000
      7,200 SF

      51565 Bittersweet Rd

      MEDICAL BUILDING • 7,200 SF
      51565 Bittersweet Rd, Granger, IN 46530-8859
      View Details
    • Value Estimation
      $1,245,000
      8,643 SF

      12555 Adams Rd

      MEDICAL BUILDING • 8,643 SF
      12555 Adams Rd, Granger, IN 46530-9226
      View Details
    • Value Estimation
      $1,060,000
      4,200 SF

      925 University Dr

      MEDICAL BUILDING • 4,200 SF
      925 University Dr, Granger, IN 46530-4465
      View Details

    Similar Nearby for Sale

    • $1,109,350
      8,268 SF

      Granger Office Building For Sale

      8,268 SF office building in Granger, Indiana.
      51565 Bittersweet Rd, Granger, IN 46530
      View Details
    • $349,000
      1,715 SF

      Commercial Office Space For Sale

      Commercial office space in Granger, great potential, wonderful location.
      50960 Herbert St, Granger, IN 46530
      View Details
    • $3,232,800
      17.96 Acres

      Granger Commercial Land - 17.96 Acres

      Prime Commercial Land near Toll Road Exit
      0 Evergreen Rd, Granger, IN 46530
      View Details
    • $3,000,000

      Granger, IN Mixed-Use Estate

      91-Acre Property, Development Potential
      52701 Ash Rd, Granger, IN 46530
      View Details
    • $95,000
      0.61 Acres

      Prime Granger Residential Land

      0.6-Acre Corner Lot, Mishawaka, IN
      0 Grape Rd, Granger, IN 46530
      View Details
    • $1,050,000

      Granger Commercial Land Opportunity

      6.57 acres of commercial land with 265 feet frontage.
      15362 State Road 23, Granger, IN 46530
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr

      Granger Medical Office Space Available

      5,835 SF turnkey medical office space in Granger, Indiana.
      209 Florence Ave, Granger, IN 46530
      View Details
    • $16 SF/Yr
      10,064 SF

      Granger Office Space For Lease

      Modern Office Suites Available Now
      12645 Sr 23 Hwy, Granger, IN 46530
      View Details
    • $16 SF/Yr
      1,540 SF

      Granger Executive Office Space

      1,540 SF Class A Office Suite Available
      0 Toscana Blvd. & Gumwood Rd, Granger, IN 46530
      View Details
    • $19 SF/Yr

      Class A Office Space

      Professional office space in Grandview mixed-use development for rent.
      117 Perspective Dr, Granger, IN 46530
      View Details
    • $26 SF/Yr
      25,365 SF

      Granger Office Space Available

      Modern office suites, prime location.
      15615 Sr 23, Granger, IN 46530
      View Details
    • $15 SF/Yr
      9,101 SF

      Granger Office Space For Lease

      Prime Granger location, multiple suites available.
      408-420 Cleveland Rd, Granger, IN 46530
      View Details
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    Granger, IN 46530-7091
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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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