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Property profile & analytics
OFF-MARKET
Estimated value
$3,270,000
Office Spaces
15615 State Rd 23 Granger, IN 46530-7091
Entity Owned
3-yr Hold
Free & Clear
Property ID
US31-1898442
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2020
Construction
WOOD
Total area
25,366 SF
Lot
3.08 ac (134,174 SF)
APN
71-04-22-376-003.000-011
UPID
US31-1898442
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.99M
Comparable Approach
Comparable
$3.90M
Blend (final)
Blend
$3.27M
Owner & transaction history
Mardot Real Estate LLC · 3 yrs held
Mardot Real Estate LLC
since 2023
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.3M
+0.2%
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 Granger submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Granger 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%
$3,240,000
6.5%
$2,990,000
7%
$2,775,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,280,000
Current use
RETAIL STORES
$2,285,000
Change: +0% · Conversion: Easy
Blend value · Realmo final
$3.27M
Range $2.94M – $3.60M · ±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
$129 / 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
$50,667
Tax year 2023
Assessed value
$2,865,000
Assessed 2023
Previous assessed
$2,865,000
+0.0% YoY
Effective rate
1.77%
On assessed value
Assessed land
$616,000
Assessed improvement
$2,249,000
Land market value
$616,000
Improvement market value
$2,249,000
Total market value
$2,865,000
Applied tax rate
11.0000
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
2020
Construction
WOOD
Heating
FORCED AIR
Stories
2
Rooms
7
Bathrooms
1
Total area
25,366 SF
Lot
3.08 ac (134,174 SF)
APN
71-04-22-376-003.000-011
UPID
US31-1898442
Jurisdiction
ST JOSEPH
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
$2.3M
RETAIL STORES
Est. value
$2.3M
COMMERCIAL (GENERAL) Current
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
2020
Construction
WOOD
Heating
FORCED AIR
Stories
2
Rooms
7
Bathrooms
1
Lot
3.08 ac
Current owner
From public records · entity-resolved
Mardot Real Estate LLC
Entity
Free & Clear · 3 yrs held
Mailing address
50885 WALDON PARK LN, GRANGER, IN 46530-7703
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 18, 2023
—
Mardot Real Estate LLC
Mirador At 23 LLC
Warranty Deed
—
Jan 3, 2020
—
Mirador At 23 LLC
Legacy Commercial Inv LLC
Warranty Deed
$2,141,250 · Teachers Cu
Jun 7, 2018
—
Legacy Commercial Investments
Dustin A Brown
Warranty Deed
—
Feb 20, 2018
—
Dustin A Brown
Thomas Leland
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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