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Property profile & analytics
OFF-MARKET
Estimated value
$810,000
Theaters & concert halls
1635 Michigan St Indianapolis, IN 46222-3852
Entity Owned
1-yr Hold
Free & Clear
Property ID
US31-0969630
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
2012
Construction
TYPE NOT SPECIFIED
Total area
17,280 SF
Lot
6.43 ac (280,221 SF)
Zoning code
ZO01
APN
49-11-03-195-002.000-101
UPID
US31-0969630
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
-
Goodwill: Automobile Donation/Auction Car Dealership
-
Per Scholas Indianapolis Vocational School Training Center
-
Christy L. Walters, MHC Counselor
-
Indianapolis Metropolitan High School High School
-
Nurse Family Partnership Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$810k
Owner & transaction history
Thrive 1635 Support Corp · 1 yrs held
Thrive 1635 Support Corp
since 2025
3 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.3M
+55.6%
Retail stores
$1.2M
+44.0%
Commercial (general)
$920,000
+11.7%
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 Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis 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
THEATER (MOVIE)
$820,000
Current use
AUTO REPAIR, GARAGE
$1,280,000
Change: +56% · Conversion: Difficult
RETAIL STORES
$1,185,000
Change: +44% · Conversion: Difficult
COMMERCIAL (GENERAL)
$920,000
Change: +12% · Conversion: Difficult
OFFICE BUILDING
$855,000
Change: +4% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$705,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$810k
Range $729k – $891k · ±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
$47 / 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
Assessed value
$8,477,600
Assessed 2023
Previous assessed
$8,477,600
+0.0% YoY
Assessed land
$616,500
Assessed improvement
$7,861,100
Land market value
$616,500
Improvement market value
$7,861,100
Total market value
$8,477,600
Applied tax rate
101.0000
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
2012
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
3
Stories
1
Total area
17,280 SF
Lot
6.43 ac (280,221 SF)
Zoning code
ZO01
APN
49-11-03-195-002.000-101
UPID
US31-0969630
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
THEATER (MOVIE) Current
Est. value
$820,000
AUTO REPAIR, GARAGE
Est. value
$1.3M
RETAIL STORES
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$920,000
OFFICE BUILDING
Est. value
$855,000
INDUSTRIAL (GENERAL)
Est. value
$705,000
THEATER (MOVIE) Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
INDUSTRIAL (GENERAL)
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
2012
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Buildings
3
Lot
6.43 ac
Current owner
From public records · entity-resolved
Thrive 1635 Support Corp
Entity
Free & Clear · 1 yrs held
Mailing address
1635 W MICHIGAN ST, INDIANAPOLIS, IN 46222-3852
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 17, 2025
—
Thrive 1635 Support Corp
Goodwill Of Central & Southern Indi
Quitclaim Deed
related
—
Nov 13, 2020
—
Goodwill Of Ctrl & Sthrn Indiana
—
Deed
related
$44,615,180 · Old Nat'l Bk
—
—
Goodwill Of Ctrl & Sthrn Indiana
—
Deed Of Trust
related
$44,615,180 · Old Nat'l Bk
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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