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Property profile & analytics
OFF-MARKET
Estimated value
$600,000
Manufacturing properties
17615 State Rd 331 Tippecanoe, IN 46570
Entity Owned
Free & Clear
Property ID
US31-1910282
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
2019
Construction
STEEL FRAME
Total area
18,650 SF
Lot
29.6 ac (1,289,376 SF)
APN
50-23-13-000-021.000-012
UPID
US31-1910282
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
$435k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$763k
Blend (final)
Blend
$600k
Owner & transaction history
Hensley Holdings LLC
Hensley Holdings LLC
since 2026
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.0M
+107.2%
Warehouse, storage
$725,000
+50.7%
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 Tippecanoe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tippecanoe 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
$435,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$480,000
Current use
COMMERCIAL (GENERAL)
$1,000,000
Change: +107% · Conversion: Difficult
WAREHOUSE, STORAGE
$725,000
Change: +51% · Conversion: Easy
Blend value · Realmo final
$600k
Range $540k – $660k · ±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
$32 / 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
$13,460
Tax year 2023
Assessed value
$1,085,600
Assessed 2023
Previous assessed
$1,085,600
+0.0% YoY
Effective rate
1.24%
On assessed value
Assessed land
$85,500
Assessed improvement
$1,000,100
Land market value
$85,500
Improvement market value
$1,000,100
Total market value
$1,085,600
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
2019
Construction
STEEL FRAME
Heating
NONE
Stories
1
Total area
18,650 SF
Lot
29.6 ac (1,289,376 SF)
APN
50-23-13-000-021.000-012
UPID
US31-1910282
Jurisdiction
MARSHALL
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
INDUSTRIAL (GENERAL) Current
Est. value
$480,000
COMMERCIAL (GENERAL)
Est. value
$1.0M
WAREHOUSE, STORAGE
Est. value
$725,000
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
2019
Construction
STEEL FRAME
Heating
NONE
Stories
1
Lot
29.6 ac
Current owner
From public records · entity-resolved
Hensley Holdings LLC
Entity
Free & Clear · 0 yrs held
Mailing address
3891 17TH RD, BOURBON, IN 46504-9553
Ownership since
2026
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
Jan 7, 2026
—
Hensley Holdings LLC
Gregory L Hensley
Personal Rep. Deed
—
Sep 4, 2018
—
Beatrice Joyce Hensley
Rodney J Kreft
Warranty Deed
—
Dec 29, 2006
—
Rodney J Kreft
Doyle Flory
Executors 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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