Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    184 Michigan Ave Greensburg, IN 47240-2111

    • Retail space
    • 9,100 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $705,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3037157
    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

    • Retail space

    Property Details for 184 Michigan Ave

    Year built
    2018
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.38 lot acres
    Property size
    9,100 SF
    Property type
    Retail space
    APN
    16-11-11-110-014.000-016
    APU
    161111110014000016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $440,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $966,000
      Market price range: $364k - $967k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $655,000
      Current use
      AUTO REPAIR, GARAGE
      $725,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $600,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Greensburg
    County
    Decatur
    State
    Indiana
    Longitude
    -85.4798
    Latitude
    39.3352
    CBSA code
    24700
    CBSA name
    GREENSBURG, IN MICROPOLITAN 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
    $18,352
    $33,900
    $720,300
    $754,200
    -
    $33,900
    $720,300
    $754,200

    Comparable in this City

    • Value Estimation by Request
      0.80 Acres

      Commerce Dr

      RETAIL STORES (PERSONAL SERVICES) • 0.80 Acres
      Commerce Dr, Greensburg, IN 47240
      View Details
    • Value Estimation by Request
      2,374 SF

      2036 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 2,374 SF
      2036 Elm St, Greensburg, IN 47240
      View Details
    • Value Estimation by Request
      3,608 SF

      4980 Old Hwy 46

      RETAIL STORES (PERSONAL SERVICES) • 3,608 SF
      4980 Old Hwy 46, Greensburg, IN 47240
      View Details
    • Value Estimation by Request
      14,490 SF

      2215 In-3

      Individual retail properties • 14,490 SF
      2215 In-3, Greensburg, IN 47240
      View Details
    • Value Estimation by Request
      4,150 SF

      701 St

      RETAIL STORES (PERSONAL SERVICES) • 4,150 SF
      701 St, Greensburg, IN 47240-1470
      View Details
    • Value Estimation by Request
      3,298 SF

      314 Barachel Ln

      RETAIL STORES (PERSONAL SERVICES) • 3,298 SF
      314 Barachel Ln, Greensburg, IN 47240-3258
      View Details

    Similar Nearby for Sale

    • $2,100,000
      28,422 SF

      Versatile Mixed-Use Building, Greensburg

      28,422 SF building on 4+ acres in Greensburg, IN.
      910 W Ann Blvd, Greensburg, IN 47240
      View Details
    • Contact for pricing
      32,640 SF

      Industrial Warehouse with Laydown Yard

      32,640 SF warehouse with office and laydown yard.
      1930 N Montgomery Rd, Greensburg, IN 47240
      View Details
    • $250,000

      Greensburg Land For Sale

      Land available for sale in Greensburg, Indiana.
      N Us Highway 421, Greensburg, IN 47240
      View Details
    • $59,700
      0.37 Acres

      Residential Lot with Lake View

      Residential lot with lake view in Greensburg, Indiana.
      1001 E Allegheny Trl, Greensburg, IN 47240
      View Details
    • Contact for pricing
      1,074 SF

      Historic Greensburg Mixed-Use Building

      Prime Greensburg location, unique history, high potential.
      Monfort St, Greensburg, IN 47240
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,863 SF

      Greensburg Retail Center Opportunity

      High-traffic retail center, prime location.
      1807 Broadway St, Greensburg, IN 47240
      View Details
    • $8 SF/Yr
      11,255 SF

      Retail Center in Greensburg

      97,773 SF retail center with large parking field.
      1809-1929 N Greensburg Xing, Greensburg, IN 47240
      View Details
    • Contact for pricing
      9,545 SF

      Retail Space Near Rural King

      Retail space available near major retailers and Honda Manufacturing.
      1809 N Broadway St, Greensburg, IN 47240
      View Details
    • Contact for pricing
      4,960 SF

      Retail Space in Greensburg Crossing

      Retail space available for lease in Greensburg, Indiana.
      1803 N Greensburg Xing, Greensburg, IN 47240
      View Details
    • Contact for pricing
      4,800 SF

      Retail Space Near Interstate

      Retail property with abundant parking and easy interstate access.
      2124-2128 N Middle Dr, Greensburg, IN 47240
      View Details
    • $12 SF/Yr
      97,773 SF

      Greensburg Crossing Office Suites

      98,000 SF Office & Retail Space Available
      1810 Greensburg Xing, Greensburg, IN 47240
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    184 Michigan Ave
    Greensburg, IN 47240-2111
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.