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Property profile & analytics
FOR SALE
Theaters & concert halls
1849 E Springhill Rd, Warsaw, IN 46580
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US31-2104973
For Sale
$645,400
1849 E Springhill Rd, Warsaw, IN 46580
View Listing →
Property summary
AI-generated overview
This exceptional 9.22-acre parcel presents a remarkable opportunity for commercial or residential development. Strategically located in Warsaw, Indiana, at 1849 E Springhill Rd (zip code 46580), this property boasts unparalleled visibility and accessibility, situated just off US 30, near SR 15 and E Center St. The R1 residential zoning allows for a variety of development options. The site benefits from existing public utilities, simplifying infrastructure needs. Its prime location offers easy access to major retailers and restaurants, including prominent names such as Meijer, Starbucks, Panda Express, Belle Tire, and Goodwill. Adding to its appeal, the property enjoys proximity to Warsaw Missionary Church and Pike Lake, enhancing its desirability and potential for attracting a diverse range of clientele. The asking price for this exceptional development opportunity is $645,400. This land offers significant potential for investors seeking high-impact returns in a thriving community. The property's high visibility and convenient location make it an ideal site for a variety of commercial or residential projects. Broker co-op is available.
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1987
Construction
TYPE NOT SPECIFIED
Total area
21,215 SF
Lot
14.87 ac (647,737 SF)
Zoning code
R-1
APN
43-11-04-200-100.000-032
UPID
US31-2104973
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
-
Warsaw Missionary Church Church
-
WW Studio @ Warsaw Missionary Church Weight Loss Service Wellness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$515k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$793k
Blend (final)
Blend
$655k
Owner & transaction history
Missionary Church · 5 yrs held
Missionary Church
since 2020
1 recorded transaction
Zoning & alternative use
R-1 · Warsaw, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$785,000
+28.3%
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 Warsaw submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Warsaw 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
$515,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
THEATER (MOVIE)
$615,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$785,000
Change: +28% · Conversion: Difficult
Blend value · Realmo final
$655k
Range $590k – $721k · ±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
$31 / 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
$7
Tax year 2023
Assessed value
$2,049,300
Assessed 2023
Previous assessed
$2,049,300
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$533,200
Assessed improvement
$1,516,100
Land market value
$533,200
Improvement market value
$1,516,100
Total market value
$2,049,300
Applied tax rate
32.0000
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
For Sale
Year built
1987
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Total area
21,215 SF
Lot
14.87 ac (647,737 SF)
Zoning code
R-1
APN
43-11-04-200-100.000-032
UPID
US31-2104973
Jurisdiction
KOSCIUSKO
Zoning & alternative use
R-1 · Warsaw, IN
Zoning R-1 · permitted uses
R-1 · Warsaw, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Warsaw. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
THEATER (MOVIE) Current
Est. value
$615,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$785,000
THEATER (MOVIE) Current
NEIGHBORHOOD: SHOPPING CENTER
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
1987
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Lot
14.87 ac
Current owner
From public records · entity-resolved
Missionary Church
Entity
Mailing address
1849 E SPRINGHILL RD, WARSAW, IN 46580-1821
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 12, 2020
—
Missionary Church
—
Deed
related
$712,653 · United Missionary Loans And Investments
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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