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Property profile & analytics
OFF-MARKET
Estimated value
$730,000
Theaters & concert halls
205 High St Salem, IN 47167-2007
Entity Owned
Free & Clear
Property ID
US31-2298255
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
2021
Construction
TYPE NOT SPECIFIED
Total area
11,140 SF
Lot
0.36 ac (15,682 SF)
APN
88-24-17-331-074.000-022
UPID
US31-2298255
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
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$730k
Owner & transaction history
FIRST BAPTIST CHURCH SALEM
FIRST BAPTIST CHURCH SALEM
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.2M
+47.0%
Auto repair, garage
$915,000
+16.2%
Commercial (general)
$815,000
+3.5%
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 Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem 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)
$785,000
Current use
RETAIL STORES
$1,155,000
Change: +47% · Conversion: Difficult
AUTO REPAIR, GARAGE
$915,000
Change: +16% · Conversion: Difficult
COMMERCIAL (GENERAL)
$815,000
Change: +4% · Conversion: Difficult
RESTAURANT
$790,000
Change: +1% · Conversion: Difficult
WAREHOUSE, STORAGE
$785,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$730k
Range $657k – $803k · ±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
$66 / 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
$849,900
Assessed 2023
Previous assessed
$849,900
+0.0% YoY
Assessed land
$18,000
Assessed improvement
$831,900
Land market value
$18,000
Improvement market value
$831,900
Total market value
$849,900
Applied tax rate
22.0000
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
2021
Construction
TYPE NOT SPECIFIED
Heating
HOT WATER
Stories
1
Rooms
5
Bathrooms
2
Total area
11,140 SF
Lot
0.36 ac (15,682 SF)
APN
88-24-17-331-074.000-022
UPID
US31-2298255
Jurisdiction
WASHINGTON
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
THEATER (MOVIE) Current
Est. value
$785,000
RETAIL STORES
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$915,000
COMMERCIAL (GENERAL)
Est. value
$815,000
RESTAURANT
Est. value
$790,000
WAREHOUSE, STORAGE
Est. value
$785,000
THEATER (MOVIE) Current
RETAIL STORES
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RESTAURANT
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
2021
Construction
TYPE NOT SPECIFIED
Heating
HOT WATER
Stories
1
Rooms
5
Bathrooms
2
Lot
0.36 ac
Current owner
From public records · entity-resolved
FIRST BAPTIST CHURCH SALEM
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 283, SALEM, IN 47167-0283
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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