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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Turn key restaurants
221 4th St Lafayette, IN 47901-1310
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US31-1058529
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1890
Construction
WOOD
Total area
5,666 SF
Lot
0.1 ac (4,225 SF)
APN
79-07-20-461-003.000-004
UPID
US31-1058529
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
-
The Mitchell Agency Insurance Agency
-
Folie Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$520k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$371k
Blend (final)
Blend
$550k
Owner & transaction history
Mitchell Building LLC · 4 yrs held
Mitchell Building LLC
since 2021
Last sale
$550,000
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Lafayette submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lafayette 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
$555,000
ML approach
$520,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$580,000
Current use
AUTO REPAIR, GARAGE
$465,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$550k
Range $495k – $605k · ±10% · vs last sale $550k (Oct 14 2021)
Last sale anchor
$550k
Oct 14 2021
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
$97 / 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
$14,590
Tax year 2023
Assessed value
$614,300
Assessed 2023
Previous assessed
$614,300
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed improvement
$614,300
Improvement market value
$614,300
Total market value
$614,300
Applied tax rate
4.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1890
Construction
WOOD
Heating
NONE
Stories
3
Total area
5,666 SF
Lot
0.1 ac (4,225 SF)
APN
79-07-20-461-003.000-004
UPID
US31-1058529
Jurisdiction
TIPPECANOE
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
RESTAURANT Current
Est. value
$580,000
AUTO REPAIR, GARAGE
Est. value
$465,000
RESTAURANT Current
AUTO REPAIR, GARAGE
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
1890
Construction
WOOD
Heating
NONE
Stories
3
Lot
0.1 ac
Current owner
From public records · entity-resolved
Mitchell Building LLC
Entity
Mailing address
512 FRY ST, LAFAYETTE, IN 47901-1140
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 14, 2021
$550,000
Mitchell Building LLC
221 North 4th LLC
Warranty Deed
$497,000 · Fountain Trust Co
Oct 6, 2021
$550,000
Mitchell Building LLC
R Gregg Sutter
Quit Claim Deed
related
$50,000 · Angelo Abbenante
Sep 4, 2020
$475,000
221 North 4 Th LLC
Andrus Holdings LLC
Warranty Deed
—
Dec 20, 2016
—
Andrus Holding LLC
Mitchell Agency INC
Warranty 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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