Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2216 Riley Hwy Shelbyville, IN 46176-9311
    Property profile & analytics

    2216 Riley Hwy Shelbyville, IN 46176-9311

    View on Map
    • Assisted living facilities
    • 27,220 SF
    • 3.25 lot acres
    Off-Market
    Property ID
    US31-2235404
    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.
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walker House / Retirement Community
    • Walker Place / Retirement Community
    • JUANITA NELSON / Physician

    Property Details for 2216 Riley Hwy

    Year built
    1997
    Construction
    WOOD
    Lot size
    3.25 lot acres
    Property size
    27,220 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    73-07-20-300-062.000-024
    APU
    730720300062000024

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $590,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $910,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Shelby
    State
    Indiana
    Longitude
    -85.7749
    Latitude
    39.5576
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN 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
    $37,722
    $310,000
    $1,576,100
    $1,886,100
    -
    $310,000
    $1,576,100
    $1,886,100

    Comparable in this City

    • Value Estimation
      $750,000
      50,901 SF

      2325 Miller St

      HOMES (RETIRED, NURSING) • 50,901 SF
      2325 Miller St, Shelbyville, IN 46176-9350
      View Details
    • Value Estimation
      $685,000
      76,424 SF

      2309 Miller St

      HOMES (RETIRED, NURSING) • 76,424 SF
      2309 Miller St, Shelbyville, IN 46176-9350
      View Details
    • Value Estimation by Request
      0.24 Acres

      Miller St

      HOMES (RETIRED, NURSING) • 0.24 Acres
      Miller St, Shelbyville, IN 46176
      View Details
    • Value Estimation by Request
      25,125 SF

      275 Bassett Rd

      MEDICAL BUILDING • 25,125 SF
      275 Bassett Rd, Shelbyville, IN 46176-8574
      View Details
    • Value Estimation by Request
      1,976 SF

      157 Washington St

      MEDICAL BUILDING • 1,976 SF
      157 Washington St, Shelbyville, IN 46176-1245
      View Details
    • Value Estimation by Request
      2,285 SF

      1900 Miller Ave

      MEDICAL BUILDING • 2,285 SF
      1900 Miller Ave, Shelbyville, IN 46176-3145
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,940 SF

      Fresenius Dialysis Center Investment Opportunity

      Fully-occupied medical office building leased to Fresenius Medical Care.
      2500 Parkway Dr, Shelbyville, IN 46176
      View Details
    • $275,000
      1,428 SF

      Shelbyville Office Building - Prime Location

      Modern Office Space, Versatile Layout, High Visibility
      2518 Parkway Dr, Shelbyville, IN 46176
      View Details
    • $324,900
      0.19 Acres

      Shelbyville Investment Property: Five Units

      Five-unit investment property in Shelbyville's historic West Side neighborhood.
      617 W Franklin St, Shelbyville, IN 46176
      View Details
    • $900,000
      0.51 Acres

      Commercial Property on State Road

      Investment potential for commercial development on a major thoroughfare.
      13 W Rampart Rd, Shelbyville, IN 46176
      View Details
    • $3,925,000
      45,000 SF

      Shelbyville Warehouse: 45,000 SF

      Spacious warehouse, 5.7 acres, excellent access.
      1805 South Miller Avenue, Shelbyville, IN 46176
      View Details
    • Contact for pricing

      0.77 Acre Land Parcel

      0.77 acre land available for sale.
      1792 N Riley Hwy, Shelbyville, IN 46176
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      35,310 SF

      Restaurant Space in Historic Building

      Prime restaurant space in downtown Shelbyville's historic J.G. DePrez building.
      18 Public Sq, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,100 SF

      Shelbyville Office Space For Lease

      Commercial spaces for lease with high visibility and ample parking.
      514 N Harrison St, Shelbyville, IN 46176
      View Details
    • Contact for pricing

      Shelbyville Land For Rent

      Land available for rent in Shelbyville, Indiana.
      1840 E Michigan Rd, Shelbyville, IN 46176
      View Details
    • $3,900 /Mo
      12,000 SF

      Office Space in Historic Lofts

      Office floor with private offices, lab, conference, and breakroom.
      110 S Harrison St, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,840 SF

      Retail Space in Shelbyville

      Retail space available in busy Shelbyville trade area.
      2505-2519 E State Road 44, Shelbyville, IN 46176
      View Details
    • Contact for pricing

      Restaurant, Bar & Event Space

      Restaurant, bar, and event space at Blue Bear Golf Club.
      2660 North Riley Hwy, Shelbyville, IN 46176
      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.
    2216 Riley Hwy
    Shelbyville, IN 46176-9311
    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

    Thank You for Inquiry
    2216 Riley Hwy, Shelbyville, IN, 46176
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!