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    Property profile & analytics

    2229 59th St Anderson, IN 46013-3087

    • Hotels
    • 43,725 SF
    • 2.26 lot acres
    OFF-MARKET
    Value Estimations
    $705,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0538570
    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

    • Laundry mats / (Bike/Boat/Book/etc) Store
    • Comfort Inn Anderson South / Hotel & Motel

    Property Details for 2229 59th St

    Year built
    1999
    Construction
    WOOD
    Lot size
    2.26 lot acres
    Property size
    43,725 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    48-12-32-600-003.000-003
    APU
    481232600003000003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $934,000
      Market price range: $706k - $2.01M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $985,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Anderson
    County
    Madison
    State
    Indiana
    Longitude
    -85.6484
    Latitude
    40.0548
    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
    $77,688
    $302,900
    $2,097,100
    $2,400,000
    -
    $302,900
    $2,097,100
    $2,400,000

    Comparable in this City

    • Value Estimation
      $1,430,000
      38,274 SF

      2114 59th St

      HOTEL/MOTEL • 38,274 SF
      2114 59th St, Anderson, IN 46013-3000
      View Details
    • Value Estimation
      $860,000
      63,900 SF

      6720 Scatterfield Rd

      HOTEL/MOTEL • 63,900 SF
      6720 Scatterfield Rd, Anderson, IN 46013-9201
      View Details
    • Value Estimation
      $640,000
      28,071 SF

      2215 59th St

      HOTEL/MOTEL • 28,071 SF
      2215 59th St, Anderson, IN 46013-3087
      View Details
    • Value Estimation by Request
      7,372 SF

      5810 Scatterfield Rd

      HOTEL/MOTEL • 7,372 SF
      5810 Scatterfield Rd, Anderson, IN 46013-3147
      View Details
    • Value Estimation by Request
      2,560 SF

      3630 Oaklawn Dr

      HOTEL/MOTEL • 2,560 SF
      3630 Oaklawn Dr, Anderson, IN 46013-4921
      View Details
    • Value Estimation
      $630,000
      33,000 SF

      5706 Scatterfield Rd

      HOTEL/MOTEL • 33,000 SF
      5706 Scatterfield Rd, Anderson, IN 46013-3145
      View Details

    Similar Nearby for Sale

    • $2,500,000
      32,586 SF

      Anderson Office Building Near I-69

      32,586 SF office building on 3.65 acres in Anderson.
      2903-2915 Enterprise Dr, Anderson, IN 46013
      View Details
    • Contact for pricing
      21,801 SF

      Industrial Warehouse with Drive-In Door

      21,801 SF free-standing warehouse with clear span and office.
      1735 W 53Rd St, Anderson, IN 46013
      View Details
    • $400,000

      Industrial Land in Technology Park

      3.94-acre industrial site with utilities and Foreign Trade Zone.
      6 Enterprise Dr, Anderson, IN 46013
      View Details
    • $329,000

      Prime Anderson Commercial Land

      7.7-Acre Commercial Lot, High Traffic
      0 38Th St, Anderson, IN 46013
      View Details
    • $329,000

      Vacant Commercial Lot For Sale

      7.7 acre commercial lot ready for development in Anderson, IN.
      E 38Th St, Anderson, IN 46013
      View Details
    • Contact for pricing

      Prime Land Parcel for Sale

      Large land parcel available for commercial development.
      53 E 53Rd St, Anderson, IN 46013
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      21,880 SF

      Anderson Executive Office Suites

      Prime Anderson office space, flexible layouts.
      7303 Quality Cir, Anderson, IN 46013
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space on Scatterfield Road

      Retail space available near Walmart Supercenter and Kohl’s.
      4300-4366 S Scatterfield Rd, Anderson, IN 46013
      View Details
    • Contact for pricing
      3,500 SF

      Retail Space in Anderson, Indiana

      Retail space available in grocery-anchored shopping center.
      5335 S Scatterfield Rd, Anderson, IN 46013
      View Details
    • Contact for pricing
      21,880 SF

      Flagship Office Park - Madison County

      Prime Madison County office space, ample parking.
      7311 Quality Cir, Anderson, IN 46013
      View Details
    • Contact for pricing
      1,135 SF

      Meijer In-Store Retail Space

      Prime retail space, high traffic.
      6610 Scatterfield Rd, Anderson, IN 46013
      View Details
    • $13 SF/Yr

      Versatile Office Space Available

      15,070 SF office suite for lease in Anderson, Indiana.
      2903 Enterprise Dr, Anderson, IN 46013
      View Details

    Property Visit Statistics

    • Visits by month
      3.4k
    • Visitors by month
      1.4k
    • Avg Time on site
      476 min
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    2229 59th St
    Anderson, IN 46013-3087
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    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
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