Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2229 Michigan St Plymouth, IN 46563-1011
    Back to Search
    Property profile & analytics

    2229 Michigan St, Plymouth, IN 46563-1011

    View on Map
    • Hotels
    • 12,561 SF
    • 1.36 lot acres
    Off-Market
    Property ID
    US31-1867320
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hotels

    Property Details for 2229 Michigan St

    Year built
    1974
    Construction
    WOOD
    Lot size
    1.36 lot acres
    Property type
    Hotels
    Property subtype
    Motels
    APN
    50-42-91-303-047.000-019
    APU
    504291303047000019

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 7, 2021 — Ganesh Hospitality LLC — Deed · related $1M · United States Small Business Admin
    Apr 18, 2019 — Ganesh Hospitality LLC — Deed · related $177k · Hhpshire Investments INC
    Feb 5, 2019 — Ganesh Hospitality LLC Hhpshire Investment INC Warranty Deed —
    Jul 20, 2017 — Hhpshire Investment INC — Deed · related $1.5M · United FCU
    Jul 30, 2014 — Hhpshire Investment INC Shreeji Days INC Warranty Deed $957k · Lake City Bank
    Jul 7, 2005 — Shreeji Days INC Uhv Hospitality LLC Warranty Deed $1.2M · Teachers Cu

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Plymouth
    County
    Marshall
    State
    Indiana
    Longitude
    -86.3132
    Latitude
    41.3609
    CBSA code
    38500
    CBSA name
    PLYMOUTH, IN MICROPOLITAN 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
    $12,516
    $204,800
    $216,500
    $421,300
    -
    $204,800
    $216,500
    $421,300

    Comparable in this City

    • Value Estimation
      $635,000
      26,898 SF

      2160 Oak Dr

      HOTEL/MOTEL
      2160 Oak Dr, Plymouth, IN 46563-3408
      View Details
    • Value Estimation
      $810,000
      41,217 SF

      2513 Michigan St

      HOTEL/MOTEL
      2513 Michigan St, Plymouth, IN 46563-8972
      View Details
    • Value Estimation by Request
      2,846 SF

      1280 Dora Ln

      HOTEL/MOTEL
      1280 Dora Ln, Plymouth, IN 46563-3647
      View Details
    • Value Estimation by Request
      41,412 SF

      2619 Michigan St

      HOTEL/MOTEL
      2619 Michigan St, Plymouth, IN 46563-7838
      View Details
    • Value Estimation by Request
      26,600 SF

      2535 Michigan St

      HOTEL/MOTEL
      2535 Michigan St, Plymouth, IN 46563-8972
      View Details
    • Value Estimation by Request
      2,808 SF

      720 Magnetic Park Way

      HOTEL/MOTEL
      720 Magnetic Park Way, Plymouth, IN 46563-1500
      View Details

    Similar Nearby for Sale

    • $190,000
      0.64 Acres

      Lake Avenue Garage For Sale

      Highly visible garage on Lake Avenue, Plymouth, Indiana.
      2482 W Lake Ave, Plymouth, IN 46563
      View Details
    • Contact for pricing
      21,765 SF

      Plymouth Automotive/Retail Facility on 8 Acres

      21,000+ sq ft facility with showroom, service area, and offices.
      2303 N Oak Dr, Plymouth, IN 46563
      View Details
    • $475,000
      Pending

      Marshall County Recreational Land For Sale

      61 acre recreational land in Marshall County, near Plymouth, Indiana.
      V/L Jute Rd, Plymouth, IN 46563
      View Details
    • New
      Contact for pricing
      0.24 Acres

      Residential Land Near Lake Latonka

      0.24 acre lot with lake access and amenities.
      36 Latonka Trl Trl, Culver, IN 46563
      View Details
    • Contact for pricing
      29,972 SF

      Former Auto Park Sports Complex

      29,972 SF Plymouth sports complex on 4 acres.
      2923 Vanvactor Dr, Plymouth, IN 46563
      View Details
    • $165,000
      Pending

      Income-Producing Fourplex in Plymouth, Indiana

      Fully rented four-unit property with recent updates in Plymouth, Indiana.
      423 Lake Ave, Plymouth, IN 46563
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Commercial Land on Highway

      High-visibility land with build-to-suit potential on US Highway 30.
      3000 Miller Dr, Plymouth, IN 46563
      View Details
    • Contact for pricing
      6,270 SF

      Lifeplex Wellness Center Availability

      Medical, office, retail, and restaurant spaces available for lease.
      2855 Miller Dr, Plymouth, IN 46563
      View Details
    • $420 /Mo
      19,866 SF

      Class A Office Spaces Available

      Downtown Plymouth office spaces with utilities included.
      510 W Adams St, Plymouth, IN 46563
      View Details
    • Contact for pricing

      Plymouth Warehouse/Manufacturing Facility For Rent

      Warehouse or manufacturing facility with rail spurs and secured storage.
      506 North St, Plymouth, IN 46563
      View Details
    • Contact for pricing
      1,722 SF

      Retail Space Available For Lease

      Retail space available for lease in Plymouth, Indiana.
      2852-2882 Miller Dr, Plymouth, IN 46563
      View Details
    • Contact for pricing
      4,500 SF

      Pilgrim Place Retail Space

      Retail space available in Plymouth, Indiana shopping center.
      1471 Pilgrim Ln, Plymouth, IN 46563
      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.
    2229 Michigan St
    Plymouth, IN 46563-1011
    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
    2229 Michigan St, Plymouth, IN, 46563
    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!