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    230 Hoosier St North Vernon, IN 47265

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    230 Hoosier St North Vernon, IN 47265

    View on Map
    • Commercial real estate
    • 11,306 SF
    • 0.17 lot acres
    Off-Market
    Property ID
    US31-2212581
    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

    • Commercial real estate

    Property Details for 230 Hoosier St

    Year built
    1971
    Lot size
    0.17 lot acres
    Property size
    11,306 SF
    Property type
    Commercial real estate
    APN
    400934230047000004

    Description

    This exceptional 12-unit apartment building presents a compelling investment opportunity in North Vernon, Indiana. Located at 230-240 Hoosier Street, this property boasts 11,306 square feet on a 0.17-acre lot (7,405 sq ft). The two-story building, constructed in 1971 and zoned R-MF, comprises six two-bedroom, one-bathroom units and six one-bedroom, one-bathroom units. A significant advantage is the inclusion of a coin-operated laundry facility and additional commercial space with street frontage, offering potential for supplemental income streams. Recent tasteful updates to the units within the last two years enhance their appeal and marketability. The property also features a spacious parking lot accommodating tenants and potential commercial lessees. Currently, rents are below market value, suggesting a strong potential for increased profitability. The convenient downtown North Vernon location provides easy access to major cities, including Indianapolis, Louisville, and Cincinnati (approximately one hour's drive from each). The asking price is $849,900. The property's APN is 400934230047000004. This is a turnkey investment ready for immediate income generation and future appreciation.

    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
    North Vernon
    County
    Jennings
    State
    Indiana
    Longitude
    -85.62684
    Latitude
    39.0082492

    Comparable in this City

    • $749,900
      11,306 SF

      Multifamily Building with Business Potential

      12-unit apartment building with additional building for business ventures.
      230-240 Hoosier St, North Vernon, IN 47265
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    • $129,900

      Commercial Land Opportunity in Indiana

      Prime commercial land for sale in North Vernon, Indiana.
      7 N State St, North Vernon, IN 47265
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      0.34 Acres

      Residential Lot in Country Squire

      Large corner lot in a growing community with available utilities.
      3955 Squire Lake Dr, North Vernon, IN 47265
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    • New
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      Residential Lots in Growing Community

      Two residential lots in Country Squire Lakes, North Vernon, IN.
      471 Locustwood Dr, North Vernon, IN 47265
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    • $63,991
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      Residential Land in North Vernon

      7.19 acre residential lot ready for your dream home.
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    • $35,000
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      Residential Lots in North Vernon

      Residential lots available in North Vernon, Indiana.
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    Similar Nearby for Sale

    • $749,900
      11,306 SF

      Multifamily Building with Business Potential

      12-unit apartment building with additional building for business ventures.
      230-240 Hoosier St, North Vernon, IN 47265
      View Details
    • $129,900

      Commercial Land Opportunity in Indiana

      Prime commercial land for sale in North Vernon, Indiana.
      7 N State St, North Vernon, IN 47265
      View Details
    • Contact for pricing
      0.34 Acres

      Residential Lot in Country Squire

      Large corner lot in a growing community with available utilities.
      3955 Squire Lake Dr, North Vernon, IN 47265
      View Details
    • New
      Contact for pricing
      Pending

      Residential Lots in Growing Community

      Two residential lots in Country Squire Lakes, North Vernon, IN.
      471 Locustwood Dr, North Vernon, IN 47265
      View Details
    • $63,991
      7.19 Acres

      Residential Land in North Vernon

      7.19 acre residential lot ready for your dream home.
      02 W 130 S, North Vernon, IN 47265
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    • $85,000
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      Improved 6-Acre Lot Opportunity

      6-acre lot with improvements, ideal for building or recreation.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in North Vernon

      Retail space in a bustling commercial district in North Vernon.
      6 S State St, North Vernon, IN 47265
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    • $5 SF/Yr
      9,227 SF

      Renovated Retail Space Available

      9,229 SF retail space with new storefront and parking.
      2110 State Highway 7, North Vernon, IN 47265
      View Details
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    North Vernon, IN 47265
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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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