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Property profile & analytics
OFF-MARKET
Estimated value
$670,000
Medical Office Space
2302 Chester Blvd Richmond, IN 47374-1221
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US31-1847387
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1969
Construction
TYPE NOT SPECIFIED
Total area
10,105 SF
Lot
0.86 ac (37,462 SF)
APN
89-16-20-240-201.000-030
UPID
US31-1847387
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
-
DaVita Whitewater Valley Dialysis Center Medical Clinic
-
Dr. Jeffrey S. Rapkin, MD Ophthalmologist
-
Richmond Cancer Center LLC Medical Clinic Hospital
-
CleanSlate Outpatient Addiction Medicine Medical Clinic
-
Retina Consultants Of In & Oh Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$608k
Blend (final)
Blend
$670k
Owner & transaction history
Midamerica Real Estate Management L · 12 yrs held
Midamerica Real Estate Management L
since 2014
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$890,000
+40.1%
Restaurant
$795,000
+24.7%
Retail stores
$655,000
+2.9%
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 Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$635,000
Current use
AUTO REPAIR, GARAGE
$890,000
Change: +40% · Conversion: Difficult
RESTAURANT
$795,000
Change: +25% · Conversion: Difficult
RETAIL STORES
$655,000
Change: +3% · Conversion: Difficult
COMMERCIAL (GENERAL)
$560,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$670k
Range $603k – $737k · ±10%
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
$66 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$19,080
Tax year 2022
Assessed value
$632,500
Assessed 2023
Previous assessed
$632,500
+0.0% YoY
Effective rate
3.02%
On assessed value
Assessed land
$322,500
Assessed improvement
$310,000
Land market value
$322,500
Improvement market value
$310,000
Total market value
$632,500
Applied tax rate
29.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1969
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
10,105 SF
Lot
0.86 ac (37,462 SF)
APN
89-16-20-240-201.000-030
UPID
US31-1847387
Jurisdiction
WAYNE
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
MEDICAL BUILDING Current
Est. value
$635,000
AUTO REPAIR, GARAGE
Est. value
$890,000
RESTAURANT
Est. value
$795,000
RETAIL STORES
Est. value
$655,000
COMMERCIAL (GENERAL)
Est. value
$560,000
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
COMMERCIAL (GENERAL)
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
1969
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
0.86 ac
Current owner
From public records · entity-resolved
Midamerica Real Estate Management L
Entity
Mailing address
4425 KARIF CIR, LIMA, OH 45805-4537
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 3, 2014
—
Midamerica Real Estate Management L
First Merchants Bank NA
Special Warranty Deed
—
Aug 31, 2012
—
First Merchants Bank NA
Aegean Real Estate Holdings LLC
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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