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Property profile & analytics
OFF-MARKET
Estimated value
$540,000
Office Spaces
231 Rangeline Rd Carmel, IN 46032-2122
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1277129
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1979
Construction
WOOD
Total area
2,152 SF
Lot
0.25 ac (10,890 SF)
APN
29-10-30-301-023.000-018
UPID
US31-1277129
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
-
Carmel Groom & DIY Dog Wash Pet Grooming Service
-
Shine of Carmel General Contractor Renovation Specialist
-
Jon Gates Design Architecture Firm
-
Amethyst Nail Studio Nail Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$445k
Comparable Approach
Comparable
$595k
Blend (final)
Blend
$540k
Owner & transaction history
231 Alo Way LLC An Indiana LLC · 2 yrs held
231 Alo Way LLC An Indiana LLC
since 2023
Last sale
$561,000
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$715,000
+19.8%
Auto repair, garage
$620,000
+4.3%
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 Carmel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Carmel 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%
$485,000
6.5%
$445,000
7%
$415,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$595,000
Current use
RETAIL STORES
$715,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$620,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$540k
Range $486k – $594k · ±10% · vs last sale $561k (Aug 7 2023)
Last sale anchor
$561k
Aug 7 2023
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
$251 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$4,810
Tax year 2023
Assessed value
$238,600
Assessed 2023
Previous assessed
$238,600
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$230,800
Assessed improvement
$7,800
Land market value
$230,800
Improvement market value
$7,800
Total market value
$238,600
Applied tax rate
18.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1979
Construction
WOOD
Heating
NONE
Stories
1
Total area
2,152 SF
Lot
0.25 ac (10,890 SF)
APN
29-10-30-301-023.000-018
UPID
US31-1277129
Jurisdiction
HAMILTON
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
COMMERCIAL (GENERAL) Current
Est. value
$595,000
RETAIL STORES
Est. value
$715,000
AUTO REPAIR, GARAGE
Est. value
$620,000
COMMERCIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
1979
Construction
WOOD
Heating
NONE
Stories
1
Lot
0.25 ac
Current owner
From public records · entity-resolved
231 Alo Way LLC An Indiana LLC
Entity
Free & Clear · 2 yrs held
Mailing address
9075 N MERIDIAN ST STE #175, INDIANAPOLIS, IN 46260-2366
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 7, 2023
$561,000
231 Alo Way LLC An Indiana LLC
Marshall E Andich
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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