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Property profile & analytics
OFF-MARKET
Estimated value
$730,000
Warehouses
2351 Kentucky Ave Indianapolis, IN 46221-5008
Entity Owned
8-yr Hold
Free & Clear
Property ID
US31-1239716
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1950
Construction
TYPE NOT SPECIFIED
Total area
12,322 SF
Lot
6.62 ac (288,368 SF)
APN
49-11-21-107-011.000-970
UPID
US31-1239716
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
-
Seastrom & Co Marketing & Advertising (Bike/Boat/Book/etc) Store
-
A Max Truck Repair Auto Repair Shop
-
P & G Group Inc Freight Service Logistics Company
-
Shingle Recycling Indianapolis Recycling Center Waste Management Facility
-
Indy Dyno Auto Repair Shop Vehicle Inspection Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$784k
Blend (final)
Blend
$730k
Owner & transaction history
Kentucky Avenue Land Co · 8 yrs held
Kentucky Avenue Land Co
since 2018
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$980,000
+96.5%
Commercial (general)
$925,000
+84.8%
Retail stores
$920,000
+84.4%
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 Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis 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
WAREHOUSE, STORAGE
$500,000
Current use
AUTO REPAIR, GARAGE
$980,000
Change: +97% · Conversion: Easy
COMMERCIAL (GENERAL)
$925,000
Change: +85% · Conversion: Difficult
RETAIL STORES
$920,000
Change: +84% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$770,000
Change: +54% · Conversion: Easy
Blend value · Realmo final
$730k
Range $657k – $803k · ±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
$59 / 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
$36,131
Tax year 2023
Assessed value
$1,078,600
Assessed 2023
Previous assessed
$1,078,600
+0.0% YoY
Effective rate
3.35%
On assessed value
Assessed land
$515,600
Assessed improvement
$563,000
Land market value
$515,600
Improvement market value
$563,000
Total market value
$1,078,600
Applied tax rate
970.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
3
Stories
1
Total area
12,322 SF
Lot
6.62 ac (288,368 SF)
APN
49-11-21-107-011.000-970
UPID
US31-1239716
Jurisdiction
MARION
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
WAREHOUSE, STORAGE Current
Est. value
$500,000
AUTO REPAIR, GARAGE
Est. value
$980,000
COMMERCIAL (GENERAL)
Est. value
$925,000
RETAIL STORES
Est. value
$920,000
INDUSTRIAL (GENERAL)
Est. value
$770,000
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
INDUSTRIAL (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
1950
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Buildings
3
Lot
6.62 ac
Current owner
From public records · entity-resolved
Kentucky Avenue Land Co
Entity
Free & Clear · 8 yrs held
Mailing address
5300 E ML AVE, KALAMAZOO, MI 49048-8564
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 19, 2018
—
Kentucky Avenue Land Co
—
Grant Deed
related
$20,550,000 · Environmental Indemnity INC
Feb 13, 2018
—
Kentucky Avenue Land Co
Seastrom & Co LLP
Warranty Deed
related
—
Apr 17, 2007
—
Seastrom & Co LLP
Farber,jane S
Quit Claim Deed
related
—
Sep 27, 2006
—
Seastrom & Co LLP
Seastrom Jane B Trust
Quit Claim Deed
related
—
Jul 31, 2006
—
Kristina Seastrom
Seastrom Robert M Trust
Quit Claim Deed
related
—
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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