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Property profile & analytics
OFF-MARKET
Estimated value
$1,510,000
Office Spaces
2375 116th St Carmel, IN 46032-3281
Individually Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0112832
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2001
Construction
WOOD
Total area
7,031 SF
Lot
1.24 ac (54,014 SF)
APN
29-14-06-001-004.000-018
UPID
US31-0112832
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
-
Charles Schwab Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.46M
Comparable Approach
Comparable
$959k
Blend (final)
Blend
$1.51M
Owner & transaction history
Aei Net Lease Portfolio 23 Dst · 2 yrs held
Aei Net Lease Portfolio 23 Dst
since 2023
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.3M
+19.8%
Auto repair, garage
$2.0M
+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%
$1,580,000
6.5%
$1,460,000
7%
$1,355,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,950,000
Current use
RETAIL STORES
$2,335,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,030,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$1.51M
Range $1.36M – $1.66M · ±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
$215 / 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
$29,194
Tax year 2023
Assessed value
$1,447,800
Assessed 2023
Previous assessed
$1,447,800
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$1,116,000
Assessed improvement
$331,800
Land market value
$1,116,000
Improvement market value
$331,800
Total market value
$1,447,800
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
2001
Construction
WOOD
Heating
NONE
Stories
1
Total area
7,031 SF
Lot
1.24 ac (54,014 SF)
APN
29-14-06-001-004.000-018
UPID
US31-0112832
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
$2.0M
RETAIL STORES
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.0M
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
2001
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.24 ac
Current owner
From public records · entity-resolved
Aei Net Lease Portfolio 23 Dst
Individual
Mailing address
30 7TH ST E, SAINT PAUL, MN 55101-2201
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 7, 2023
—
Aei Net Lease Portfolio 23 Dst
Padre Grill LLC
Special Warranty Deed
—
Aug 7, 2023
$4,470,000
Aei Net Lease Portfolio 23 Dst
Padre Grill LLC
Special Warranty Deed
—
Aug 27, 2021
—
Padre Grill LLC
—
Deed
related
$3,475,000 · Academy Bank NA
Aug 17, 2021
—
Charles Schwab & Co INC
Padre Grill LLC
Lease
—
Aug 18, 2015
—
Padre Gill LLC
Hurd Indiana LLC
Grant Deed
related
—
Aug 10, 2015
—
Padre Grill LLC
Hurd Indiana LLC
Warranty Deed
—
May 14, 2009
—
Hurd Indiana LLC
Merchants Pointe Assoc LLC
Grant Deed
$3,760,000 · Northwest Bank
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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