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Property profile & analytics
OFF-MARKET
Estimated value
$5,265,000
Grocery and convenience stores
242 Oakland Ave Nappanee, IN 46550-2319
Individually Owned
19-yr Hold
Free & Clear
Property ID
US31-0495295
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
2007
Construction
TYPE NOT SPECIFIED
Total area
51,584 SF
Lot
5.76 ac (250,688 SF)
Zoning code
ZO01
APN
20-14-31-276-048.000-029
UPID
US31-0495295
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
-
Side Door Deli Cafe Food Market Restaurant
-
Martin's Gasoline Gas Station
-
Martin's Super Market Grocery & Convenience Store Food Market
-
Western Union Bank Credit Union
-
Martin's Supermarkets Pharmacy Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.78M
Blend (final)
Blend
$5.27M
Owner & transaction history
Martins Super Markets Of Nappane · 19 yrs held
Martins Super Markets Of Nappane
since 2007
2 recorded transactions
Zoning & alternative use
ZO01 · Nappanee, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.5M
+27.5%
Auto repair, garage
$4.2M
+21.0%
Apartment house (5+ units)
$3.7M
+7.0%
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 Nappanee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Nappanee 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
RETAIL STORES
$3,490,000
Current use
RESTAURANT
$4,450,000
Change: +28% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,225,000
Change: +21% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,735,000
Change: +7% · Conversion: Difficult
MEDICAL BUILDING
$3,190,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$5.27M
Range $4.74M – $5.79M · ±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
$102 / 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
$78,365
Tax year 2023
Assessed value
$2,742,200
Assessed 2023
Previous assessed
$2,742,200
+0.0% YoY
Effective rate
2.86%
On assessed value
Assessed land
$719,400
Assessed improvement
$2,022,800
Land market value
$719,400
Improvement market value
$2,022,800
Total market value
$2,742,200
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
2007
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
51,584 SF
Lot
5.76 ac (250,688 SF)
Zoning code
ZO01
APN
20-14-31-276-048.000-029
UPID
US31-0495295
Jurisdiction
ELKHART
Zoning & alternative use
ZO01 · Nappanee, INZoning ZO01 · permitted uses
ZO01 · Nappanee, IN
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
RETAIL STORES Current
Est. value
$3.5M
RESTAURANT
Est. value
$4.5M
AUTO REPAIR, GARAGE
Est. value
$4.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.7M
MEDICAL BUILDING
Est. value
$3.2M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
2007
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
5.76 ac
Current owner
From public records · entity-resolved
Martins Super Markets Of Nappane
Individual
Free & Clear · 19 yrs held
Mailing address
PO BOX 2709, SOUTH BEND, IN 46680-2709
Ownership since
2007
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
Oct 14, 2019
—
Martins Super Markets Of Nappane
—
Grant Deed
related
$1,450,000,000 · Wells Fargo Cap Fin
Apr 26, 2007
—
Martins Super Markets Of Nappane
Martins Super Markets INC
Quit Claim 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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