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Property profile & analytics
OFF-MARKET
Estimated value
$2,200,000
Strip malls
2438 116th St Carmel, IN 46032-3219
Entity Owned
Free & Clear
Property ID
US31-3560612
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1974
Construction
TYPE NOT SPECIFIED
Total area
18,414 SF
Lot
0.36 ac (15,899 SF)
APN
29-10-31-000-011.000-018
UPID
US31-3560612
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
-
Basket Case (Bike/Boat/Book/etc) Store
-
CPR Cell Phone Repair Carmel Electronics & Wireless Store Computer & Electronic Repair
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.20M
Owner & transaction history
Bve Merchants Tuic Spe LLC
Bve Merchants Tuic Spe LLC
since 2026
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$119 / 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
$13,001
Tax year 2023
Assessed value
$644,600
Assessed 2023
Previous assessed
$644,600
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$164,300
Assessed improvement
$480,300
Land market value
$164,300
Improvement market value
$480,300
Total market value
$644,600
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1974
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
11
Total area
18,414 SF
Lot
0.36 ac (15,899 SF)
APN
29-10-31-000-011.000-018
UPID
US31-3560612
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
Building & site characteristics
From public records
Year built
1974
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
11
Lot
0.36 ac
Current owner
From public records · entity-resolved
Bve Merchants Tuic Spe LLC
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 4900, SCOTTSDALE, AZ 85261-4900
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 10, 2026
$1,733,151
Bve Merchants Tuic Spe LLC
Merchants Square Schulmann Realty L
Deed
—
Feb 10, 2026
—
Bve Merchants Tuic Spe LLC
Merchants Square Schulmann Realty L
Deed
—
Jan 24, 2007
—
Merchants 450 LLC
Ramco Merchants Square LLC
Quit Claim Deed
—
Jan 16, 2004
—
Ramco Merchants Square LLC
Ben Mar LLC
Grant 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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