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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    261 Indiana Ave Salina, KS 67401-3259

    • Garden apartment buildings
    • 3,600 SF
    • 0.41 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0322423
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 261 Indiana Ave

    Year built
    1983
    Lot size
    0.41 lot acres
    Property size
    3,600 SF
    Property type
    Garden apartment buildings
    APN
    094-18-0-20-10-005.01
    APU
    94180201000501

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $258,000
      Market price range: $126k - $271k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $205,000
      Current use
      MEDICAL BUILDING
      $415,000
      Change: +101% Conversion: Moderate
      RETAIL STORES
      $310,000
      Change: +49% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $280,000
      Change: +36% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $265,000
      Change: +29% Conversion: Moderate
      WAREHOUSE, STORAGE
      $250,000
      Change: +21% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $200,000
      Change: -2% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salina
    County
    Saline
    State
    Kansas
    Longitude
    -97.589
    Latitude
    38.8382
    CBSA code
    41460
    CBSA name
    SALINA, KS MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,804
    $5,586
    $29,846
    $35,432
    -
    $48,570
    $259,530
    $308,100

    Comparable in this City

    • Value Estimation
      $230,000
      5,476 SF

      821 2nd St

      GARDEN APT, COURT APT (5+ UNITS) • 5,476 SF
      821 2nd St, Salina, KS 67401-8223
      View Details
    • Value Estimation by Request
      4,608 SF

      1508 Beloit Ave

      GARDEN APT, COURT APT (5+ UNITS) • 4,608 SF
      1508 Beloit Ave, Salina, KS 67401-8361
      View Details
    • Value Estimation
      $495,000
      14,760 SF

      215 Ash St

      GARDEN APT, COURT APT (5+ UNITS) • 14,760 SF
      215 Ash St, Salina, KS 67401-2309
      View Details
    • Value Estimation
      $265,000
      7,372 SF

      307 Oakdale Ave

      GARDEN APT, COURT APT (5+ UNITS) • 7,372 SF
      307 Oakdale Ave, Salina, KS 67401-3176
      View Details
    • Value Estimation
      $260,000
      2,936 SF

      637 Jaran St

      GARDEN APT, COURT APT (5+ UNITS) • 2,936 SF
      637 Jaran St, Salina, KS 67401-3278
      View Details
    • Value Estimation
      $245,000
      1,702 SF

      1012 Johnstown Ave

      GARDEN APT, COURT APT (5+ UNITS) • 1,702 SF
      1012 Johnstown Ave, Salina, KS 67401-3040
      View Details

    Similar Nearby for Sale

    • $209,900

      Salina Land Rezoned Multifamily Residence

      Over an acre of land rezoned for multifamily residence.
      00000 Indiana Ave, Salina, KS 67401
      View Details
    • Contact for pricing
      2.80 Acres

      Prime Salina Commercial Land

      2.8 Acres, I-70 Frontage, C-5 Zoning
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    • $45,000

      Residential Land in Cedar Ridge

      Corner lot with views in Cedar Ridge Development, Salina.
      B2 L1 Cedar Pt Ct, Salina, KS 67401
      View Details
    • $60,000

      Residential Land with Golf Course View

      Residential land with golf course view in Cedar Ridge Development.
      B2 L5 Cedar Pt Ct, Salina, KS 67401
      View Details
    • $43,000

      Land in Cedar Ridge Development

      Land with views, mature trees, and wildlife in Salina.
      B2 L2 Cedar Pt Ct, Salina, KS 67401
      View Details
    • $80,000
      0.30 Acres

      Salina Commercial Land Redevelopment Opportunity

      Vacant commercial lots in central Salina, Kansas.
      343 N Santa Fe Ave, Salina, KS 67401
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,250 SF

      Downtown Salina Office Space

      Prime Office Building, 5,250 sq ft
      115 Iron Ave, Salina, KS 67401
      View Details
    • $19 SF/Yr
      7,152 SF

      Prime Saline County Office Space

      1,015 SF Office Suite Available Now
      1648 Ohio St, Salina, KS 67401
      View Details
    • $6 SF/Yr
      16,611 SF

      Salina, KS Industrial Flex Space

      16,611 SF Flex Space, Divisible, Great Yard
      514 Santa Fe Ave, Salina, KS 67401
      View Details
    • $10 SF/Yr
      3,696 SF

      Downtown Salina Office Space

      Prime location, 3696 sq ft, renovated 2009
      104 Elm St, Salina, KS 67401
      View Details
    • Contact for pricing
      1,500 SF

      Prime Salina Executive Office Space

      1,500 SF Office, High Visibility
      433 Broadway Blvd, Salina, KS 67401
      View Details
    • $8 SF/Yr
      11,188 SF

      Prime Salina Office Space

      Versatile Office Suites Available Now
      645 Iron Ave, Salina, KS 67401
      View Details
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    261 Indiana Ave
    Salina, KS 67401-3259
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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