Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2812 Old Us Hwy 231st S Lafayette, IN 47909-2412

    • Drive through restaurants
    • 5,279 SF
    • 0.84 lot acres
    OFF-MARKET
    Value Estimations
    $535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2994114
    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

    • Drive through restaurants

    Property Details for 2812 Old Us Hwy 231st S

    Year built
    2012
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.84 lot acres
    Property size
    5,279 SF
    Property type
    Drive through restaurants
    APN
    79-11-06-227-008.000-033
    APU
    791106227008000033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $465,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $600,000
      Market price range: $346k - $757k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $540,000
      Current use
      AUTO REPAIR, GARAGE
      $435,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Tippecanoe
    State
    Indiana
    Longitude
    -86.9051
    Latitude
    40.3876
    CBSA code
    29200
    CBSA name
    LAFAYETTE-WEST LAFAYETTE, IN METROPOLITAN 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
    $34,718
    $0.00
    $1,410,500
    $1,410,500
    -
    $0.00
    $1,410,500
    $1,410,500

    Comparable in this City

    • Value Estimation
      $2,090,000
      675 SF

      3604 Cougill Ln

      DRIVE-THRU RESTAURANT, FAST FOOD • 675 SF
      3604 Cougill Ln, Lafayette, IN 47909
      View Details
    • Value Estimation by Request
      3,354 SF

      2010 Veterans Memorial S Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,354 SF
      2010 Veterans Memorial S Pkwy, Lafayette, IN 47909-9183
      View Details
    • Value Estimation by Request
      3,826 SF

      1817 Troxel Ct

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,826 SF
      1817 Troxel Ct, Lafayette, IN 47909-7366
      View Details
    • Value Estimation
      $725,000
      13,133 SF

      3209 Builder Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 13,133 SF
      3209 Builder Dr, Lafayette, IN 47909-4053
      View Details
    • Value Estimation
      $525,000
      4,290 SF

      3606 Osborne Ln

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,290 SF
      3606 Osborne Ln, Lafayette, IN 47909-3954
      View Details
    • Value Estimation by Request
      2,534 SF

      3555 Promenade Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,534 SF
      3555 Promenade Pkwy, Lafayette, IN 47909-8377
      View Details

    Similar Nearby for Sale

    • $425,000
      2.00 Acres

      Truck Garage on State Road

      Garage for large truck repair on a 50,000 sqft lot.
      2350 State Road 25 w, Lafayette, IN 47909
      View Details
    • $435,000
      2,817 SF

      Move-in Ready Salon or Retail

      Well-maintained salon suite adaptable for retail or service uses.
      2504 Veterans Memorial Pkwy S, Lafayette, IN 47909
      View Details
    • Contact for pricing
      22.45 Acres

      Prime Lafayette Industrial Land

      22 Acres, Excellent Location
      0 Us 52 & 350, Lafayette, IN 47909
      View Details
    • $7,567,762

      Land with Utility Access

      Land available with all utility services.
      3713 S 250 E, Lafayette, IN 47909
      View Details
    • $190,000

      Modern Condo in Quiet Neighborhood

      Condo with open floorplan, fireplace, and HOA services.
      1907 Griffon Dr, Lafayette, IN 47909
      View Details
    • New
      $325,000
      Pending

      Well-Maintained Duplex in Quiet Neighborhood

      Duplex with 2 units, garages, recent updates, convenient location.
      515 Duroc Ct, Lafayette, IN 47909
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,400 SF

      Concord Plaza Retail Space

      Lafayette, IN: 1,930 sq ft Available
      3573 Promenade Pkwy, Lafayette, IN 47909
      View Details
    • $13 SF/Yr
      25,376 SF

      Lafayette Retail Space - 2060 SF

      Prime Lafayette retail space, ideal for various uses.
      3218 Daugherty Dr, Lafayette, IN 47909
      View Details
    • Contact for pricing

      3579 Promenade Pkwy

      Distribution properties • 1.20 Acres
      3579 Promenade Pkwy, Lafayette, IN 47909
      View Details
    • $9 SF/Yr
      9,600 SF

      New Flex/Industrial Space Available

      New flex/industrial building with 9,600 SF available for lease.
      2725 Concord Rd, Lafayette, IN 47909
      View Details
    • Contact for pricing
      201,500 SF

      Lafayette Industrial Building For Lease

      Industrial building available for lease and sale in Lafayette, Indiana.
      38 Stratford Ct, Lafayette, IN 47909
      View Details
    • Contact for pricing
      41,280 SF

      Industrial Space with Planned Renovations

      107,938 SF industrial space for lease in Lafayette, Indiana.
      2341 South 30Th St, Lafayette, IN 47909
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2812 Old Us Hwy 231st S
    Lafayette, IN 47909-2412
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.