Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$635,000
Strip malls
3520 2nd Mile House Rd Columbus, IN 47201-9242
Entity Owned
14-yr Hold
Free & Clear
Property ID
US31-2502121
Property summary
AI-generated overview
This exceptional 3,700 square foot Class B medical/traditional office building, located at 3520 W Two Mile House Road in Columbus, Indiana, presents a compelling investment opportunity. Currently 100% occupied by a strong, multi-state tenant under a triple-net (NNN) lease with a remaining term of 2.7 years (commencing August 1, 2024, and expiring July 31, 2027). The lease includes annual rent bumps of 2.5%, ensuring consistent income growth. The property boasts a substantial Net Operating Income (NOI) of $43,050, yielding a 7.18% cap rate. Built in 1985 and extensively renovated in 2021, the building sits on a 3.37-acre lot zoned for commercial strip use. The tenant has two additional 3-year lease options, providing long-term stability and predictable cash flow. This prime location in Bartholomew County (zip code 47201) is surrounded by numerous regional and national businesses, offering excellent visibility and accessibility. The property's strong tenant, combined with its favorable lease terms and attractive financial metrics, makes it an ideal addition to any investment portfolio.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1982
Construction
WOOD
Total area
31,959 SF
APN
03-95-27-220-900.123-005
UPID
US31-2502121
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
-
Groups Recover Together Counselor Addiction Treatment Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$660k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$613k
Blend (final)
Blend
$635k
Owner & transaction history
Wb Ventures LLC · 14 yrs held
Wb Ventures LLC
since 2011
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$910,000
+3.5%
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 Columbus submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Columbus 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
$660,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$880,000
Current use
WAREHOUSE, STORAGE
$910,000
Change: +3% · Conversion: Difficult
Blend value · Realmo final
$635k
Range $572k – $699k · ±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
$20 / 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
$4,046
Tax year 2023
Assessed value
$147,300
Assessed 2023
Previous assessed
$147,300
+0.0% YoY
Effective rate
2.75%
On assessed value
Assessed improvement
$147,300
Improvement market value
$147,300
Total market value
$147,300
Applied tax rate
5.0000
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
1982
Construction
WOOD
Heating
NONE
Stories
1
Total area
31,959 SF
APN
03-95-27-220-900.123-005
UPID
US31-2502121
Jurisdiction
BARTHOLOMEW
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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$880,000
WAREHOUSE, STORAGE
Est. value
$910,000
NEIGHBORHOOD: SHOPPING CENTER Current
WAREHOUSE, STORAGE
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
1982
Construction
WOOD
Heating
NONE
Stories
1
Current owner
From public records · entity-resolved
Wb Ventures LLC
Entity
Free & Clear · 14 yrs held
Mailing address
432 WASHINGTON ST, COLUMBUS, IN 47201-6758
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 1, 2011
$800,000
Wb Ventures LLC
Southwest Indiana District Church O
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 3520 2nd Mile House Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
