Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3631 Morehouse Rd West Lafayette, IN 47906-5402
    Property profile & analytics

    3631 Morehouse Rd, West Lafayette, IN 47906-5402

    View on Map
    • Commercial land
    • 4.06 lot acres
    Off-Market
    Last Sale Jul 15, 2020
    Property ID
    US31-3229555
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 3631 Morehouse Rd

    Lot size
    4.06 lot acres
    Property type
    Commercial land
    APN
    79-06-01-126-007.000-023
    APU
    790601126007000023

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 31, 2020 — Tmg Funeral & Cremation Svcs L — Deed · related $1.6M · Bancorp Bk
    Jul 15, 2020 $330,000 Tmg Funeral & Cremation Svcs L Tippecanoe Memory Gardens INC Warranty Deed —
    — — Tmg Funeral & Cremation Svcs L — Deed Of Trust · related $1.6M · Bancorp Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    West Lafayette
    County
    Tippecanoe
    State
    Indiana
    Longitude
    -86.9352
    Latitude
    40.4707
    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
    $808
    $50,700
    $0.00
    $50,700
    -
    $50,700
    $0.00
    $50,700

    Comparable in this City

    • Value Estimation by Request
      0.24 Acres

      706 Northwestern Ave

      VACANT COMMERCIAL LAND
      706 Northwestern Ave, West Lafayette, IN 47906-2659
      View Details
    • Value Estimation by Request
      1.10 Acres

      3 Mdws Sd Outlot 7th 7

      VACANT COMMERCIAL LAND
      3 Mdws Sd Outlot 7th 7, West Lafayette, IN 47906
      View Details
    • Value Estimation by Request
      0.53 Acres

      3597 Bethel Dr

      VACANT COMMERCIAL LAND
      3597 Bethel Dr, West Lafayette, IN 47906-6652
      View Details
    • Value Estimation by Request
      0.22 Acres

      Klondike Rd

      VACANT COMMERCIAL LAND
      Klondike Rd, West Lafayette, IN 47906
      View Details
    • Value Estimation by Request
      4.50 Acres

      1261 Mccormick Rd

      VACANT COMMERCIAL LAND
      1261 Mccormick Rd, West Lafayette, IN 47906
      View Details
    • Value Estimation by Request
      0.78 Acres

      Us 231

      VACANT COMMERCIAL LAND
      Us 231, West Lafayette, IN 47906
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Commercial Lots in Established Center

      Two planned unit development lots for sale in West Lafayette.
      142 Sagamore Pkwy West, West Lafayette, IN 47906
      View Details
    • Contact for pricing

      Development Ready Land Parcels

      Three land parcels available near Purdue University and Walmart.
      Us52 W, West Lafayette, IN 47906
      View Details
    • Contact for pricing

      Land Parcels Near Interstate 65

      1.18-2.68 AC parcels near I-65 and Purdue University.
      2089 Northgate Dr, West Lafayette, IN 47906
      View Details
    • Contact for pricing

      Battle Ground Land For Sale

      3.09 acres of land with utilities on-site and high visibility.
      1976 Northgate Ct, Battle Ground, IN 47906
      View Details
    • Contact for pricing

      3.09 Acres Commercial Land Available

      3.09 acres of commercial land with utilities on-site.
      1948 Northgate Ct, Battle Ground, IN 47906
      View Details
    • Contact for pricing

      Land Parcels Near Purdue University

      1.18-2.68 AC parcels near I-65 and Purdue University.
      2067 Northgate Dr, West Lafayette, IN 47906
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Stunning Office Space Available

      Deluxe office space featuring six offices and conference room.
      2635 Yeager Rd, West Lafayette, IN 47906
      View Details
    • Contact for pricing
      6,400 SF

      West Lafayette Office Space Available

      Move-in ready office space with flexible configuration in West Lafayette.
      2785 Klondike Rd, West Lafayette, IN 47906
      View Details
    • Contact for pricing
      2,092 SF

      Retail Space in Discovery Park

      Retail space available in Purdue's Discovery Park District.
      100 Foundry Dr, West Lafayette, IN 47906
      View Details
    • Contact for pricing

      Retail Space Inside Meijer Store

      Prime retail opportunity within high-traffic Meijer stores in Midwest.
      2636 Sagamore Pkwy, West Lafayette, IN 47906
      View Details
    • Contact for pricing
      13,888 SF

      Discovery Park District Office/Retail Space

      Office and retail spaces in Purdue's Discovery Park District.
      101 Foundry Dr, West Lafayette, IN 47906
      View Details
    • Contact for pricing
      2,012 SF

      Retail, Restaurant, Office Space Available

      Mixed-use development near Purdue University with high visibility.
      111 S Salisbury St, West Lafayette, IN 47906
      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.
    3631 Morehouse Rd
    West Lafayette, IN 47906-5402
    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

    Thank You for Inquiry
    3631 Morehouse Rd, West Lafayette, IN, 47906
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!