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Property profile & analytics
OFF-MARKET
Estimated value
$2,570,000
Office Spaces
38 Main St Carmel, IN 46032-1764
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0340827
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1900
Construction
WOOD
Total area
11,700 SF
Lot
0.14 ac (5,940 SF)
APN
29-09-25-122-025.000-018
UPID
US31-0340827
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
-
Craftsman Exterior Remodeling Roofing Company General Contractor
-
Indianapolis Roofing LLC - Carmel Roofer Construction Company General Contractor
-
NEXTFLY Carmel Web Design Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Indy ADHD Physician
-
Cade & Associates Accounting Firm Tax Preparation
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.16M
CAP Approach
CAP
$2.43M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.57M
Owner & transaction history
Crdv Carmel LLC · 4 yrs held
Crdv Carmel LLC
since 2021
Last sale
$2.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.9M
+19.8%
Auto repair, garage
$3.4M
+4.3%
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
Method
Estimation
Statistic approach
$3,150,000
ML approach
$3,155,000
CAP Approach
CAP Return
Estimation
6%
$2,635,000
6.5%
$2,430,000
7%
$2,255,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,240,000
Current use
RETAIL STORES
$3,885,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,380,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$2.57M
Range $2.31M – $2.83M · ±10% · vs last sale $2.30M (Oct 21 2021)
Last sale anchor
$2.30M
Oct 21 2021
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
$220 / 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
$29,657
Tax year 2023
Assessed value
$1,471,100
Assessed 2023
Previous assessed
$1,471,100
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$235,100
Assessed improvement
$1,236,000
Land market value
$235,100
Improvement market value
$1,236,000
Total market value
$1,471,100
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1900
Construction
WOOD
Heating
NONE
Stories
2
Total area
11,700 SF
Lot
0.14 ac (5,940 SF)
APN
29-09-25-122-025.000-018
UPID
US31-0340827
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
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$3.2M
RETAIL STORES
Est. value
$3.9M
AUTO REPAIR, GARAGE
Est. value
$3.4M
COMMERCIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
1900
Construction
WOOD
Heating
NONE
Stories
2
Lot
0.14 ac
Current owner
From public records · entity-resolved
Crdv Carmel LLC
Entity
Mailing address
1733 W LN AVE, COLUMBUS, OH 43221-3341
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2021
$2,300,000
Crdv Carmel LLC
Gsm Investment Fund 1 LLC
Special Warranty Deed
$3,740,000 · Telhio Cu INC
Sep 19, 2018
—
Mink Investments LLC
—
Deed
related
$700,000 · National Bk/indianapolis
Oct 29, 2007
—
Mink Investments LLC
—
Loan Modification
related
$3,000,000 · Irwin Union Bank & Trust Co
—
—
Mink Investments LLC
—
Loan Modification
related
$400,000 · First Financial Bank NA
—
—
Mink Investments LLC
—
Deed Of Trust
related
—
—
—
Mink Investments LLC
—
Deed Of Trust
related
—
—
—
Mink Investments LLC
—
Deed Of Trust
related
$700,000 · National Bk/indianapolis
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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