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Property profile & analytics
OFF-MARKET
Estimated value
$585,000
Strip malls
3865 Lk City Hwy Warsaw, IN 46580-3952
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US31-2363871
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1998
Construction
WOOD
Total area
10,200 SF
Lot
1.28 ac (55,757 SF)
Zoning code
C-3 A
APN
43-11-14-300-771.000-032
UPID
US31-2363871
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
-
Maria's Family Restaurant Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$535k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$585k
Owner & transaction history
Warsaw Plaza LLC · 5 yrs held
Warsaw Plaza LLC
since 2021
Last sale
$600,000
1 recorded transaction
Zoning & alternative use
C-3 A · Warsaw, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Restaurant
$815,000
+116.1%
Retail stores
$785,000
+107.2%
Apartment house (5+ units)
$775,000
+104.6%
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 Warsaw submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Warsaw 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
$605,000
ML approach
$535,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$380,000
Current use
RESTAURANT
$815,000
Change: +116% · Conversion: Difficult
RETAIL STORES
$785,000
Change: +107% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$775,000
Change: +105% · Conversion: Difficult
COMMERCIAL (GENERAL)
$680,000
Change: +80% · Conversion: Easy
MEDICAL BUILDING
$655,000
Change: +74% · Conversion: Difficult
AUTO REPAIR, GARAGE
$655,000
Change: +73% · Conversion: Difficult
Blend value · Realmo final
$585k
Range $527k – $644k · ±10% · vs last sale $600k (Mar 10 2021)
Last sale anchor
$600k
Mar 10 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
$57 / 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
$11,124
Tax year 2023
Assessed value
$449,700
Assessed 2023
Previous assessed
$449,700
+0.0% YoY
Effective rate
2.47%
On assessed value
Assessed land
$251,400
Assessed improvement
$198,300
Land market value
$251,400
Improvement market value
$198,300
Total market value
$449,700
Applied tax rate
32.0000
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
1998
Construction
WOOD
Heating
NONE
Stories
1
Total area
10,200 SF
Lot
1.28 ac (55,757 SF)
Zoning code
C-3 A
APN
43-11-14-300-771.000-032
UPID
US31-2363871
Jurisdiction
KOSCIUSKO
Zoning & alternative use
C-3 A · Warsaw, INZoning C-3 A · permitted uses
C-3 A · Warsaw, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$380,000
RESTAURANT
Est. value
$815,000
RETAIL STORES
Est. value
$785,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$775,000
COMMERCIAL (GENERAL)
Est. value
$680,000
MEDICAL BUILDING
Est. value
$655,000
AUTO REPAIR, GARAGE
Est. value
$655,000
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
MEDICAL BUILDING
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
1998
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.28 ac
Current owner
From public records · entity-resolved
Warsaw Plaza LLC
Entity
Mailing address
3865 LK CITY HWY, WARSAW, IN 46580-3952
Mailing matches property
Yes
Owner-occupied
Yes
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 10, 2021
$600,000
Warsaw Plaza LLC
United Properties INC
Warranty Deed
$385,000 · Lake City Bank
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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