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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3988 State Road 227 Richmond, IN 47374

    • Schools
    • 6,332 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1469315
    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

    • Schools

    Property Details for 3988 State Road 227

    Property size
    6,332 SF
    Property type
    Schools
    Property subtype
    Churches & religious facilities

    Description

    This exceptional 16-acre property in Richmond, Indiana, presents a prime development opportunity. The site includes a large (6,332 sq ft), renovated (2000) commercial building, previously a club, featuring a full bar and commercial kitchen, all equipment included. Additional structures include a 46' x 40' x 12' pole barn and a separate house trailer. The property boasts an inground pool, extensive paved parking (40 spaces), and a private paved lane. Its location near the Richmond airport offers excellent accessibility. The property's current tax-exempt status provides a significant advantage. Potential uses are diverse, including equestrian facilities, learning centers, private clubs, or residential development. The 10-foot ceiling height in the main building offers flexibility. This unique property offers a rare combination of existing structures and ample land, making it an ideal investment for a variety of ventures. The two buildings are situated on a versatile lot with access to a pond. This is a truly remarkable opportunity to acquire a valuable and adaptable property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.858900533721
    Latitude
    39.773890418483

    Comparable in this City

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      High-Traffic Richmond Mixed-Use

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    • $199,500
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      Prime Richmond Golf Course Business

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    • $2,461,538
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      Mattress Firm Investment Opportunity

      5,000 SF Mattress Firm with corporate-guaranteed lease in Richmond, IN.
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    • $1,538,000
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      NNN Leased Pizza Hut Restaurant

      Long-term NNN lease with annual escalations in dominant retail corridor.
      3250 E Main St, Richmond, IN 47374
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    • $259,900
      Pending

      Mixed-Use Investment Opportunity

      Versatile property with commercial space and apartments in prime location.
      3616 W National Rd, Richmond, IN 47374
      View Details

    Similar Nearby for Sale

    • $1,500,000
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      Prime Richmond Mixed-Use Investment

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      923 E St, Richmond, IN 47374
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    • $499,000
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      High-Traffic Richmond Mixed-Use

      Prime corner location, 2,859 SF, 100% occupied.
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    • $199,500
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      Prime Richmond Golf Course Business

      Profitable Putt-Putt, I-70 access
      410 Commerce Rd, Richmond, IN 47374
      View Details
    • $2,461,538
      5,000 SF

      Mattress Firm Investment Opportunity

      5,000 SF Mattress Firm with corporate-guaranteed lease in Richmond, IN.
      4404 National Rd E, Richmond, IN 47374
      View Details
    • $1,538,000
      1,084 SF

      NNN Leased Pizza Hut Restaurant

      Long-term NNN lease with annual escalations in dominant retail corridor.
      3250 E Main St, Richmond, IN 47374
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    • $259,900
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      Mixed-Use Investment Opportunity

      Versatile property with commercial space and apartments in prime location.
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      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
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      Richmond Office Space - High Visibility

      Prime West Side location; flexible office/retail space.
      122 5Th St, Richmond, IN 47374
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    • Contact for pricing
      44,964 SF

      Richmond Commercial Property

      Multi-use building, high traffic area
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    • $10 SF/Yr
      6,156 SF

      Downtown Richmond Office Space Available

      Versatile two-story building in downtown Richmond with parking.
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    • $6 SF/Yr
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      Richmond Industrial Space - 5820 SF

      Versatile warehouse/office near I-70 & US 40.
      406 Commerce Rd, Richmond, IN 47374
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    • $35 SF/Yr
      2,534 SF

      Retail Space on National Road

      Retail space for lease near downtown Richmond and Earlham College.
      216 W National Rd, Richmond, IN 47374
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    • $30 SF/Yr
      1,658 SF

      Retail or Restaurant Space Available

      New retail or restaurant spaces for lease near Earlham College.
      515-535 W National Rd, Richmond, IN 47374
      View Details
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    3988 State Road 227
    Richmond, IN 47374
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    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
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