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Property profile & analytics
OFF-MARKET
Office Spaces
506 State Rd 3rd 3 Westport, IN 47283-9102
Individually Owned
5-yr Hold
~
Est. High Equity
Property ID
US31-2244288
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1975
Construction
WOOD
Total area
1,998 SF
Lot
0.47 ac (20,299 SF)
APN
16-13-36-440-004.000-014
UPID
US31-2244288
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Patrick J Fry · 5 yrs held
Patrick J Fry
since 2021
Last sale
$5,000
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Westport submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Westport 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$1,574
Tax year 2023
Assessed value
$87,800
Assessed 2023
Previous assessed
$87,800
+0.0% YoY
Effective rate
1.79%
On assessed value
Assessed land
$25,200
Assessed improvement
$62,600
Land market value
$25,200
Improvement market value
$62,600
Total market value
$87,800
Applied tax rate
14.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
1975
Construction
WOOD
Heating
NONE
Stories
1
Total area
1,998 SF
Lot
0.47 ac (20,299 SF)
APN
16-13-36-440-004.000-014
UPID
US31-2244288
Jurisdiction
DECATUR
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1975
Construction
WOOD
Heating
NONE
Stories
1
Lot
0.47 ac
Current owner
From public records · entity-resolved
Patrick J Fry
Individual
Mailing address
294 S STATE RD 3RD 3, WESTPORT, IN 47283-9167
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 2, 2021
$5,000
Patrick J Fry
Darryl G Wolterman
Warranty Deed
$120,000 · Napoleon State Bank
Dec 26, 2018
—
Darryl G Wolterman
—
Deed
related
$50,000 · Napoleon State Bank
Oct 2, 2012
—
Darryl G Wolterman
Hampton Orell
Warranty Deed
$44,624 · Mainsource 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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