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    508 Polk St Morocco, IN 47963-8144
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    Property profile & analytics

    508 Polk St, Morocco, IN 47963-8144

    View on Map
    • Warehouses
    • 32,960 SF
    • 2.26 lot acres
    Off-Market
    Property ID
    US31-0597878
    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
    $570,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • CKC Tool Inc / Industrial Manufacturer

    Property Details for 508 Polk St

    Year built
    1953
    Construction
    WOOD
    Lot size
    2.26 lot acres
    Property type
    Warehouses
    APN
    56-10-21-444-060.000-002
    APU
    561021444060000002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 2, 2017 — Us Trucking Piyush Patel Quit Claim Deed · related —

    Description

    This vacant, 32,960-square-foot industrial property in Morocco, Indiana, presents a compelling redevelopment opportunity. Situated on a 2.26-acre lot, this Class C building features two structures, each one story, built in 1953 and renovated in 2024. The property boasts 50 parking spaces and includes one loading dock and one drive-in door, catering to diverse industrial needs. With a 14-foot ceiling height, the space is suitable for various uses, including distribution, warehousing, and manufacturing. Currently vacant with an occupancy date of July 31, 2024, this property is zoned C01-Commercial. Its strategic location offers easy access to major transportation arteries, including proximity to I-49 (1 mile), I-65, and I-24 (15 miles), facilitating efficient distribution to Lafayette, Indianapolis, and northern Indiana cities like Gary and Valparaiso. The property is being offered as a Request For Offers and includes the infrastructure to support a 3-phase transformer installation. The ample lot size allows for potential expansion. This owner-user investment opportunity is ideal for businesses seeking a central Indiana location with excellent transportation links and significant space for operations. The Net Rentable Area is 32,960 square feet, spread across two buildings. The Property Identification Number (APN) is 56-10-21-444-060.000-002.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $435,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $708,000
      Market price range: $709k - $3.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    Morocco
    County
    Newton
    State
    Indiana
    Longitude
    -87.4507
    Latitude
    40.9414
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 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
    $6,559
    $52,000
    $183,500
    $235,500
    -
    $52,000
    $183,500
    $235,500

    Comparable in this City

    • Value Estimation by Request
      9,113 SF

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    • Value Estimation by Request
      17,000 SF

      511 Lincoln St

      STORAGE YARD, OPEN STORAGE
      511 Lincoln St, Morocco, IN 47963-8014
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    • Value Estimation
      $670,000
      9,600 SF

      4654 300th E

      WAREHOUSE, STORAGE
      4654 300th E, Morocco, IN 47963
      View Details
    • Value Estimation by Request
      7,200 SF

      Clay St

      WAREHOUSE, STORAGE
      Clay St, Morocco, IN 47963
      View Details
    • Value Estimation by Request
      6,720 SF

      311 College Ave

      WAREHOUSE, STORAGE
      311 College Ave, Morocco, IN 47963
      View Details
    • Value Estimation by Request
      3,520 SF

      Polk St

      STORAGE YARD, OPEN STORAGE
      Polk St, Morocco, IN 47963
      View Details
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    Morocco, IN 47963-8144
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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.

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