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Property profile & analytics
OFF-MARKET
Estimated value
$600,000
Medical Office Space
516 Main St Middlebury, IN 46540-9701
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US31-1298951
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1976
Construction
WOOD
Total area
7,968 SF
Lot
0.77 ac (33,715 SF)
Zoning code
ZO01
APN
20-08-15-201-006.000-035
UPID
US31-1298951
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
-
Middlebury Chiropractic Clinic Alternative Medicine Practice
-
Megan D. Bjorklund, DC Alternative Medicine Practice
-
Dr Cole Miller Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$570k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$600k
Owner & transaction history
Middlebury Chiropractic Clinic · 4 yrs held
Middlebury Chiropractic Clinic
since 2022
Last sale
$625,000
2 recorded transactions
Zoning & alternative use
ZO01 · Middlebury, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Middlebury, VT
Top alternative use upside
Restaurant
$685,000
+39.6%
Auto repair, garage
$650,000
+32.5%
Apartment house (5+ units)
$545,000
+11.1%
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 Middlebury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Middlebury 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
$590,000
ML approach
$570,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$495,000
Current use
RESTAURANT
$685,000
Change: +40% · Conversion: Difficult
AUTO REPAIR, GARAGE
$650,000
Change: +32% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$545,000
Change: +11% · Conversion: Moderate
RETAIL STORES
$460,000
Change: -6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$425,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$600k
Range $540k – $660k · ±10% · vs last sale $625k (Jan 20 2022)
Last sale anchor
$625k
Jan 20 2022
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
$75 / 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
$8,831
Tax year 2023
Assessed value
$349,000
Assessed 2023
Previous assessed
$349,000
+0.0% YoY
Effective rate
2.53%
On assessed value
Assessed land
$62,300
Assessed improvement
$286,700
Land market value
$62,300
Improvement market value
$286,700
Total market value
$349,000
Applied tax rate
35.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1976
Construction
WOOD
Heating
YES
Cooling
YES
Stories
2
Total area
7,968 SF
Lot
0.77 ac (33,715 SF)
Zoning code
ZO01
APN
20-08-15-201-006.000-035
UPID
US31-1298951
Jurisdiction
ELKHART
Zoning & alternative use
ZO01 · Middlebury, INZoning ZO01 · permitted uses
ZO01 · Middlebury, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Middlebury, VT
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$495,000
RESTAURANT
Est. value
$685,000
AUTO REPAIR, GARAGE
Est. value
$650,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$545,000
RETAIL STORES
Est. value
$460,000
COMMERCIAL (GENERAL)
Est. value
$425,000
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
COMMERCIAL (GENERAL)
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
1976
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Lot
0.77 ac
Current owner
From public records · entity-resolved
Middlebury Chiropractic Clinic
Individual
Mailing address
520 S MAIN ST, MIDDLEBURY, IN 46540-9701
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 20, 2022
$625,000
Middlebury Chiropractic Clinic
The Selah Group LLC
Contract Sale
$503,964 · The Setah Group LLC
Sep 1, 2021
—
The Selah Group LLC
Norman Miller
Warranty Deed
$700,000 · First State Bank Of Middlebury
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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