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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Outlet malls
53083 State Rd 13 Middlebury, IN 46540-9620
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-3247605
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2017
Construction
TYPE NOT SPECIFIED
Total area
8,680 SF
Lot
1.7 ac (74,139 SF)
APN
20-04-26-201-009.000-032
UPID
US31-3247605
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
-
Western Union Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$360k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$735k
Blend (final)
Blend
$550k
Owner & transaction history
Arizona Properties LLC · 1 yrs held
Arizona Properties LLC
since 2025
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$750,000
+49.3%
Auto repair, garage
$710,000
+41.6%
Apartment house (5+ units)
$595,000
+18.8%
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
by Request
ML approach
$360,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$500,000
Current use
RESTAURANT
$750,000
Change: +49% · Conversion: Easy
AUTO REPAIR, GARAGE
$710,000
Change: +42% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$595,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$535,000
Change: +7% · Conversion: Difficult
COMMERCIAL (GENERAL)
$460,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$550k
Range $495k – $605k · ±10%
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
$63 / 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
$11,362
Tax year 2023
Assessed value
$685,100
Assessed 2023
Previous assessed
$685,100
+0.0% YoY
Effective rate
1.66%
On assessed value
Assessed land
$38,600
Assessed improvement
$646,500
Land market value
$38,600
Improvement market value
$646,500
Total market value
$685,100
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
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2017
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
8,680 SF
Lot
1.7 ac (74,139 SF)
APN
20-04-26-201-009.000-032
UPID
US31-3247605
Jurisdiction
ELKHART
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$500,000
RESTAURANT
Est. value
$750,000
AUTO REPAIR, GARAGE
Est. value
$710,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$595,000
MEDICAL BUILDING
Est. value
$535,000
COMMERCIAL (GENERAL)
Est. value
$460,000
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
2017
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
1.7 ac
Current owner
From public records · entity-resolved
Arizona Properties LLC
Entity
Mailing address
14595 W ROCKLAND RD APT #155, LIBERTYVILLE, IL 60048-9517
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
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
Jul 21, 2025
—
Arizona Properties LLC
The Joan Elliott Rlt
Special Warranty Deed
$715,000 · Inova FCU
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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