Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    534 Miller Ave Shelbyville, IN 46176-1950
    Property profile & analytics

    534 Miller Ave, Shelbyville, IN 46176-1950

    View on Map
    • Retail space
    • 4,352 SF
    • 0.15 lot acres
    Off-Market
    Property ID
    US31-1874808
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 534 Miller Ave

    Year built
    1900
    Construction
    WOOD
    Lot size
    0.15 lot acres
    Property type
    Retail space
    APN
    73-11-06-200-308.000-002
    APU
    731106200308000002

    Description

    This exceptional Shelbyville property offers a unique blend of commercial and residential space, ideal for diverse uses. The main retail building at 534 Miller Avenue, totaling 4,352 square feet, is currently configured as a church but is zoned for a variety of permitted uses under IS zoning. Its striking sanctuary boasts soaring 17-foot ceilings and 12-foot eaves, creating an impressive and adaptable space. The upper level comprises two offices, while the lower level features multiple classrooms, a relaxing lounge area, and separate restrooms for men and women. Adding to its appeal is the adjacent residential property at 535 Dunn Avenue, a well-maintained 1,774-square-foot home. This two-bedroom, two-bathroom residence includes a spacious kitchen and most appliances. A significant advantage is the converted two-car garage, now a finished family life center with its own kitchen and restroom, offering versatile space for gatherings or additional living quarters. Situated on a 0.15-acre lot, this combined property presents a compelling investment opportunity in a prime location near Shelbyville's downtown area. The property's flexible zoning and existing features make it suitable for a wide range of commercial ventures, while the included residence provides additional income potential or comfortable living space. This is a rare chance to acquire a substantial property with significant upside in a thriving community. The asking price is $339,025.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Shelby
    State
    Indiana
    Longitude
    -85.786
    Latitude
    39.5194
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN 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
    $0.00
    $32,400
    $67,600
    $100,000
    -
    $32,400
    $67,600
    $100,000

    Comparable in this City

    • Value Estimation by Request
      5,487 SF

      Fairgrounds

      RETAIL STORES (PERSONAL SERVICES)
      Fairgrounds, Shelbyville, IN 46176
      View Details
    • Value Estimation by Request
      1,152 SF

      1027 Miller Ave

      RETAIL STORES (PERSONAL SERVICES)
      1027 Miller Ave, Shelbyville, IN 46176-2355
      View Details
    • Value Estimation by Request
      1,620 SF

      2309 Miller St

      RETAIL STORES (PERSONAL SERVICES)
      2309 Miller St, Shelbyville, IN 46176-9350
      View Details
    • Value Estimation by Request
      693 SF

      903 Harrison St

      RETAIL STORES (PERSONAL SERVICES)
      903 Harrison St, Shelbyville, IN 46176-2614
      View Details
    • Value Estimation by Request
      981 SF

      203 Harrison St

      RETAIL STORES (PERSONAL SERVICES)
      203 Harrison St, Shelbyville, IN 46176-2159
      View Details
    • Value Estimation
      $905,000
      12,000 SF

      2300 Marketplace Blvd

      RETAIL STORES (PERSONAL SERVICES)
      2300 Marketplace Blvd, Shelbyville, IN 46176-1984
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Shelbyville Retail Space For Sale

      5000 sq ft retail space with expansion potential.
      613 E State Road 44, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      12,375 SF

      Retail Investment Opportunity in Shelbyville

      Prime retail investment opportunity in Shelbyville, Indiana.
      570 Saraina Rd, Shelbyville, IN 46176
      View Details
    • $574,900
      6,960 SF

      Downtown Shelbyville Investment Opportunity

      Three fully leased storefronts with value-add residential space.
      12 S Harrison St, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      61,479 SF

      Shelbyville Mixed-Use Redevelopment Opportunity

      Redevelop entire block in Shelbyville's Central Business District.
      134 E Jackson St, Shelbyville, IN 46176
      View Details
    • $208,000
      3,185 SF

      Prime Shelbyville Office Building

      Five offices, great location, all furniture included.
      21 Taylor St, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      1,800 SF

      Prime Shelbyville Commercial Land Opportunity

      1.2 acre commercial lot in desired Shelbyville location.
      1837 E Michigan Rd, Shelbyville, IN 46176
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,000 SF

      Retail Space in Shelbyville

      Retail spaces available in busy Shelbyville trade area.
      2521-2551 E State Road 44, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,840 SF

      Retail Space in Shelbyville

      Retail space available in busy Shelbyville trade area.
      2505-2519 E State Road 44, Shelbyville, IN 46176
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space with Highway Visibility

      Retail space available in Shelbyville with excellent highway visibility.
      114-136 Lee Blvd, Shelbyville, IN 46176
      View Details
    • Contact for pricing

      Retail Space in Growing Community

      Retail space in Shelbyville's vibrant, growing commercial district.
      809 S Harrison St, Shelbyville, IN 46176
      View Details
    • $13 SF/Yr
      35,310 SF

      Restaurant Space in Historic Building

      Prime restaurant space in downtown Shelbyville's historic J.G. DePrez building.
      18 Public Sq, Shelbyville, IN 46176
      View Details
    • Contact for pricing

      Shelbyville Retail Corridor Location

      Retail, fitness, medical, or service suites available for rent.
      2525 In-44, Shelbyville, IN 46176
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    534 Miller Ave
    Shelbyville, IN 46176-1950
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    534 Miller Ave, Shelbyville, IN, 46176
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!