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Property profile & analytics
FOR LEASE
Strip malls
7408 W State Road 28, Elwood, IN 46036
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US31-0056707
No photos on file
For Lease
$12 SF/Yr
7408 W State Road 28, Elwood, IN 46036
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2002
Construction
WOOD
Total area
13,200 SF
Lot
1.85 ac (80,586 SF)
APN
48-04-11-400-016.000-027
UPID
US31-0056707
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
$535k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$640k
Blend (final)
Blend
$585k
Owner & transaction history
Bella Terre LLC · 3 yrs held
Bella Terre LLC
since 2022
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$935,000
+79.7%
Industrial (general)
$730,000
+40.7%
Warehouse, storage
$695,000
+33.6%
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 Elwood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elwood 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
$535,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$520,000
Current use
MEDICAL BUILDING
$935,000
Change: +80% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$730,000
Change: +41% · Conversion: Difficult
WAREHOUSE, STORAGE
$695,000
Change: +34% · Conversion: Difficult
Blend value · Realmo final
$585k
Range $527k – $644k · ±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
$44 / 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
$23,865
Tax year 2023
Assessed value
$795,500
Assessed 2023
Previous assessed
$795,500
+0.0% YoY
Effective rate
3.00%
On assessed value
Assessed land
$92,500
Assessed improvement
$703,000
Land market value
$92,500
Improvement market value
$703,000
Total market value
$795,500
Applied tax rate
26.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
2002
Construction
WOOD
Stories
1
Total area
13,200 SF
Lot
1.85 ac (80,586 SF)
APN
48-04-11-400-016.000-027
UPID
US31-0056707
Jurisdiction
MADISON
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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$520,000
MEDICAL BUILDING
Est. value
$935,000
INDUSTRIAL (GENERAL)
Est. value
$730,000
WAREHOUSE, STORAGE
Est. value
$695,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
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
2002
Construction
WOOD
Stories
1
Lot
1.85 ac
Current owner
From public records · entity-resolved
Bella Terre LLC
Entity
Mailing address
179 POST OAK PL, INEZ, TX 77968-4040
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 14, 2022
—
Bella Terre LLC
Elwood Professional Properties LLC
Special Warranty Deed
$1,230,000 · Keypoint Cu
Feb 18, 2022
—
Elwood Professional Properties LLC
—
Deed
related
$735,000 · First Merchants Bank NA
Feb 8, 2022
—
Elwood Professional Properties LLC
—
Deed
related
$210,000 · Tower Development LLC
Feb 7, 2022
—
Elwood Professional Properties LLC
Tower Development LLC
Warranty Deed
$735,000 · First Merchants Bank NA
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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