Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    840 Miller Ave Marion, IN 46952-2338

    • Office Properties & Spaces
    • 16,176 SF
    • 2.48 lot acres
    OFF-MARKET
    Value Estimations
    $1,205,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2336277
    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.

    Current Use by Public Records

    • Vocational Rehabilitation Division / Social Service Agency / Charitable Organization
    • Adoption Services / Adoption Agency
    • Vocational Rehabilitation Services Area 10 / State Government Office
    • Grant County Department of Children's Services / Social Service Agency / Community Center

    Property Details for 840 Miller Ave

    Year built
    1988
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.48 lot acres
    Property size
    16,176 SF
    Property type
    Office Properties & Spaces
    APN
    27-03-36-302-005.002-023
    APU
    270336302005002023

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,180,000
      Market price range: $404k - $1.35M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $870,000
      Current use
      RESTAURANT
      $1,540,000
      Change: +77% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,535,000
      Change: +77% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,245,000
      Change: +43% Conversion: Difficult
      RETAIL STORES
      $1,055,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.6914
    Latitude
    40.5727
    CBSA code
    31980
    CBSA name
    MARION, IN MICROPOLITAN 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
    $110,500
    $507,600
    $618,100
    -
    $110,500
    $507,600
    $618,100

    Comparable in this City

    • Value Estimation by Request
      576 SF

      511 Baldwin Ave

      OFFICE (GENERAL) • 576 SF
      511 Baldwin Ave, Marion, IN 46952-3464
      View Details
    • Value Estimation
      $1,565,000
      20,003 SF

      2955 Delphi Pike

      OFFICE (GENERAL) • 20,003 SF
      2955 Delphi Pike, Marion, IN 46952-9265
      View Details
    • Value Estimation by Request
      4,280 SF

      11044 200th N

      OFFICE (GENERAL) • 4,280 SF
      11044 200th N, Marion, IN 46952-8558
      View Details
    • Value Estimation by Request
      4,350 SF

      710 3rd St

      OFFICE (GENERAL) • 4,350 SF
      710 3rd St, Marion, IN 46952-3745
      View Details
    • Value Estimation by Request
      3,254 SF

      5158 Frances Slocum Trl

      OFFICE (GENERAL) • 3,254 SF
      5158 Frances Slocum Trl, Marion, IN 46952-9771
      View Details
    • Value Estimation
      $790,000
      9,934 SF

      1921 Spencer Ave

      OFFICE (GENERAL) • 9,934 SF
      1921 Spencer Ave, Marion, IN 46952-3208
      View Details

    Similar Nearby for Sale

    • $525,000
      10,600 SF

      Prime Marion Medical Office Building

      10,600 SF Multi-Tenant Medical Office
      1001 Western Ave, Marion, IN 46952
      View Details
    • $94,900
      0.20 Acres

      High Traffic Location Office Building

      Professional office building with high visibility and ample parking.
      1328 W 2Nd St, Marion, IN 46952
      View Details
    • $1,300,000
      11,000 SF

      Excellent Condition Office Building

      Prime location office building with high visibility and ample parking.
      711 W Gardner Dr, Marion, IN 46952
      View Details
    • $325,000
      33,315 SF

      Downtown Marion Office Building

      33,315 SF office building in Marion's central business district.
      131 N Washington St, Marion, IN 46952
      View Details
    • $150,000
      0.46 Acres

      Prime Marion Commercial Land

      0.459 Acres, Excellent Location
      933 Park Ave, Marion, IN 46952
      View Details
    • $274,900
      0.12 Acres

      Prime Marion Commercial Space

      High-exposure, flexible 2400 sq ft office.
      603 Baldwin Ave, Marion, IN 46952
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      15,120 SF

      Maidenberg Building: Marion Office Space

      Historic Downtown Marion Office Suite Available
      321 2Nd St, Marion, IN 46952
      View Details
    • $8 SF/Yr
      10,600 SF

      Sparta Square Executive Offices

      Marion, IN: Prime Office Space Available
      1001 Western Ave, Marion, IN 46952
      View Details
    • $10 SF/Yr
      814 SF

      Waterfront Office Park Office Space

      Multi-tenant building in Marion's historic Riverwalk District.
      321-325 East 2Nd St, Marion, IN 46952
      View Details
    • $7 SF/Yr

      Office and Retail Space Available

      Office and retail property for lease near Five Points Mall.
      1001 N Western Ave, Marion, IN 46952
      View Details
    • $12 SF/Yr
      6,705 SF

      Prime Marion Retail Space

      6,705 SF Freestanding Retail/Restaurant
      1510 Braewick Dr, Marion, IN 46952
      View Details
    • $1,250 /Mo
      2,500 SF

      Marion Mixed-Use Open Space Unit

      Mixed-use open space unit available for rent in Marion.
      2221 Westwood Sq, Marion, IN 46952
      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.
    840 Miller Ave
    Marion, IN 46952-2338
    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

    Google sign-in failed. Please try again or use another login method.