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Property profile & analytics
OFF-MARKET
Estimated value
$575,000
Retail space
8565 Us Hwy 36 Middletown, IN 47356-9758
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US31-2585887
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2020
Construction
WOOD
Total area
8,090 SF
Lot
3.58 ac (155,858 SF)
APN
33-06-19-000-103.000-005
UPID
US31-2585887
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$575k
Owner & transaction history
Ray LLC · 1 yrs held
Ray LLC
since 2025
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$925,000
+25.4%
Restaurant
$790,000
+6.7%
Auto repair, garage
$750,000
+1.4%
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 Middletown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Middletown 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$740,000
Current use
COMMERCIAL (GENERAL)
$925,000
Change: +25% · Conversion: Easy
RESTAURANT
$790,000
Change: +7% · Conversion: Easy
AUTO REPAIR, GARAGE
$750,000
Change: +1% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$725,000
Change: -2% · Conversion: Difficult
MEDICAL BUILDING
$615,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$575k
Range $518k – $633k · ±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
$71 / 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
$6,364
Tax year 2023
Assessed value
$345,600
Assessed 2023
Previous assessed
$345,600
+0.0% YoY
Effective rate
1.84%
On assessed value
Assessed land
$30,400
Assessed improvement
$315,200
Land market value
$30,400
Improvement market value
$315,200
Total market value
$345,600
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2020
Construction
WOOD
Heating
NONE
Stories
1
Total area
8,090 SF
Lot
3.58 ac (155,858 SF)
APN
33-06-19-000-103.000-005
UPID
US31-2585887
Jurisdiction
HENRY
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
$740,000
COMMERCIAL (GENERAL)
Est. value
$925,000
RESTAURANT
Est. value
$790,000
AUTO REPAIR, GARAGE
Est. value
$750,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$725,000
MEDICAL BUILDING
Est. value
$615,000
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
2020
Construction
WOOD
Heating
NONE
Stories
1
Lot
3.58 ac
Current owner
From public records · entity-resolved
Ray LLC
Entity
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 6, 2025
—
Ray LLC
Joslin Marketing LLC
Warranty Deed
$561,000 · Citizens State Bank Of New Castle
May 30, 2024
—
Truck Pro Sales LLC
Joslin Marketing LLC
Deed
—
Nov 22, 2022
—
Joslin Marketing LLC
—
Deed
related
$130,000 · Citizens State Bank Of New Castle
Nov 26, 2019
—
Joslin Marketing LLC
—
Deed
related
$296,250 · Citizens State Bank
Apr 3, 2019
—
Joslin Marketing LLC
Robert Hugh Watkins
Warranty Deed
—
Aug 6, 2015
—
Robert Hugh Watkins
Robetr H Watkins
Intrafamily Transfer
related
—
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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