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Property profile & analytics
OFF-MARKET
Estimated value
$3,250,000
Grocery and convenience stores
861 College Ave Rensselaer, IN 47978-3055
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US31-1628210
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1989
Construction
TYPE NOT SPECIFIED
Total area
55,700 SF
Lot
6.52 ac (284,055 SF)
Zoning code
BUFF
APN
37-07-31-000-004.010-027
UPID
US31-1628210
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
-
Primo Water Exchange Big Box & Wholesale Store
-
Coinstar Kiosk | Bitcoin ATM Atm Currency Exchange Service
-
Strack & Van Til Grocery & Convenience Store Food Market
-
Western Union Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.25M
Owner & transaction history
Venture 3822 LLC · 10 yrs held
Venture 3822 LLC
since 2015
3 recorded transactions
Zoning & alternative use
BUFF · Rensselaer, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.0M
+9.7%
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 Rensselaer submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rensselaer 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
$4,510,000
Current use
RESTAURANT
$4,950,000
Change: +10% · Conversion: Easy
MEDICAL BUILDING
$4,280,000
Change: -5% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$4,240,000
Change: -6% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$4,080,000
Change: -10% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,680,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$3.25M
Range $2.93M – $3.58M · ±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
$58 / 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
$39,198
Tax year 2023
Assessed value
$3,209,400
Assessed 2023
Previous assessed
$3,209,400
+0.0% YoY
Effective rate
1.22%
On assessed value
Assessed land
$486,500
Assessed improvement
$2,722,900
Land market value
$486,500
Improvement market value
$2,722,900
Total market value
$3,209,400
Applied tax rate
18.0000
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
1989
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
3
Total area
55,700 SF
Lot
6.52 ac (284,055 SF)
Zoning code
BUFF
APN
37-07-31-000-004.010-027
UPID
US31-1628210
Jurisdiction
JASPER
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
BUFF · Rensselaer, IN
Zoning BUFF · permitted uses
BUFF · Rensselaer, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rensselaer. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$4.5M
RESTAURANT
Est. value
$5.0M
MEDICAL BUILDING
Est. value
$4.3M
INDUSTRIAL (GENERAL)
Est. value
$4.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.1M
COMMERCIAL (GENERAL)
Est. value
$3.7M
RETAIL STORES Current
RESTAURANT
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1989
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
3
Lot
6.52 ac
Current owner
From public records · entity-resolved
Venture 3822 LLC
Entity
Mailing address
12028 N 200TH W, WHEATFIELD, IN 46392-9615
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2024
—
Venture 3822 LLC
—
Deed
related
$2,800,000 · Centier Bank
Jan 10, 2018
—
Indiana Grocery Group LLC
—
Deed
related
$40,000,000 · Associated Wholesale Grocers INC
Oct 13, 2015
—
Venture 3822 LLC
Indiana Land Trust Co
Deed
—
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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