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Property profile & analytics
OFF-MARKET
Estimated value
$855,000
Retail space
9930 38th St Indianapolis, IN 46235
Entity Owned
22-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-1021930
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2005
Construction
WOOD
Total area
9,710 SF
Lot
2.16 ac (94,220 SF)
Zoning code
ZO01
APN
49-08-17-132-003.000-401
UPID
US31-1021930
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
-
The Latin Flavor Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$857k
Blend (final)
Blend
$855k
Owner & transaction history
Ruby Developments INC · 22 yrs held
Ruby Developments INC
since 2004
5 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Auto repair, garage
$775,000
+6.6%
Commercial (general)
$725,000
+0.2%
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 Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis 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
$725,000
Current use
AUTO REPAIR, GARAGE
$775,000
Change: +7% · Conversion: Difficult
COMMERCIAL (GENERAL)
$725,000
Change: +0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$605,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$855k
Range $770k – $941k · ±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
$88 / 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
$18,325
Tax year 2023
Assessed value
$669,800
Assessed 2023
Previous assessed
$669,800
+0.0% YoY
Effective rate
2.74%
On assessed value
Assessed land
$190,400
Assessed improvement
$479,400
Land market value
$190,400
Improvement market value
$479,400
Total market value
$669,800
Applied tax rate
401.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2005
Construction
WOOD
Heating
NONE
Stories
1
Total area
9,710 SF
Lot
2.16 ac (94,220 SF)
Zoning code
ZO01
APN
49-08-17-132-003.000-401
UPID
US31-1021930
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, INZoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$725,000
AUTO REPAIR, GARAGE
Est. value
$775,000
COMMERCIAL (GENERAL)
Est. value
$725,000
INDUSTRIAL (GENERAL)
Est. value
$605,000
RETAIL STORES Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
INDUSTRIAL (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
2005
Construction
WOOD
Heating
NONE
Stories
1
Lot
2.16 ac
Current owner
From public records · entity-resolved
Ruby Developments INC
Entity
Mailing address
9940 E 38TH ST, INDIANAPOLIS, IN 46235-2305
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 12, 2011
—
Ruby Devs INC
—
Trustees Deed
related
$971,655 · Huntington National Bank
May 18, 2005
—
Ruby Developments INC
—
Trustees Deed
related
$505,000 · Huntington National Bank
Feb 27, 2004
—
Ruby Developments INC
Cox,joyce A
Warranty Deed
$82,500 · Huntington National Bank
—
—
Dhaka Corp
—
Deed Of Trust
related
—
—
—
Ruby Developments INC
—
Deed Of Trust
related
$363,000 · Premier Capital Corp
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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