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    Property profile & analytics

    Main St Carmel, IN 46032

    • Turn key restaurants
    • 14,740 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $1,190,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3215557
    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

    • Turn key restaurants

    Property Details for Main St

    Year built
    2017
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.26 lot acres
    Property size
    14,740 SF
    Property type
    Turn key restaurants
    APN
    29-09-25-161-007.001-018
    APU
    290925161007001018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $760,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,615,000
      Market price range: $1.29M - $2.66M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,910,000
      Current use
      AUTO REPAIR, GARAGE
      $1,715,000
      Change: -10% Conversion: Difficult
      RETAIL STORES
      $1,540,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1302
    Latitude
    39.978
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN 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
    $69,514
    $312,000
    $3,136,100
    $3,448,100
    -
    $312,000
    $3,136,100
    $3,448,100

    Comparable in this City

    • Value Estimation
      $910,000
      6,308 SF

      9965 Michigan Rd

      RESTAURANT • 6,308 SF
      9965 Michigan Rd, Carmel, IN 46032-9640
      View Details
    • Value Estimation
      $880,000
      11,408 SF

      918 Rangeline Rd

      RESTAURANT • 11,408 SF
      918 Rangeline Rd, Carmel, IN 46032-2542
      View Details
    • Value Estimation
      $755,000
      5,393 SF

      14711 Thatcher Ln

      RESTAURANT • 5,393 SF
      14711 Thatcher Ln, Carmel, IN 46032-1557
      View Details
    • Value Estimation by Request
      3,888 SF

      511 Rangeline Rd

      RESTAURANT • 3,888 SF
      511 Rangeline Rd, Carmel, IN 46032-2140
      View Details
    • Value Estimation
      $2,165,000
      38,420 SF

      502 Carmel Dr

      RESTAURANT • 38,420 SF
      502 Carmel Dr, Carmel, IN 46032-2814
      View Details
    • Value Estimation
      $735,000
      5,359 SF

      2355 116th St

      RESTAURANT • 5,359 SF
      2355 116th St, Carmel, IN 46032-3280
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,397 SF

      Carmel Retail Condominiums For Sale

      Three ground floor retail condominiums available in Carmel, Indiana.
      7015 E 146Th St, Carmel, IN 46032
      View Details
    • $3,000,000
      4,800 SF

      Downtown Carmel Office/Retail Gem

      4,800 SF Class A Office & Retail Space
      30 1St St, Carmel, IN 46032
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    • $3,523,000

      Carmel Meridian Corridor Development Site

      26-acre mixed-use project with high visibility and accessibility.
      Development Site - Meridian Corridor, Carmel, IN 46032
      View Details
    • $3,000,000

      Carmel Downtown Two-Story Office Building

      Two-story, 4,800 SF office building in downtown Carmel.
      30 1St St SW, Carmel, IN 46032
      View Details
    • $999,900
      1.00 Acre

      West Carmel Commercial Land

      Prime 1-acre retail lot, build-to-suit.
      0 Weston Pointe Dr, Zionsville, IN 46032
      View Details
    • $400,000
      Pending

      Carmel Land Ready For Development

      Carmel property designated for commercial development, sold as commercial.
      3744 W 97Th St, Carmel, IN 46032
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      31,000 SF

      Monon Square Retail Spaces

      Midtown Carmel retail, restaurant opportunities.
      610 Range Line Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      8,640 SF

      Carmel Retail/Restaurant/Bank Space Available

      Prime location for bank, restaurant, or retail in Carmel.
      833 W Main St, Carmel, IN 46032
      View Details
    • Contact for pricing
      137,345 SF

      Carmel Redevelopment Land - 1.5 Acres

      Prime Carmel location, redevelopment opportunity.
      1021 Range Line Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      223,024 SF

      Merchants' Square Retail Space For Lease

      Prime Carmel retail space, multiple suites available.
      2140-2476 116Th St, Carmel, IN 46032
      View Details
    • Contact for pricing
      1,728 SF

      Retail Space in Merchants’ Square

      Retail space in high-traffic area with diverse tenant mix.
      271 Merchants Square Dr, Carmel, IN 46032
      View Details
    • Contact for pricing
      1,389 SF

      Carmel Retail Space For Rent

      Retail space in well-located community shopping center in Carmel.
      1412 S Range Line Rd, Carmel, IN 46032
      View Details
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    Main St
    Carmel, IN 46032
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    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
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