337 Us Highway 421Versailles, IN 47042

Property Details for 337 Us Highway 421

Year built

1952

Construction

WOOD

Lot size

4.00 AC

Property size (Sq ft)

968 SF

Property type

Retail space

APN

69-13-02-300-029.000-013

APU

691302300029000013

Description

This exceptional 23+ acre property presents a unique investment opportunity in Versailles, Indiana. Currently operating as the beloved Bel Air Drive-In movie theater for over 73 years, this iconic location boasts significant potential for diverse uses. The property features frontage on two roads, providing excellent accessibility. Improvements include a 1000 square foot concession building offering a variety of food and drink options, a projector room equipped for digital movie downloads, and an office. Three oversized pole barn garages provide ample storage space. The expansive grounds also include several large ponds and approximately 12-14 acres of woodlands. The property's versatility allows for various development options, including subdivision for residential building sites, the installation of storage units, potential solar fields, or the creation of a recreational/campground. Its prime location offers easy access to major metropolitan areas, being less than an hour from Cincinnati, Ohio and Florence, Kentucky, and approximately 75 miles from both Indianapolis and Louisville, Kentucky. This nostalgic property offers a blend of established business and significant future development potential, making it an attractive investment for those seeking a unique and versatile asset. The existing drive-in theater provides immediate income potential while the vast acreage allows for a wide range of future development possibilities.

• CAP approach

  CAP return

  Valuation

  6%

  $210,137

  6.5%

  $193,973

  7%

  $180,118

• Comparable approach

  Method

  Valuation

  Relative Method

  $302,944

  Geo Method

  $302,944

• Alternative Use

  Use

  Valuation

  Residential

  $163,623

  Hospitality

  $149,878

  Educational

  $124,697

  Medical

  $128,985

  Retail

  $193,973

Location Insight

City

Versailles

County

Ripley

State

Indiana

Latitude

39.0797

Longitude

-85.2741

Property Tax & Assessments

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