Professional Land Valuation Report
Subject Property – 10093 N 300 W | 10093 N 300 W, Lake Village, IN 46349 | Prepared from uploaded tax cards and Pillar/Regrid comp data
1. Executive Summary
The subject is a three-parcel Lake Village / Lake Township assemblage totaling 34.206 acres at 10093 N 300 W in Newton County, Indiana. Two parcels are assessed as vacant land and one is assessed as a commercial garage with a 3,168 SF pole-frame building and fencing. This report benchmarks the subject against the detailed NW Indiana sale comp set supplied in the attached Pillar/Regrid report.
Subject Gross Acres
34.21
Market Scenario
$10,500/ac
Supported Range
$291K-$428K
Recommended Ask
$399K
Conclusion: The strongest rural NW Indiana acreage comps support a land value range of approximately $8,500-$12,500 per acre, or $0.20-$0.29/SF, before any separate contributory value attributable to the commercial garage, fencing, or site improvements. Using the subject’s gross acreage, the implied range is approximately $291,000-$428,000. A practical asking price for a sale process is $399,000, with a more aggressive ceiling near $425,000 if the existing building/electric service has value to a user.
Important limitation: Exact comp parcel coordinates were not included in the source PDF. The interactive map uses approximate coordinates based on city/road references. Before distributing externally, verify each comp’s parcel centroid through Regrid, county GIS, title work, or a broker-verified comp file.
2. Subject Property Profile
| Item | Detail |
|---|---|
| Property / Location | 10093 N 300 W, Lake Village, IN 46349 |
| County / Township | Newton County / Lake Township |
| Parcel IDs | 56-04-10-600-002.003-012, 56-04-10-600-002.004-012, 56-04-10-600-002.000-012 |
| Gross Acres Used for Valuation | 34.206 acres / 1,490,013 SF |
| Property Classes | Two parcels are Property Class 100 – Vacant Land; one parcel is Property Class 455 – Commercial Garage. |
| Zoning | Not stated on the tax cards. Verify zoning with Newton County / Lake Township before relying on any development conclusion. |
| Utilities | Electricity is shown on the commercial garage parcel. Utility availability for water, sewer, gas, septic capacity, and broadband was not provided. |
| Road / Access | Two vacant parcels show unpaved road condition; the commercial garage parcel shows paved road condition. Frontage and legal access should be confirmed by survey/title. |
| Improvements | 3,168 SF metal / pole-frame commercial garage, built 1960, plus fencing. Valuation here is primarily land-based and treats the building as incidental unless confirmed useful to a buyer. |
| Floodplain / Wetlands | Not independently verified. Tax cards do not provide a usable FEMA/wetlands conclusion. Confirm through FEMA, USFWS/NWI, county GIS, and/or wetlands consultant. |
3. Interactive Map – Subject and Sale Comps
Map takeaway: The most persuasive pricing cluster is south/east of the subject in Jasper County/Rensselaer, Starke County/North Judson, White County/Monticello, and interior LaPorte County. Crown Point, Michigan City, Rolling Prairie, Burns Harbor, and certain Valparaiso/Porter County comps are geographically useful to show the broader NW Indiana market, but they carry metro-fringe, highway, residential, or commercial-corridor premiums and should be discounted or excluded for a Lake Village ag benchmark.
4. Numbered Sales Comp Table Matching Map Pins
| No | Relevance | Address | City | County | Date | Sale Price | Acres | $/Ac | $/SF | Zoning | Buyer | Relevance Note |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Secondary | 500 W | NORTH JUDSON | Starke | 2025-04-16 | $77,770 | 11.1 | $6,988 | $0.16 | Agricultural | Jackson Brad A | Rural Starke; strong geographic peer but materially smaller than subject. |
| 2 | Highly relevant | 1851 E DAUGHERTY RD | RENSSELAER | Jasper | 2024-10-03 | $360,000 | 44.8 | $8,039 | $0.18 | Conservation Agriculture C | O’BRIEN, MARK SHAWN | Primary acreage comp; Jasper County ag tract over 35 acres. |
| 3 | Highly relevant | E WOOD RD | RENSSELAER | Jasper | 2024-09-11 | $455,787 | 32.5 | $14,039 | $0.32 | Conservation Agriculture C | MILLER, GREGORY L & JU | Primary acreage comp; Rensselaer ag tract, above central tendency. |
| 4 | Secondary | 280 W | REMINGTON | Jasper | 2024-03-20 | $435,000 | 17.5 | $24,819 | $0.57 | Prime Agriculture | K VIERK FARM LLC | Jasper County but smaller and elevated prime-ag pricing; secondary only. |
| 5 | Highly relevant | 3617 E DIVISION RD | MONTICELLO | White | 2024-01-12 | $400,000 | 36.4 | $10,999 | $0.25 | General Agriculture | Shepherd Phillip C & A | Primary acreage comp; rural White County ag tract similar acreage. |
| 6 | Highly relevant | 600 W | NORTH JUDSON | Starke | 2023-03-16 | $311,440 | 40.3 | $7,721 | $0.18 | Agricultural | Lukac Family Farms LLC | Primary acreage comp; Starke County 40+ ac rural ag. |
| 7 | Secondary | HOLTZ RD | LOWELL | Lake | 2025-04-25 | $188,480 | 15.6 | $12,085 | $0.28 | Agricultural | Kalvaitis, Frank A and | Lowell/Lake County; agricultural but closer to metro influence. |
| 8 | Highly relevant | 600 S | RENSSELAER | Jasper | 2024-07-08 | $270,000 | 30.2 | $8,953 | $0.21 | Suburban Residential | KORNIAK, KENT M & BETH | Primary acreage comp; Jasper County 30+ ac tract. |
| 9 | Secondary | 560 E SOUTH RAILROAD AVE | MICHIGAN CITY | Porter | 2024-12-12 | $310,000 | 16.6 | $18,640 | $0.43 | Rural Residential District | Prime Avenue Holdings | Michigan City/Porter County rural residential; metro/corridor influence. |
| 10 | Outlier / excluded | S 800 E | WALKERTON | Laporte | 2024-11-18 | $50,000 | 34.3 | $1,458 | $0.03 | Agriculture | Six Patsy Life Estate | Excluded low outlier; likely non-arm’s-length or impaired transfer. |
| 11 | Secondary | N 700 E | NEW CARLISLE | Laporte | 2024-11-04 | $240,000 | 19.5 | $12,290 | $0.28 | Agriculture | Jones Kathryn J | Secondary; ag tract but smaller than subject. |
| 12 | Secondary | S 900 W | WANATAH | Laporte | 2024-08-26 | $675,000 | 45.5 | $14,820 | $0.34 | Agriculture | Werner Heritage Llc | Secondary; interior LaPorte ag but larger and upper-mid pricing. |
| 13 | Secondary | 850 N 200 W | VALPARAISO | Porter | 2024-08-15 | $875,000 | 42.5 | $20,586 | $0.47 | Rural Residential District | Ardith Farms LLC | Secondary; Valparaiso edge rural-residential buyer demand. |
| 14 | Secondary | US HWY 6 | VALPARAISO | Porter | 2024-06-28 | $240,000 | 21.8 | $10,993 | $0.25 | Rural Residential District | Roza Group LLC | Secondary; Valparaiso/US 6 edge influence. |
| 15 | Secondary | W 200 S | WESTVILLE | Laporte | 2024-01-16 | $230,000 | 14.5 | $15,841 | $0.36 | Agriculture | STEFANKO PETER | Secondary; smaller LaPorte ag tract, likely acreage premium. |
| 16 | Secondary | 8137 E STATE RD 8 | CROWN POINT | Lake | 2023-12-12 | $337,000 | 20.4 | $16,503 | $0.38 | Agricultural | Christ, Mark N & Chris | Secondary; Crown Point/Lake County influence. |
| 17 | Highly relevant | W 200 S | WESTVILLE | Laporte | 2023-12-04 | $222,500 | 28.8 | $7,730 | $0.18 | Agriculture | Beauchemin Scott J Sr | Primary acreage comp; interior LaPorte ag, similar 20-35 ac bucket. |
| 18 | Secondary | 237 S 600 W | HEBRON | Porter | 2023-09-12 | $160,000 | 20.1 | $7,960 | $0.18 | Rural Residential District | Berens John J | Secondary; rural-residential Hebron, smaller and Porter County. |
| 19 | Secondary | W 1250 S | WANATAH | Laporte | 2023-07-21 | $120,000 | 19.7 | $6,087 | $0.14 | Agriculture | Jonas Charles D & Barb | Secondary; low side of interior LaPorte ag range, smaller than subject. |
| 20 | Outlier / excluded | W 850 S | UNION MILLS | Laporte | 2023-01-30 | $565,246 | 14.4 | $39,347 | $0.90 | Agriculture | Dankert William R III | Excluded high outlier; Union Mills small-tract premium/special buyer. |
| 21 | Secondary | W 850 S | UNION MILLS | Laporte | 2023-01-30 | $565,246 | 26.8 | $21,071 | $0.48 | Agriculture | Dankert William R III | Secondary; same Union Mills transaction set, high but less extreme. |
| 22 | Highly relevant | S 800 W | WANATAH | Laporte | 2023-01-04 | $360,000 | 38.8 | $9,286 | $0.21 | Agriculture | Charlesworth Woods LLC | Primary acreage comp; interior LaPorte ag, 35-50 ac bucket. |
| 23 | Outlier / excluded | DELAWARE STREET | CROWN POINT | Lake | 2025-12-17 | $1,840,000 | 40.9 | $44,971 | $1.03 | Residential | Franciscan Alliance In | Excluded high outlier; Crown Point residential/developer pricing. |
| 24 | Outlier / excluded | COUNTY LINE RD | MICHIGAN CITY | Porter | 2025-01-31 | $50,000 | 21.0 | $2,381 | $0.05 | Light Industrial District | Skipping Stone Venture | Excluded low outlier; Michigan City industrial price not market-indicative. |
| 25 | Outlier / excluded | COLORADO | CROWN POINT | Lake | 2024-12-17 | $831,616 | 22.4 | $37,138 | $0.85 | Residential | Providence Summertree | Excluded high outlier; Crown Point residential/developer pricing. |
| 26 | Outlier / excluded | COLORADO | CROWN POINT | Lake | 2024-12-16 | $608,613 | 20.1 | $30,350 | $0.70 | Residential | Providence Summertree | Excluded high outlier; Crown Point residential/developer pricing. |
| 27 | Secondary | MORGAN RD | LA PORTE | Laporte | 2024-04-11 | $55,000 | 13.7 | $4,028 | $0.09 | Single Family | Tryon Development Llc | Secondary/low; single-family zoning, may include impairment or limited demand. |
| 28 | Outlier / excluded | N 900 W | MICHIGAN CITY | Laporte | 2024-03-25 | $465,750 | 16.9 | $27,589 | $0.63 | Single Family Residential | Peo Elizabeth J & Robe | Excluded high outlier; Michigan City residential acreage premium. |
| 29 | Outlier / excluded | E MICHIGAN BLVD | MICHIGAN CITY | Laporte | 2023-12-22 | $563,468 | 23.4 | $24,126 | $0.55 | Highway Commercial | Grandmas Attic Self St | Excluded; highway-commercial corridor value, not Lake Village ag benchmark. |
| 30 | Outlier / excluded | E STATE ROAD 2 | ROLLING PRAIRIE | Laporte | 2023-10-31 | $2,000,000 | 49.8 | $40,200 | $0.92 | Single Family | Sebasty Kenneth E Sr | Excluded high outlier; Rolling Prairie/SR 2 residential development pricing. |
| 31 | Outlier / excluded | CHERRY DR | WALKERTON | Laporte | 2023-09-29 | $15,000 | 21.0 | $716 | $0.02 | Single Family | Not provided | Excluded low outlier; likely non-arm’s-length or impaired sale. |
| 32 | Outlier / excluded | MELTON RD | BURNS HARBOR | Porter | 2023-05-03 | $540,000 | 18.1 | $29,853 | $0.69 | Residential Commercial 2 | Not provided | Excluded; Burns Harbor/Porter County mixed residential-commercial influence. |
| 33 | Secondary | 1309 LAKE DR | CHESTERTON | Porter | 2023-01-25 | $200,000 | 21.5 | $9,287 | $0.21 | Low Density Single Family | Not provided | Secondary; Chesterton residential fringe, not rural Lake Village ag. |
5. Top Most-Relevant Comps Ranked by Comparability
The primary valuation set is concentrated in rural ag markets and 28-45 acre tracts. These are more persuasive than metro-fringe residential or commercial corridor comps.
| No | Address | City | County | Date | Sale Price | Acres | $/Ac | $/SF | Zoning | Relevance Note |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 600 W | NORTH JUDSON | Starke | 2023-03-16 | $311,440 | 40.3 | $7,721 | $0.18 | Agricultural | Primary acreage comp; Starke County 40+ ac rural ag. |
| 17 | W 200 S | WESTVILLE | Laporte | 2023-12-04 | $222,500 | 28.8 | $7,730 | $0.18 | Agriculture | Primary acreage comp; interior LaPorte ag, similar 20-35 ac bucket. |
| 2 | 1851 E DAUGHERTY RD | RENSSELAER | Jasper | 2024-10-03 | $360,000 | 44.8 | $8,039 | $0.18 | Conservation Agriculture C | Primary acreage comp; Jasper County ag tract over 35 acres. |
| 8 | 600 S | RENSSELAER | Jasper | 2024-07-08 | $270,000 | 30.2 | $8,953 | $0.21 | Suburban Residential | Primary acreage comp; Jasper County 30+ ac tract. |
| 22 | S 800 W | WANATAH | Laporte | 2023-01-04 | $360,000 | 38.8 | $9,286 | $0.21 | Agriculture | Primary acreage comp; interior LaPorte ag, 35-50 ac bucket. |
| 5 | 3617 E DIVISION RD | MONTICELLO | White | 2024-01-12 | $400,000 | 36.4 | $10,999 | $0.25 | General Agriculture | Primary acreage comp; rural White County ag tract similar acreage. |
| 3 | E WOOD RD | RENSSELAER | Jasper | 2024-09-11 | $455,787 | 32.5 | $14,039 | $0.32 | Conservation Agriculture C | Primary acreage comp; Rensselaer ag tract, above central tendency. |
6. Comp Grouping by Geography, Acreage, Zoning, Utility Access, and Buyer Type
Geography
| County | n | Median $/Ac | Avg $/Ac | Min $/Ac | Max $/Ac |
|---|---|---|---|---|---|
| Starke | 2 | $7,354 | $7,354 | $6,988 | $7,721 |
| Porter | 7 | $10,993 | $14,243 | $2,381 | $29,853 |
| White | 1 | $10,999 | $10,999 | $10,999 | $10,999 |
| Jasper | 4 | $11,496 | $13,962 | $8,039 | $24,819 |
| Laporte | 14 | $13,555 | $16,042 | $716 | $40,200 |
| Lake | 5 | $30,350 | $28,209 | $12,085 | $44,971 |
Acreage Buckets – All Detailed NW Comps
| Acreage Bucket | n | Avg $/Ac | Median $/Ac | Min $/Ac | Max $/Ac |
|---|---|---|---|---|---|
| 10-20 ac | 11 | $17,961 | $15,841 | $4,028 | $39,347 |
| 20-35 ac | 14 | $13,765 | $10,140 | $716 | $37,138 |
| 35-50 ac | 8 | $19,578 | $12,910 | $7,721 | $44,971 |
Zoning Group
| Zoning Group | n | Median $/Ac | Avg $/Ac | Min $/Ac | Max $/Ac |
|---|---|---|---|---|---|
| Agricultural / conservation | 17 | $12,085 | $13,478 | $1,458 | $39,347 |
| Commercial / industrial | 2 | $13,254 | $13,254 | $2,381 | $24,126 |
| Residential / rural residential | 14 | $19,613 | $20,805 | $716 | $44,971 |
Buyer Type
| Buyer Type | n | Median $/Ac | Avg $/Ac | Min $/Ac | Max $/Ac |
|---|---|---|---|---|---|
| Residential / acreage buyer | 7 | $9,287 | $17,794 | $716 | $40,200 |
| Private individual / trust | 13 | $12,085 | $13,267 | $1,458 | $39,347 |
| Entity / developer / investor | 13 | $18,640 | $19,220 | $2,381 | $44,971 |
Utility-access limitation: The comp data did not include verified water, sewer, septic, electric capacity, drainage, soil, or road-access attributes. For this report, utility access is treated as unknown unless reflected indirectly by zoning, buyer type, or location. This is a major diligence item.
7. $/Acre and $/SF Summary Statistics
| Cohort | n | Avg $/Ac | Median $/Ac | Min $/Ac | Max $/Ac | Avg $/SF | Median $/SF | Min $/SF | Max $/SF |
|---|---|---|---|---|---|---|---|---|---|
| All detailed NW comps | 33 | $16,573 | $12,290 | $716 | $44,971 | $0.38 | $0.28 | $0.02 | $1.03 |
| Direct / highly relevant | 7 | $9,538 | $8,953 | $7,721 | $14,039 | $0.22 | $0.21 | $0.18 | $0.32 |
| Secondary | 15 | $13,467 | $12,290 | $4,028 | $24,819 | $0.31 | $0.28 | $0.09 | $0.57 |
| Outliers / excluded | 11 | $25,284 | $29,853 | $716 | $44,971 | $0.58 | $0.69 | $0.02 | $1.03 |
| Final set – direct + secondary | 22 | $12,217 | $10,996 | $4,028 | $24,819 | $0.28 | $0.25 | $0.09 | $0.57 |
8. Acreage Bucket Analysis
In the supplied benchmark report, values decline as acreage increases, with smaller tracts attracting residential/recreational premiums and larger tracts pricing closer to farmland. The subject at roughly 34.2 acres sits at the upper end of the 20-35 acre bucket and near the 35-50 acre bucket, so it should not be priced like a 10-15 acre homesite tract.
Final Set – Excluding Outliers
| Acreage Bucket | n | Avg $/Ac | Median $/Ac | Min $/Ac | Max $/Ac |
|---|---|---|---|---|---|
| 10-20 ac | 8 | $12,597 | $12,188 | $4,028 | $24,819 |
| 20-35 ac | 8 | $12,067 | $10,140 | $7,730 | $21,071 |
| 35-50 ac | 6 | $11,908 | $10,142 | $7,721 | $20,586 |
9. Outlier Review
The final value conclusion excludes comps with metro-fringe developer pricing, highway-commercial corridor value, likely non-arm’s-length/family transfer pricing, or special-purpose residential premiums. The most important exclusions are Crown Point Delaware Street, Crown Point Colorado tracts, Rolling Prairie E State Road 2, Michigan City/N 900 W, Michigan Blvd, Burns Harbor/Melton Road, and low outliers such as Cherry Drive Walkerton, S 800 E Walkerton, and County Line Road Michigan City.
10. Value Drivers Pushing Pricing Up or Down
| Upward Pressure | Downward Pressure |
|---|---|
|
|
11. Final Supported Land Value Range
| Scenario | $/Acre | $/SF | Implied Value | Rationale |
|---|---|---|---|---|
| Conservative | $8,500 | $0.20 | $290,751 | Ties to direct-comp low/mid range; assumes agricultural buyer and limited development premium. |
| Market | $10,500 | $0.24 | $359,163 | Supported by rural NW Indiana direct comps, subject scale, and Lake Village benchmark. |
| Aggressive | $12,500 | $0.29 | $427,575 | Requires credit for paved/electric portion, garage/fencing utility, and stronger acreage or user demand. |
Recommended asking price for sale: $399,000, equal to approximately $11,665/ac or $0.27/SF on gross acreage. This asks slightly above the market scenario to preserve negotiation room, but remains below aggressive metro-fringe pricing that is not supportable for Lake Village. If the building and fenced/paved site utility are compelling to a buyer, a $425,000 ask could be tested, but the evidence supports a tighter land-only value conclusion closer to the $300,000s.
12. Broker Takeaways
- Buyer: Underwrite the land first. Do not pay Crown Point, Porter County, or highway-commercial pricing unless a specific entitlement or user demand justifies it.
- Seller: The best story is not pure farmland; it is a 34-acre Lake Village assemblage with an existing garage/electric/paved component. Price aggressively but not above the rural peer set.
- Developer: Treat this as a rural acreage / low-intensity user site until zoning, utilities, drainage, and access are verified. No residential or commercial density premium should be assumed.
- Lender: Collateral support is strongest in the $8,500-$11,500/ac band. Any value above that should be tied to verified improvement value or signed user demand.
- Investor: The upside is in a buyer/user who values the building, fencing, electricity, and scale. Passive land appreciation alone does not justify metro-fringe pricing.
13. Missing Data, Assumptions, and Diligence Items
- Confirm exact parcel boundaries, legal access, road frontage, easements, and public-road acreage with ALTA/NSPS survey and title.
- Confirm zoning, future land use, permitted uses, setbacks, lot split restrictions, and nonconforming status of the commercial garage.
- Verify water, sewer, septic, gas, electric capacity, drainage outlet, and utility extension cost.
- Verify wetlands, FEMA floodplain, soil productivity, drainage tile, and environmental constraints.
- Confirm whether the 2024/2025 transfers on the tax cards were arm’s-length; the commercial garage parcel shows a $90,000 transfer in 2024.
- Re-geocode every comp to parcel centroid and verify sale terms, buyer motivation, deed type, included personal property, and whether any improvements were present despite vacant-land filter.
- Verify traffic counts and proximity to SR-10 / I-65 if marketing to a user that requires highway visibility or truck access.
Source register: Uploaded Newton County tax cards for parcels 56-04-10-600-002.003-012, 56-04-10-600-002.004-012, and 56-04-10-600-002.000-012; uploaded Indiana Small-Community Vacant Land Sale Comps Benchmark Report for Lake Village, IN, report date June 10, 2026, source listed as Pillar / Regrid parcel database. Supplemental online public-record check used for the commercial garage parcel only; not relied on for comp valuation. Map locations are approximate because parcel coordinates were not supplied in the PDFs.