Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    High-Traffic Corner Lot in Greencastle Title is generated by Realmo AI

    1651 E Us Highway 40, Greencastle, IN 46135

    View on Map
    Claim this Listing
    For Sale
    $2,000,000

    Retail - Greencastle, IN

    Type:Retail
    Lot size:
    4.89 Acres
    Added:
    Feb 14, 2022
    Days on Market:
    1572
    Last Refresh:
    Jun 5 at 3:06 pm

    Property Features for 1651 E Us Highway 40

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    commercial
    Standard status
    Active
    APN
    671211102025000017
    Lot size
    4.89 Acres

    Building Details

    Year built
    1987
    Architectural style
    Other

    We can help!

    Listing Contact
    Mary Looper

    Listing agent Mary Looper License #RB14027759

    Listing office F.C. Tucker Advantage, REALTOR Indianapolis Rd, Greencastle, IN

    Listing date Feb 14, 2022

    MLS# 21837913 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic corner lot ideal for business.
    • Total of 4.89 acres across two parcels.
    • Two points of access: US Highway 40 with turning lane and US 231.
    • 60x42 pole barn (built 1987) with concrete floor, electric, heat, and overhead service door.
    • One building built in 1960.
    • Front building left for possible boundary grandfather provisions.

    Overview

    This commercial property features a corner lot with high traffic count, offering a location suitable for various businesses. The property consists of two parcels, one measuring 2.95 acres and the other 1.94 acres, totaling 4.89 acres. Improvements include a 60x42 pole barn constructed in 1987, featuring a poured concrete floor, electric and heat, and a large overhead service door. Additionally, there is an older building constructed in 1960. The property provides access with a turning lane on US Highway 40 and an entrance off of US 231. The front building is left for possible boundary grandfather provisions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greencastle
    County
    Putnam
    State
    Indiana
    Longitude
    -86.8192742
    Latitude
    39.5849768

    Nearby Similar for Sale

    • $219,900
      1,755 SF

      Charming Commercial Property in Greencastle

      High-visibility commercial property blending classic character with modern updates.
      25 W Franklin Street, Greencastle, IN 46135
      View Details
    • $299,900
      9,981 SF

      Established Business in Greencastle, Indiana

      Newly renovated business with restaurant and bar areas for sale.
      727 S Main Street, Greencastle, IN 46135
      View Details
    • $174,900

      Victorian Triplex Renovation Opportunity

      Partially renovated Victorian triplex with value-add potential in Greencastle.
      114 S Jackson Street, Greencastle, IN 46135
      View Details
    • $485,000
      4,330 SF

      Mixed-Use Property with Shop

      Commercial building, shop, and remodeled residential house on large lot.
      1220 N Jackson Street, Greencastle, IN 46135
      View Details
    • $2,000,000

      High-Traffic Corner Lot on Highway

      4.89 acres with pole barn and highway access.
      1651 E Us Highway 40, Greencastle, IN, 46135-8721
      View Details
    • $39,900

      Residential Lots in Greencastle, IN

      Seven residential lots totaling 2.16 acres for sale.
      00 Valley Drive Drive, Greencastle, IN 46135
      View Details
    • $2,000,000

      High-Traffic Corner Lot For Sale

      4.89 acres with pole barn and highway access.
      1651 E Us Highway 40, Greencastle, IN 46135
      View Details

    FAQs

    What type of property is this?
    Commercial land - Corner lot with high traffic, ideal for any business.
    Where is this commercial land located?
    The property is located at 1651 E Us Highway 40 Greencastle, IN.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: High‑traffic corner lot ideal for business.; Total of 4.89 acres across two parcels.; Two points of access: US Highway 40 with turning lane and US 231.
    (765) 653-8702
    We can help!
    Listing Contact
    Mary Looper
    Real Estate License ID: RB14027759
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1651 E Us Highway 40, Greencastle, IN 46135
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!