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    Retail Strip Center in Plainfield Title is generated by Realmo AI

    2028 Stafford Road, Plainfield, IN 46168

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    For Sale
    $1,690,000

    Retail - Plainfield, IN

    Type:Retail
    Property size:
    7,564 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $223/SF
    Added:
    Mar 30, 2023
    Days on Market:
    1150
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 2028 Stafford Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Retail
    Standard status
    Active
    APN
    321036100010000012
    Size
    7,564 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1981
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Alsup
    Jason Alsup

    Listing agent Jason Alsup License #RB14035549

    Listing office eXp Realty, LLC Counselors Row Ste 200, IN

    Listing date Mar 30, 2023

    MLS# 21913057 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

    • Prime location next to Traders Point Church (former Marsh grocery store).
    • All 6 units are currently leased, providing immediate income.
    • Opportunity to increase rental rates upon lease expirations for higher cash flow.
    • State Farm is a main tenant with a renewed 10‑year lease.
    • Fresh exterior paint and new handicap curb cut for wheelchair access.
    • Great exposure to State Road 267 and access from Stafford Rd.

    Overview

    This retail strip center is located in Plainfield, IN, adjacent to Traders Point Church. The property features six units, all of which are currently leased. The current owner has worked to bring rents closer to market rates, and a new owner has the opportunity to increase rental rates upon lease expiration to further increase cash flow. The building's exterior has been freshly painted, and a new handicap curb cut has been added for wheelchair access to the six units. State Farm is a main tenant and recently signed a 10-year lease renewal. The building has exposure to State Road 267 and access from Stafford Rd. The lot size is 0.4 acres and the property size is 7564 square feet. The property is zoned for retail use.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $1.01M
    NOI $91,113 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.30M
    NOI $91,113 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.82M
    NOI $91,113 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Retail

    Component $ $/SF
    Gross rent $136.2k $18.00
    − Vacancy −$6.0k −$0.79
    EGI $130.2k $17.21
    − OpEx −$39.0k −$5.16
    NOI $91.1k $12.05
    7,564 SF · lease $18.00/SF/yr · vacancy 4.40% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $1.30M
    $1.14M – $1.52M (±1% cap)
    NOI $91,113 @ 7.0% cap · market cap 5.39%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.90M
    $1.66M – $2.22M (±1% cap)
    NOI $132,913 @ 7.0% cap · market cap 7.86%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Simply Custom Apparel Textile Manufacturer Jim Flanagan - State ... Insurance Agency Better Hearing Inc Medical Clinic Indy Smoke Shop (Bike/Boat/Book/etc) Store BLAZE Salon off ... Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Plainfield
    County
    Hendricks
    State
    Indiana
    Longitude
    -86.372523
    Latitude
    39.699311

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      Plainfield Strip Center For Sale

      Prime strip center in Plainfield, Indiana, fully leased.
      2028 Stafford Rd, Plainfield, IN 46168
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      Plainfield Strip Center For Sale

      Prime strip center in Plainfield, fully leased with upside.
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    FAQs

    What type of property is this?
    Strip mall - Prime retail strip center with six units, all currently leased.
    Where is this strip mall located?
    The property is located at 2028 Stafford Road Plainfield, IN.
    What is the asking price?
    The asking price for this property is $1,690,000.
    What are key features of this property?
    This property features: Prime location next to Traders Point Church (former Marsh grocery store).; All 6 units are currently leased, providing immediate income.; Opportunity to increase rental rates upon lease expirations for higher cash flow.
    (317) 258-1399
    We can help!
    Listing Contact
    Jason Alsup
    Jason Alsup
    Real Estate License ID: RB14035549
    Learn More
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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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