Commercial Land With
For Sale
$1,125,000
4978 W Smith Valley Road, Greenwood, IN 46142
Commercial Sale, Greenwood, IN
Property Size4,400 SF
Lot Size74,836.00 Acres
Price / SF$255.68
Days on Market164
Property Features for 4978 W Smith Valley Road
General Information
Property type
Residential
Property subtype
Retail
Zoning
B-1
Parking features
Guest, Gated
Fencing
Chain Link
Elementary school district
Center Grove Community School Corp
Middle school district
Center Grove Community School Corp
High school district
Center Grove Community School Corp
Directions
GPS Friendly
Subdivision
4101 - Johnson - White River
Standard status
Active
APN
410334033094000038
Lot size
74,836.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT SW S34 T14 R3, PT SW 1/4 S34 T14 R3, SW S34 T14 R3
Legal Description
PT SW S34 T14 R3, PT SW 1/4 S34 T14 R3, SW S34 T14 R3
Building Details
Year built
1970
Listing Agency:
CENTURY 21 Scheetz · Century 21 Real Estate
(317) 881-2100
Listed By:
Mark Linder · License #RB14044403
(317) 844-5111
Added: Mar 20
Changed: Aug 20
Last Checked: Aug 30 at 6:06AM
MLS# 22089978
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.
Investment Insights
Based on property information with market context.
This B-1-zoned commercial land offering includes approximately 1.7 acres across three parcels and a 4,400-square-foot building constructed in 1970. The structure previously operated as an auto repair shop and provides an existing commercial improvement for future repositioning. Property features include gated guest parking and chain-link fencing.
The site is positioned at the intersection of Smith Valley Road and Morgantown Road in Greenwood, with access to the I-69 interchange nearby. Its existing building and commercial zoning support consideration of office, retail, or other uses consistent with B-1 regulations. The property is located at 4978 W Smith Valley Road.
The site is positioned at the intersection of Smith Valley Road and Morgantown Road in Greenwood, with access to the I-69 interchange nearby. Its existing building and commercial zoning support consideration of office, retail, or other uses consistent with B-1 regulations. The property is located at 4978 W Smith Valley Road.
Key Highlights
- Approximately 1.7 acres spanning 3 parcels
- 4,400‑square‑foot building constructed in 1970
- B‑1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,122
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$962,440
$962.4K
Cap Rate 7%
$687,457
$687.5K
Cap Rate 9%
$534,689
$534.7K
Market Conditions
NOI Build-Up for 4,400 SF
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.
Gross rent
$73.9K $16.80/SF
− Vacancy
−$5.2K −$1.18/SF
EGI
$68.7K $15.62/SF
− OpEx
−$20.6K −$4.69/SF
NOI
$48.1K $10.94/SF
Area
Johnson County, IN
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$962,440
Cap Rate 7%
$687,457
Cap Rate 9%
$534,689
Alternative Uses
Best Use
Retail
$687.5K
$601.5K – $802.0K
NOI $48,122 @ 7.0% cap · market cap 4.28%
Second Best
Industrial
$281.0K
$245.9K – $327.8K
NOI $19,669 @ 7.0% cap · market cap 1.75%
Theoretical Best
Office A
$1.11M
$970.2K – $1.29M
NOI $77,616 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Dining 7%
Speedway
Shops & Services
21,382 visits/mo
0.1 miles
Domino's Pizza
Dining
1,634 visits/mo
0.1 miles
Christian Brothers Automotive
Shops & Services
598 visits/mo
0.1 miles
Demographics for 46142, IN
32,052
Population
14,396
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
14.9 sq mi
ZIP Area
2,151
Density / Sq Mi
$85,611
Median Household Income
$47,831
Median Earnings
$1,122
Median Rent
$266,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - B-1-zoned property with an existing building at a signalized road intersection and convenient access to I-69.
Where is this commercial land located?
The property is located at 4978 W Smith Valley Road Greenwood, IN.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Approximately 1.7 acres spanning 3 parcels; 4,400‑square‑foot building constructed in 1970; B‑1 zoning
