Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    Lot 5 Legacy Estates At Paradise, Martinsville, IN 46151

    View on Map
    Claim this Listing
    New
    For Sale
    $283,500

    Residential Lots - Martinsville, IN

    Lot size:
    6.32 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 6:06 pm

    Property Features for Lot 5 Legacy Estates At Paradise

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Single Family
    Standard status
    Active
    APN
    551001400003000009
    Lot size
    6.32 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Patsy Coffey

    Listing agent Patsy Coffey License #RB14019544

    Listing office Keller Williams Indy Metro S East High Street, Greenwood, IN

    Listing date Jun 3, 2026

    MLS# 22106233 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.

    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Martinsville
    County
    Morgan
    State
    Indiana
    Longitude
    -86.26328
    Latitude
    39.511101

    Nearby Similar for Sale

    • $2,700,000
      14,525 SF

      Martinsville Walgreens For Sale

      14,525 SF Walgreens located in Martinsville, Indiana for sale.
      25 Bills Boulevard, Martinsville, IN 46151
      View Details
    • $380,000
      2,580 SF

      Corner Lot Mixed-Use Building

      High-visibility corner lot suitable for retail, office, or auto businesses.
      709 Morton Avenue, Martinsville, IN 46151
      View Details
    • $435,000
      5,934 SF

      Updated Retail Building in Downtown

      Updated commercial building in revitalized downtown Martinsville, Indiana.
      159 N Main Street, Martinsville, IN 46151
      View Details
    • $6,800,000

      Prime Land in Martinsville, IN

      29.87 acres of land with B2 and B3 zoning.
      4440 State Road 37 N, Martinsville, IN 46151
      View Details
    • $200,900

      Untouched Waterfront Residential Lot

      5.74 acre waterfront lot in a peaceful rural neighborhood.
      2013-2006 S Austin Court, Martinsville, IN 46151
      View Details
    • $795,000
      6,000 SF

      High-Visibility Martinsville Retail Opportunity

      Strategic location with high traffic, adaptable for various business uses.
      930 Morton Ave, Martinsville, IN
      View Details
    • $122,000

      Residential Lot in Peaceful Subdivision

      3.05 acre residential lot for building a dream home.
      2039 S Austin Court, Martinsville, IN 46151
      View Details
    • $4,500,000

      Waterfront Residential Acreage

      322-acre Morgan County estate with Amy Lake, varied terrain, and existing structures, zoned Residential/Agriculture.
      0 Dynasty Lane, Martinsville, IN 46151
      View Details
    • $300,000

      Prime Commercial Lot Near I-69

      One-acre commercial lot near I-69 in Martinsville, Indiana.
      555 Commercial Boulevard, Martinsville, IN 46151
      View Details
    • $2,700,000
      14,525 SF

      Martinsville Walgreens For Sale

      14,525 SF Walgreens located in Martinsville, Indiana for sale.
      25 Bills Blvd, Martinsville, IN
      View Details
    • $449,900
      1,432 SF

      Prime Commercial Corner Lot

      High-visibility corner lot with immediate I-69 access in Martinsville.
      9393 N Waverly Park Road, Martinsville, IN 46151
      View Details
    • $5,800,000

      Prime Commercial Land Opportunity

      10 acre commercial site with development potential in Martinsville, IN.
      00 Wysscraft Lane, Martinsville, IN 46151
      View Details

    FAQs

    Where is this land located?
    The property is located at Lot 5 Legacy Estates At Paradise Martinsville, IN.
    What is the asking price?
    The asking price for this property is $283,500.
    (317) 884-5000
    We can help!
    Listing Contact
    Patsy Coffey
    Real Estate License ID: RB14019544
    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
    Lot 5 Legacy Estates At Paradise, Martinsville, IN 46151
    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!