Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5982 W State Road 32 Anderson, IN 46011

    View on Map
    Claim this Listing
    New
    For Sale
    $875,000

    Business - Anderson, IN

    Type:Business
    Property size:
    5,600 SF
    Lot size:
    1.66 Acres
    Added:
    Apr 9, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 12 at 4:06 am

    Property Features for 5982 W State Road 32

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Zoning
    Commercial
    Standard status
    Active
    APN
    481118200011000031
    Size
    5,600 SF
    Lot size
    1.66 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Schulhof
    Chris Schulhof

    Listing agent Chris Schulhof License #RB14031306

    Listing office RE/MAX Realty Services Fall Creek Rd Ste 100, Indianapolis, IN

    Listing date Apr 9, 2026

    MLS# 22085978 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.

    Overview

    Versatile Commercial Building on 1.66 Acres

    This multi-use commercial building, formerly a gas station with no tanks currently on site, presents various possibilities, including use as a gas station, convenience store, or maintenance shop. The property could also be adapted into multiple storefronts. The building consists of over 5400 square feet and includes multiple bays and upstairs living quarters for additional income. Situated on 1.66 acres across two parcels, the property benefits from a great location with high traffic count, high visibility, and easy access. Its location offers close proximity to I-69, State Road 32, State Road 9, and State Road 13 in Anderson, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gas stations

    Suggested Use

    Building Supply Kitchen & Bath Showroom Food Market Home Appliance Store Pet Store & Service Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Anderson
    County
    Madison
    State
    Indiana
    Longitude
    -85.787827
    Latitude
    40.102368

    Nearby Similar for Sale

    • $375,000

      Anderson Neighborhood Shopping Center For Sale

      North Anderson shopping center with laundry mat and rental income.
      2401-2409 Broadway Street, Anderson, IN 46012
      View Details
    • $950,000
      16,552 SF

      Retail Strip Center Near University

      Retail strip center near Anderson University with strong visibility.
      1915 University Boulevard, Anderson, IN 46012
      View Details
    • $499,999
      2,775 SF

      Established Auto Business For Sale

      Turnkey auto business opportunity with equipment and real estate included.
      312 E 14th Street, Anderson, IN 46016
      View Details
    • $450,000
      2,433 SF

      Commercial Corner Building For Sale

      Commercial office building on corner lot, suitable for retail.
      905 S Scatterfield Road, Anderson, IN 46012
      View Details
    • $329,000

      Anderson Quadruplex Investor Special

      Unique quadplex with two vacant units, investor opportunity.
      1121 E 30th Street, Anderson, IN 46016
      View Details
    • $649,900
      18,000 SF

      Versatile Mixed-Use Property For Sale

      Mixed-use property with commercial and residential spaces.
      2500 E 10th Street, Anderson, IN 46012
      View Details
    • $300,000
      2,604 SF

      Former Bank Building For Sale

      Stand-alone building with drive-thru on corner lot, Anderson, IN
      525 E Hartman Road, Anderson, IN 46012
      View Details
    • $1,850,000

      Retail Building in Active Corridor

      Versatile retail building on 2.53 acres in Anderson, Indiana.
      3632 S Scatterfield Road, Anderson, IN 46013
      View Details
    • $400,000
      5,554 SF

      Former Supermarket on Busy Street

      5,554 SF retail building with ample parking for sale.
      1909 W 8th Street, Anderson, IN 46016
      View Details
    • $399,900

      Updated Quadruplex in Anderson, IN

      Well-maintained four-unit property with updated interiors and strong cash flow.
      319 Hst W 10th Street, Anderson, IN 46016
      View Details
    • $259,900

      Well-Maintained Duplex in Rural Location

      Attractive brick duplex in Frankton School District. Great investment opportunity.
      2124 Jackson Lane, Anderson, IN 46011
      View Details
    • $114,900
      775 SF

      Anderson Office Space For Sale

      Versatile commercial building near Scatterfield Rd & Anderson University!
      2207 Fowler Street, Anderson, IN 46012
      View Details

    FAQs

    What type of property is this?
    Retail property - Multi-use commercial building with high visibility and income potential.
    Where is this retail property located?
    The property is located at 5982 W State Road 32 Anderson, IN.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: High traffic location with excellent visibility and easy access.; **Large 5400+ sq ft multi‑use building with multiple bays.**; 1.71 acres (2 parcels) offering ample space and potential.
    (317) 585-7653
    We can help!
    Listing Contact
    Chris Schulhof
    Chris Schulhof
    Real Estate License ID: RB14031306
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!