Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    36.85 Acres in Greenwood, IN Title is generated by Realmo AI

    0 Morgantown South Road, Greenwood, IN 46143

    View on Map
    Claim this Listing
    For Sale
    $2,500,000

    Residential Lots - Greenwood, IN

    Lot size:
    36.85 Acres
    Added:
    May 19, 2026
    Days on Market:
    8
    Last Refresh:
    May 26 at 4:06 pm

    Property Features for 0 Morgantown South Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    r2
    Standard status
    Active
    APN
    410403032009000038
    Lot size
    36.85 Acres

    Utilities

    Water front features
    Lake Privileges, Lake Front, Pond, Stream, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jeffrey Paxson

    Listing agent Jeffrey Paxson License #RB14044826

    Listing office Jeff Paxson Team S St Rd 135 Ste 104, Indianapolis, IN

    Listing date May 19, 2026

    MLS# 22103582 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

    • 36.85 acres in White River Township
    • Zoned R‑2 offering potential for development
    • Located in the desirable Center Grove School District
    • Boasts a 4.95 acre lake, formerly a pay lake
    • Features a 1600 ft. pole barn
    • City water available at Morgantown Rd.

    Overview

    This property features a combined plot of 36.85 acres located in White River Township, within the Center Grove school district. The land is currently zoned R-2 and is in agricultural use. City water is available at Morgantown Road. A 1600 sq ft pole barn is situated on the property, along with a 4.95-acre lake. The seller retains crop rights if applicable.
    Property Profile Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Map

    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.196306
    Latitude
    39.612198

    Nearby Similar for Sale

    • $1,250,000
      7,500 SF

      Greenwood Retail/Office Investment Opportunity

      Prime retail/office space in downtown Greenwood with high visibility.
      640 S Madison Avenue, Greenwood, IN 46142
      View Details
    • $775,000
      4,400 SF

      Greenwood Retail/Office Opportunity

      4400 SF building on nearly an acre in Greenwood.
      4978 W Smith Valley Road, Greenwood, IN 46142
      View Details
    • $1,125,000
      4,400 SF

      Prime Commercial Land Opportunity

      1.7 acres with 4400 SF building in Greenwood, IN.
      4978 West Smith Valley Road, Greenwood, IN 46142
      View Details
    • $350,000
      2,429 SF

      Greenwood Mixed-Use Redevelopment Opportunity

      Mixed-use property in Greenwood's revitalizing Old Town corridor.
      100 E Main Street, Greenwood, IN 46143
      View Details
    • $530,000

      Greenwood Residential Estate Lot

      4.05 acre estate lot in Center Grove area.
      6050 W Smokey Row Road, Greenwood, IN 46143
      View Details
    • $350,000

      Renovated Duplex in Greenwood, IN

      Completely renovated duplex in Greenwood, great for investors or owners.
      1280 Stonegate Road, Greenwood, IN 46142
      View Details
    • $3,500,000
      19,500 SF

      Greenwood Retail Building with Warehouse

      High-visibility commercial property with stable income and growth potential.
      645 U.S. Highway 31 North, Greenwood, IN 46142
      View Details
    • $1,900,000

      Greenwood Land with Lake and Barn

      30.85 acres with lake and barn in Greenwood, Indiana.
      0 S Morgantown South Road, Greenwood, IN 46143
      View Details
    • $695,000
      3,440 SF

      Greenwood Office Building For Sale

      3,440 SF office building on 0.32 acres in Greenwood, IN.
      200 North Emerson Avenue, Greenwood, IN, 46143
      View Details
    • $1,575,000
      5,000 SF

      Greenwood Retail Opportunity

      Retail property for sale in Greenwood, Indiana.
      1000 N State Road 135, Greenwood, IN 46142
      View Details
    • $799,000
      3,552 SF

      Commercial Land in Growing Area

      Strategically located commercial land with existing building and development potential.
      774 S Morgantown Road, Greenwood, IN 46143
      View Details
    • $600,000

      Greenwood Residential Lots For Sale

      6 acres of residential land in White River Township.
      0 S Runyon Road, Greenwood, IN 46143
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 36.85 acres of land zoned R-2 in Greenwood, Indiana.
    Where is this agricultural land / farmland located?
    The property is located at 0 Morgantown South Road Greenwood, IN.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: 36.85 acres in White River Township; Zoned R‑2 offering potential for development; Located in the desirable Center Grove School District
    (317) 679-2121
    We can help!
    Listing Contact
    Jeffrey Paxson
    Real Estate License ID: RB14044826
    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
    0 Morgantown South Road, Greenwood, IN 46143
    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!