Sign Up Successful!
You now have access to more from Realmo!
    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

    Sunnyslope Dr East Martinsville, IN 46151

    Sponsored
    For Sale
    $50,000

    Residential Lots - Martinsville, IN

    Lot size:
    0.78 Acres
    Days on Market:
    233
    Last Refresh:
    Feb 6 at 9:06 am

    Property Features for Sunnyslope Dr East

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    single Family
    APN
    551408365009000012
    Lot size
    0.78 Acres

    Taxes and HOA fees

    Expense value
    713
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Danielle Stiles

    The Modglin Group (317) 900-6015

    Listing agent Danielle Stiles (317) 865-9400 License #RB18000499

    Listing date Jun 19, 2025

    MLS# 22044789 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.

    Learn more

    Property Insight Report

    Overview

    Residential Lot in Lake Community

    Located in the Painted Hills lake community near Martinsville, Indiana, this 0.78-acre residential lot offers an opportunity to build a dream home in a private, amenity-rich setting. The property is situated approximately 30 minutes from both Indianapolis and Bloomington, and is near Cedar Creek, featuring a winery, distillery, and brewery. The Home Owners Association requires a minimum home size of 1,500 square feet with a two-car garage, and pre-manufactured homes are not permitted. Lot owners have access to community amenities, including two stocked lakes for water sports, a private restaurant and bar, a swimming pool, tennis, basketball, pickleball, and volleyball courts, a sandy beach, playground, and dog park. Boat and RV storage is also available. The community hosts year-round events such as Breakfast with Santa, Easter Egg Hunts, and a Fourth of July firework show. Utilities, including REMC Fiber and Painted Hills Water, are available at the street. Septic is required. The HOA allows owners to develop their lot at their own pace. Bussing and dual school systems are available to both MSD of Martinsville and Indian Creek.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Martinsville
    County
    Morgan
    State
    Indiana
    Longitude
    -86.342883133825
    Latitude
    39.400934644998

    Nearby Similar for Sale

    • $3,520,000
      356.00 Acres

      355 Acre Farm Near Martinsville

      Large contiguous farm with tillable acreage and river frontage.
      N Waverly Park Rd, Martinsville, IN 46151
      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 Rd, 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 St, Martinsville, IN 46151
      View Details
    • $373,797
      2,116 SF

      Martinsville Office Building For Sale

      Former Farm Credit building with flexible layout and immediate occupancy.
      1209 E Morgan St, Martinsville, IN 46151
      View Details
    • $75,000
      0.63 Acres

      Retail Opportunity in Martinsville, IN

      Retail property available for sale in Martinsville, Indiana.
      2119 E Morgan St, 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 Ave, Martinsville, IN 46151
      View Details
    • $475,000
      3,204 SF

      Versatile Commercial Building in Martinsville

      3204 sq ft commercial space suitable for retail or office.
      160 N Marion St, Martinsville, IN 46151
      View Details
    • $680,000
      11,922 SF

      Downtown Martinsville Commercial Buildings For Sale

      Two adjoining buildings in downtown Martinsville, ideal for retail or office.
      124-128 E Morgan St, Martinsville, IN 46151
      View Details
    • $850,000
      5,000 SF

      Versatile Commercial Building in Martinsville

      High-visibility commercial property with office and manufacturing space for sale.
      400 E Mahalasville Dr, Martinsville, IN 46151
      View Details
    • $850,000
      5,000 SF

      Martinsville Commercial Property For Sale

      Versatile commercial property with high visibility and flexible use options.
      400 E Mahalasville Dr, Martinsville, IN 46151
      View Details
    • $350,000
      6,357 SF

      Historic Retail and Office Building

      Downtown Martinsville retail/office building near new courthouse.
      128 E Morgan St, Martinsville, IN 46151
      View Details
    • $350,000
      5,565 SF

      Historic Retail/Office Building on Square

      Historic 5565 SF retail/office building in downtown Martinsville, Indiana.
      124 E Morgan St, Martinsville, IN 46151
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Buildable lot in Painted Hills lake community near Indianapolis.
    Where is this residential land & home lot located?
    The property is located at Sunnyslope Dr East Martinsville, IN.
    What is the asking price?
    The asking price for this property is $50,000.
    What are key features of this property?
    This property features: - Exclusive lake community with 2 fully stocked lakes perfect for water sports.; - Enjoy access to a private restaurant & bar, swimming pool, tennis, basketball, pickleball & volleyball courts, sandy beach, playground, and dog park.; - Conveniently located 30 minutes from Indianapolis & Bloomington and close to Cedar Creek Winery, Distillery & Brewery.
    (317) 270-0634
    Request Owner's contact information
    Sunnyslope Dr East Martinsville, IN 46151
    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.
    Sunnyslope Dr East
    Martinsville, IN 46151
    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
    Sunnyslope Dr East Martinsville, IN 46151
    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

    We can help!
    Listing Contact
    Danielle Stiles
    Real Estate License ID: RB18000499
    (317) 270-0634
    Learn more
    Google sign-in failed. Please try again or use another login method.