Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Fully Leased Retail Center Title is generated by Realmo AI

    1029-1051 N State St, Greenfield, IN

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Fully leased retail center near Hancock Health Hospital.

    Type:RETAIL
    Property size:
    33,090 SF
    Lot size:
    4.26 Acres
    Price / SF:
    $192/SF
    Added:
    Jun 16, 2025
    Days on Market:
    349
    Last Refresh:
    May 20 at 9:44 pm

    Property Features for 1029-1051 N State St

    General Information

    Standard status
    Active
    Size
    33,090 SF
    Lot size
    4.26 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Jon Bannister
    Jon Bannister

    Listing agent Jon Bannister License #RB19001231

    Listing office Veritas Realty

    Listing date Jun 16, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Veritas Realty

    HighLights

    • Fully leased 6‑unit neighborhood retail center.
    • Anchored by O’Reilly Auto Parts with a recent 10‑year early renewal.
    • Located near Hancock Health Hospital and national retailers.
    • High traffic location on N. State St (28,000 VPD).
    • Prime visibility and accessibility.
    • Steady income stream and strong draw for local shoppers.

    Overview

    Northgate Plaza is a fully leased, 6-unit neighborhood retail center located in Greenfield, Indiana, within the Indianapolis MSA. The property is situated just north of the main Hancock Health Hospital and surrounded by a host of national retailers on N. State St, which experiences a traffic volume of 28,000 vehicles per day. This location provides prime visibility and accessibility. The center is anchored by O’Reilly Auto Parts, which recently completed a 10-year early renewal. The mix of established tenants and high traffic ensures a steady income stream and strong draw for local shoppers. The property contains 33,090 square feet and is suitable for investors seeking stability and upside.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.7693
    Latitude
    39.7971

    Nearby Similar for Sale

    • $289,900
      1,312 SF

      Versatile Commercial Property in Greenfield, IN

      Adaptable 1.11-acre property suitable for diverse business operations.
      6165 W Station Way, Greenfield, IN 46140
      View Details
    • $3,800,000
      39,097 SF

      Greenfield Shopping Center with Auto Repair

      Shopping center with auto repair shop on 5.1 acres.
      1244 W Main Street, Greenfield, IN 46140
      View Details
    • $2,995,000
      12,600 SF

      Spacious Commercial Lot in Greenfield

      12.516-acre commercial lot with 13,000 sq ft building in Greenfield.
      2260 W Main Street, Greenfield, IN 46140
      View Details
    • $120,000

      Greenfield Duplex: Income Opportunity

      Two-unit duplex in Greenfield, Indiana, with income potential.
      104 E North Street, Greenfield, IN 46140
      View Details
    • $1,500,000
      7,800 SF

      Multi-Tenant Retail Building For Sale

      7,800 SF retail building with existing tenants in Greenfield, IN.
      1789-1798 Melody Lane, Greenfield, IN
      View Details
    • $1,482,758
      2,387 SF

      Verizon Greenfield Investment Opportunity

      Single-tenant Verizon property with a secure, stable income stream.
      1306 N State St, Greenfield, IN 46140
      View Details
    • $150,000

      Greenfield Duplex: Investment Opportunity

      Duplex in Greenfield, Indiana with income potential.
      507 S Pennsylvania Street, Greenfield, IN 46140
      View Details
    • $4,400,000

      80-Acre Farm Near I-70

      80-acre farm located near I-70 in Hancock County, Indiana.
      00 N 525 West, Greenfield, IN 46140
      View Details
    • $2,998,336
      2,164 SF

      High-Traffic Retail Property For Sale

      Retail property with drive-thru, located near I-70 and State St.
      2732 N State St, Greenfield, IN
      View Details
    • $309,900
      2,100 SF

      Dual-Zoned Live-Work Opportunity

      Versatile property for live-work or professional office use.
      621 N State St, Greenfield, IN 46140
      View Details
    • Contact for pricing
      535,800 SF

      Class A Distribution Facility

      535,800 SF distribution facility with expansion opportunities in Greenfield, IN.
      7114 West 200 North, Greenfield, IN 46140
      View Details
    • $495,000
      6,000 SF

      Free Standing Building on National Road

      6,000 SF building on 0.689 acres in Greenfield.
      1429 W Main St, Greenfield, IN 46140
      View Details

    FAQs

    What type of property is this?
    Strip mall - Fully leased retail center near Hancock Health Hospital.
    Where is this strip mall located?
    The property is located at 1029-1051 N State St Greenfield, IN.
    What is the asking price?
    The asking price for this property is $6,377,592.
    What are key features of this property?
    This property features: Fully leased 6‑unit neighborhood retail center.; Anchored by O’Reilly Auto Parts with a recent 10‑year early renewal.; Located near Hancock Health Hospital and national retailers.
    (317) 493-1267 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jon Bannister
    Jon Bannister
    Real Estate License ID: RB19001231
    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

    Thank You for Inquiry
    1029-1051 N State St, Greenfield, IN
    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!