Plainfield Strip Center For
For Sale
$1,690,000
2028 Stafford Road, Plainfield, IN 46168
Prime strip center in Plainfield, fully leased with upside.
Property Size7,564 SF
Price / SF$223.43
Days on Market1328
Property Features for 2028 Stafford Road
General Information
Standard status
Active
Size
7,564 SF
Property subtype
Retail
Amenities
Central Air
3
Shared Driveway.
Building Details
Year Built
1981
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Jason Alsup · License #RB14035549
Source:
Xome
Added: Jan 10, 2023
Changed: Aug 12
Last Checked: Aug 29 at 6:02AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
A strip center is available for purchase in Plainfield, Indiana. The property is adjacent to the new Traders Point Church, which occupies the former Marsh grocery store location. All six units within the strip center are currently leased. The building's exterior has been recently painted, and a new handicap curb cut has been added to provide wheelchair access to the units. The property benefits from high visibility on State Road 267 and also has access from Stafford Road. One of the main tenants is State Farm, which recently renewed their lease for a 10-year term. The current owner has been increasing rents toward market rates, and the new owner has the opportunity to further increase rental rates as leases expire, potentially increasing cash flow. The property size is 7564 square feet.
Key Highlights
- Prime location next to Traders Point Church.
- All 6 units are currently leased, providing immediate income.
- Opportunity to increase rental rates upon lease expiration.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$91,113
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,822,260
$1.8M
Cap Rate 7%
$1,301,614
$1.3M
Cap Rate 9%
$1,012,367
$1.0M
Market Conditions
NOI Build-Up for 7,564 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$136.2K $18.00/SF
− Vacancy
−$6.0K −$0.79/SF
EGI
$130.2K $17.21/SF
− OpEx
−$39.0K −$5.16/SF
NOI
$91.1K $12.05/SF
Area
Hendricks County, IN
Vacancy
4.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,822,260
Cap Rate 7%
$1,301,614
Cap Rate 9%
$1,012,367
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,113 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,913 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
46k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 36%
Groceries 10%
Village Pantry
Shops & Services
8,890 visits/mo
0.2 miles
Dunkin' Donuts
Dining
8,574 visits/mo
0.1 miles
Chase Bank
Shops & Services
6,647 visits/mo
0.3 miles
Huntington Bank
Shops & Services
5,537 visits/mo
0.2 miles
Penn Station East Coast Subs
Dining
5,332 visits/mo
0.2 miles
Demographics for 46168, IN
37,681
Population
14,426
Households
2.6
Avg Household Size
38
Median Age
37%
College-Educated
92%
High-School Grad
32.8 sq mi
ZIP Area
1,149
Density / Sq Mi
$87,315
Median Household Income
$45,252
Median Earnings
$1,307
Median Rent
$271,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Prime strip center in Plainfield, fully leased with upside.
Where is this strip mall located?
The property is located at 2028 Stafford Road Plainfield, IN.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Prime location next to Traders Point Church.; All 6 units are currently leased, providing immediate income.; Opportunity to increase rental rates upon lease expiration.
