Commercial Land With Existing
For Sale
$1,750,000
Pending
10511 Greenfield Avenue, Noblesville, IN 46060
Commercial Sale, Noblesville, IN
Property Size15,500 SF
Lot Size10.40 Acres
Days on Market341
Property Features for 10511 Greenfield Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Special Purpose
Elementary school district
Noblesville Schools
Middle school district
Noblesville Schools
High school district
Noblesville Schools
Directions
GPS Friendly
Subdivision
2914 - Hamilton - Noblesville
Standard status
Pending
APN
291117000006000013
Lot size
10.40 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Acreage 1.00, Section 17, Township 18, Range 5
Legal Description
Acreage 1.00, Section 17, Township 18, Range 5
Building Details
Year built
1969
Floors in Building
2
Listing Agency:
WKRP Indy Real Estate
(317) 698-2700
Listed By:
Curtis Lee Whitesell
(317) 203-9577
Added: Sep 23, 2025
Changed: Aug 20
Last Checked: Aug 29 at 12:06AM
MLS# 22064333
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.
Investment Insights
Based on property information with market context.
This commercial land offering includes existing buildings and ancillary structures on the property. The improvements date to 1969 and may be retained, adapted, or cleared as part of a future project. The property is zoned Special Purpose, providing the stated land-use designation for evaluating redevelopment plans.
Located at 10511 Greenfield Avenue in Noblesville, the site is in Hamilton County and carries a Noblesville, Indiana address. The surrounding community includes Hamilton Town Center, Ruoff Music Center, Morse Reservoir, the White River, and historic downtown Noblesville. These nearby destinations provide retail, entertainment, recreation, and civic context for assessing the property and its setting.
Located at 10511 Greenfield Avenue in Noblesville, the site is in Hamilton County and carries a Noblesville, Indiana address. The surrounding community includes Hamilton Town Center, Ruoff Music Center, Morse Reservoir, the White River, and historic downtown Noblesville. These nearby destinations provide retail, entertainment, recreation, and civic context for assessing the property and its setting.
Key Highlights
- Special Purpose zoning
- Existing buildings and ancillary structures included
- Improvements date to 1969
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
$50,325
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
2.88%
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%
$1,006,500
$1.0M
Cap Rate 7%
$718,929
$718.9K
Cap Rate 9%
$559,167
$559.2K
Market Conditions
NOI Build-Up for 15,500 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
$90.7K $5.85/SF
− Vacancy
−$10.2K −$0.66/SF
EGI
$80.5K $5.19/SF
− OpEx
−$30.2K −$1.95/SF
NOI
$50.3K $3.25/SF
Area
Hamilton County, IN
Vacancy
11.20%
Lease Rate
$5.85 /SF/Yr
Expense Ratio
37.50%
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%
$1,006,500
Cap Rate 7%
$718,929
Cap Rate 9%
$559,167
Alternative Uses
Best Use
Mixed Use
$718.9K
$629.1K – $838.8K
NOI $50,325 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,079 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 46060, IN
45,073
Population
18,887
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
80.6 sq mi
ZIP Area
559
Density / Sq Mi
$91,141
Median Household Income
$50,557
Median Earnings
$1,215
Median Rent
$292,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - The site carries Special Purpose zoning and includes existing structures for redevelopment planning.
Where is this commercial land located?
The property is located at 10511 Greenfield Avenue Noblesville, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Special Purpose zoning; Existing buildings and ancillary structures included; Improvements date to 1969
