Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Space on Smith Valley Title is generated by Realmo AI

    1506 W Smith Valley Road, Greenwood, IN 46142

    View on Map
    Claim this Listing
    For Lease
    $4,500 /Mo

    Commercial space for rent on Smith Valley Road.

    Added:
    Mar 9, 2026
    Days on Market:
    89
    Last Refresh:
    Mar 16 at 8:25 am

    Property Features for 1506 W Smith Valley Road

    General Information

    Standard status
    Active

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Jenny Laughner

    Listing agent Jenny Laughner License #RB14042097

    Listing office

    Listing date Mar 9, 2026

    Source Evrealestate

    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 Jenny Laughner

    HighLights

    • Central air cooling for those hot summer days
    • Forced air and natural gas heating to keep you comfortable year‑round
    • Concrete and gravel parking available
    • Built in 2005

    Overview

    Located on Smith Valley Road, this commercial space is available for rent. The property is situated east of SR135. The building is located on the left when traveling east on Smith Valley Road.
    Location Intelligence

    Current Use by Public Records

    Express Roofing & Restorations General Contractor Turner for Indiana Association Or Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.15165
    Latitude
    39.60619

    Nearby Similar for Lease

    • $4,285/Mo
      2,236 SF

      Freestanding Retail Opportunity in Greenwood

      Highly visible retail space in the heart of Old Greenwood.
      105 S Madison Avenue, Greenwood, IN 46142
      View Details
    • $5,640/Mo
      31,673 SF

      Retail Space in Meridian Parke

      Neighborhood shopping center with suites available for retail or medical users.
      3115 Meridian Parke Drive, Greenwood, IN 46142
      View Details
    • $4,947/Mo
      6,330 SF

      Move-in Ready Greenwood Office Suite

      Plug-and-play office space in premier Greenwood location.
      373 Meridian Parke Lane, Greenwood, IN 46142
      View Details
    • $2,500/Mo
      1,472 SF

      Greenwood Office Space For Lease

      Private office space in Greenwood with high visibility and signage.
      1185 W County Line Road, Greenwood, IN 46142
      View Details
    • $1,990/Mo
      5,724 SF

      Greenwood Office Suite For Rent

      1,500 SF office suite in vibrant downtown Greenwood.
      165 S Madison Avenue, Greenwood, IN 46142
      View Details
    • $2,500/Mo
      6,140 SF

      Greenwood Office Space For Lease

      Office space with private offices, workstations, and conference room.
      386 Meridian Parke Lane, Greenwood, IN 46142
      View Details
    • $1,428/Mo
      18,624 SF

      Historic Office Building in Greenwood

      Iconic office building in the heart of Old Town Greenwood.
      435 E Main Street, Greenwood, IN 46143
      View Details
    • Contact for pricing
      31,673 SF

      Greenwood Retail and Medical Suites

      Neighborhood shopping center with suites for retail, service, or medical.
      3115 Meridian Parke Drive, Greenwood, IN 46142
      View Details
    • Contact for pricing
      2,236 SF

      Freestanding Retail with Open Layout

      Highly visible freestanding retail offering an open floor plan, two restrooms, and customer parking in Old Greenwood.
      105 S Madison Ave, Greenwood, IN 46142
      View Details
    • Contact for pricing
      3,000 SF

      Move-in Ready Office Suite

      Plug-and-play office space in premier Greenwood location.
      373 Meridian Parke Lane, Greenwood, IN 46142
      View Details
    • $36 SF/Yr
      3,500 SF

      Retail Space in Greenwood, Indiana

      Retail space available in a dynamic commercial area.
      791 S State Rd 135, Greenwood, IN
      View Details
    • Contact for pricing
      81,436 SF

      Greenwood Retail Space for Lease

      Retail spaces available in Kroger-anchored Greenwood shopping center.
      2200 Independence Dr., Greenwood, IN 46143
      View Details

    FAQs

    What type of property is this?
    Specialty property - Commercial space for rent on Smith Valley Road.
    Where is this specialty property located?
    The property is located at 1506 W Smith Valley Road Greenwood, IN.
    What is the lease rate?
    The lease rate is $4,500 /Mo.
    What are key features of this property?
    This property features: Central air cooling for those hot summer days; Forced air and natural gas heating to keep you comfortable year‑round; Concrete and gravel parking available
    (317) 844-5111
    We can help!
    Listing Contact
    Jenny Laughner
    Real Estate License ID: RB14042097
    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
    1506 W Smith Valley Road, Greenwood, IN 46142
    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!