Prime Commercial Opportunity in
For Sale
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4978 W Smith Valley Rd, Greenwood, IN 46142
4400 SF building on nearly an acre in Greenwood.
Property Size4,400 SF
Lot Size1.00 Acre
Price / SF$176.14
Days on Market149
Property Features for 4978 W Smith Valley Rd
General Information
Standard status
Active
Size
4,400 SF
Lot size
1.00 Acre
Property subtype
Retail, Land
Zoning
B-1
Investment Type
Owner/User
Building Details
Year Built
1970
Buildings
1
Units
1
Listing Agency:
Century 21 Scheetz Carmel
(317) 844-5111
Listed By:
Mark Linder · License #IN
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 17 at 12:56PM
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 Century 21 Scheetz Carmel
Investment Insights
Based on property information with market context.
This 4400 square foot building is situated on nearly an acre of land. Located in the northeast sector of the Smith Valley Road and Morgantown Road intersection, this property offers opportunities for office or retail space. The past use has been an auto body shop, but the property offers an infinite amount of opportunities. It is located within a twenty minute drive to downtown Indianapolis and the Indianapolis International Airport. There is an adjacent 0.92 acre lot that is not included in this sale, but per the seller, maybe purchased.
Key Highlights
- Ultra‑prime location at the intersection of Smith Valley Road and Morgantown Road.
- Versatile 4400 sq ft building suitable for office or retail use.
- Situated on nearly an acre of land.
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
$48,122
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
6.21%
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%
$962,440
$962.4K
Cap Rate 7%
$687,457
$687.5K
Cap Rate 9%
$534,689
$534.7K
Market Conditions
NOI Build-Up for 4,400 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
$73.9K $16.80/SF
− Vacancy
−$5.2K −$1.18/SF
EGI
$68.7K $15.62/SF
− OpEx
−$20.6K −$4.69/SF
NOI
$48.1K $10.94/SF
Area
Johnson County, IN
Vacancy
7.00%
Lease Rate
$16.80 /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%
$962,440
Cap Rate 7%
$687,457
Cap Rate 9%
$534,689
Alternative Uses
Best Use
Retail
$687.5K
$601.5K – $802.0K
NOI $48,122 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$970.2K – $1.29M
NOI $77,616 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
152k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 41%
Dining 27%
Shops & Services 23%
Electronics 3%
Rural King
Home Improvements & Furnishings
52,371 visits/mo
0.2 miles
Dollar Tree
Shops & Services
18,288 visits/mo
0.2 miles
Dunkin' Donuts
Dining
10,807 visits/mo
0.1 miles
Burger King
Dining
10,349 visits/mo
0.1 miles
Harbor Freight Tools
Home Improvements & Furnishings
10,232 visits/mo
0.2 miles
Demographics for 46142, IN
32,052
Population
14,396
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
14.9 sq mi
ZIP Area
2,151
Density / Sq Mi
$85,611
Median Household Income
$47,831
Median Earnings
$1,122
Median Rent
$266,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - 4400 SF building on nearly an acre in Greenwood.
Where is this retail space located?
The property is located at 4978 W Smith Valley Rd Greenwood, IN.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Ultra‑prime location at the intersection of Smith Valley Road and Morgantown Road.; Versatile 4400 sq ft building suitable for office or retail use.; Situated on nearly an acre of land.
