Former Auto Repair Building and
4978 W Smith Valley Road Greenwood, IN 46142
For Sale
$1,125,000
SINGLE_FAMILY - Greenwood, IN
Property Size4,400 SF
Lot Size74,836.00 Acres
Price / SF$255.68
Days on Market130
Property Features for 4978 W Smith Valley Road
General Information
Property type
Residential
Property subtype
Retail
Zoning
B-1
Parking features
Gated, Guest
Fencing
Chain Link
Standard status
Active
APN
410334033094000038
Lot size
74,836.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT SW S34 T14 R3, PT SW 1/4 S34 T14 R3, SW S34 T14 R3
Building Details
Year built
1970
Listing Agency:
CENTURY 21 Scheetz
(317) 881-2100
Listed By:
Mark Linder · License #RB14044403
(317) 844-5111
Added: Mar 20
Changed: Jul 13
Last Checked: Jul 27 at 10:06PM
MLS# 22089978
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 offering includes a 1.7-acre commercial site spread across three parcels, together with a 4,400 square foot building that was previously used as an auto repair shop. The property is positioned for redevelopment into office or retail use, with zoning listed as B-1.
The site is located at the intersection of Smith Valley and Morgantown Road at 4978 W Smith Valley Road, Greenwood, IN 46142. The seller’s remarks also note proximity to the Smith Valley and I-69 interchange.
The listing further indicates the next owner may be able to purchase an additional two parcels totaling approximately 0.8 acres along with the building (see BLC 22090411).
The site is located at the intersection of Smith Valley and Morgantown Road at 4978 W Smith Valley Road, Greenwood, IN 46142. The seller’s remarks also note proximity to the Smith Valley and I-69 interchange.
The listing further indicates the next owner may be able to purchase an additional two parcels totaling approximately 0.8 acres along with the building (see BLC 22090411).
Key Highlights
- 1.7 acres on 3 parcels of commercial land
- 4,400 SF building formerly used as an auto repair shop
- Located at the Smith Valley and Morgantown Road intersection
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $87.1k | $19.80 |
| − Vacancy | −$13.1k | −$2.97 |
| EGI | $74.1k | $16.83 |
| − OpEx | −$18.5k | −$4.21 |
| NOI | $55.5k | $12.62 |
4,400 SF · lease $19.80/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$793.4K
$694.2K – $925.7K
NOI $55,539 @ 7.0% cap · market cap 4.94%
Second Best
Retail
$687.5K
$601.5K – $802.0K
NOI $48,122 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.11M
$970.2K – $1.29M
NOI $77,616 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Commercial land - 1.7-acre site with a 4,400 sq. ft. former auto repair building on three parcels, zoned B-1.
Where is this commercial land located?
The property is located at 4978 W Smith Valley Road Greenwood, IN.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 1.7 acres on 3 parcels of commercial land; 4,400 SF building formerly used as an auto repair shop; Located at the Smith Valley and Morgantown Road intersection
