Freestanding Retail/Office
4978 W Smith Valley Road Greenwood, IN 46142
For Sale
$775,000
SINGLE_FAMILY - Greenwood, IN
Property Size4,400 SF
Lot Size0.80 Acres
Price / SF$176.14
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
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT SW S34 T14 R3 & PT SW 1/4 S34 T14 R3
Building Details
Floors in Building
1
Listing Agency:
CENTURY 21 Scheetz
(317) 881-2100
Listed By:
Mark Linder · License #RB14044403
(317) 844-5111
Added: Mar 20
Changed: Jun 16
Last Checked: Jul 27 at 10:06PM
MLS# 22090411
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 freestanding commercial building totals 4,400 square feet and sits on approximately 0.8 acres. The property has historically operated as an auto body shop, and its existing configuration can support a range of office or retail uses as the buyer considers updates and re-purposing. Zoning is B-1.
The site is located in Greenwood, Indiana at the northeast sector of the Smith Valley Road and Morgantown Road intersection. The seller notes an adjacent 0.92-acre lot that is not included in this sale, with the possibility of purchasing it separately. The seller also describes the area as within a roughly 20-minute drive to downtown Indianapolis and Indianapolis International Airport.
For tenants, buyers, and operators seeking a standalone building in a B-1 zoned setting, this offering provides a practical base for converting an existing automotive-focused facility into office or retail space. Because the property is being sold with an emphasis on accommodating future improvements, it may fit best for users who can evaluate the building’s current condition and plan for the upgrades required for their intended concept.
The site is located in Greenwood, Indiana at the northeast sector of the Smith Valley Road and Morgantown Road intersection. The seller notes an adjacent 0.92-acre lot that is not included in this sale, with the possibility of purchasing it separately. The seller also describes the area as within a roughly 20-minute drive to downtown Indianapolis and Indianapolis International Airport.
For tenants, buyers, and operators seeking a standalone building in a B-1 zoned setting, this offering provides a practical base for converting an existing automotive-focused facility into office or retail space. Because the property is being sold with an emphasis on accommodating future improvements, it may fit best for users who can evaluate the building’s current condition and plan for the upgrades required for their intended concept.
Key Highlights
- Ultra‑prime location at the intersection of Smith Valley Road and Morgantown Road.
- 4400 square foot building on nearly an acre of land.
- Versatile space suitable for office or retail use.
Financial Insights For Retail
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 | $73.9k | $16.80 |
| − Vacancy | −$5.2k | −$1.18 |
| EGI | $68.7k | $15.62 |
| − OpEx | −$20.6k | −$4.69 |
| NOI | $48.1k | $10.94 |
4,400 SF · lease $16.80/SF/yr · vacancy 7.00% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding building with B-1 zoning on 0.8 acres, positioned at a major road intersection for office or retail use.
Where is this retail space 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 $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.; 4400 square foot building on nearly an acre of land.; Versatile space suitable for office or retail use.
