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    Versatile Commercial Property on State Road Title is generated by Realmo AI

    7984 W State Road 32, Lebanon, IN 46052

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    Claim this Listing
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    For Sale
    $489,900

    Mixed Use - Lebanon, IN

    Type:Mixed Use
    Property size:
    2,100 SF
    Lot size:
    2.58 Acres
    Price / SF:
    $233/SF
    Added:
    May 31, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 1 at 2:06 pm

    Property Features for 7984 W State Road 32

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    Commercial/Mixed Use
    Standard status
    Active
    APN
    060926000004000011
    Size
    2,100 SF
    Lot size
    2.58 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Alec Conner

    Listing agent Alec Conner License #RB23002212

    Listing office eXp Realty, LLC Counselors Row Ste 200, IN

    Listing date May 31, 2026

    MLS# 22104065 Listing URL

    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.

    HighLights

    • Proximity to Eli Lilly's LEAP Research and Innovation District
    • High Traffic Exposure on SR 32 with 17,000‑22,000 vehicles per day
    • Expanded Property Size: Approximately 2.3 acres
    • Versatile Commercial Space: Approximately 2,100 square feet of flexible space
    • Strategic Location in a Growing Area
    • Excellent Accessibility along State Road 32 corridor

    Overview

    This commercial property, constructed in 2003, features approximately 2,100 square feet of flexible space suitable for retail, office, service, medical, or light industrial purposes. The property includes an adjacent parcel on the north side, combining for a total of approximately 2.3 acres. Situated along the heavily traveled State Road 32 corridor in Lebanon, Indiana, it offers excellent visibility and access. The location provides strong road frontage and proximity to major growth drivers in Boone County. Positioned directly on SR 32, a major east-west artery, the property benefits from substantial daily traffic volumes. The Average Annual Daily Traffic historically ranges from approximately 17,000 to 22,000 vehicles per day in the broader study area. The site is located within a couple of miles of Eli Lilly's LEAP Research and Innovation District developments along SR 32. These projects are generating thousands of high-skilled jobs, attracting supporting businesses, and driving rapid economic and population growth in the immediate area. The expanded site positions the property to capitalize on the surging demand from Lilly employees, contractors, and the broader supply chain ecosystem.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Gym & Fitness Center Carpet & Flooring Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Boone
    State
    Indiana
    Longitude
    -86.619743
    Latitude
    40.054326

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial property with high visibility and flexible space.
    Where is this mixed-use property located?
    The property is located at 7984 W State Road 32 Lebanon, IN.
    What is the asking price?
    The asking price for this property is $489,900.
    What are key features of this property?
    This property features: Proximity to Eli Lilly's LEAP Research and Innovation District; High Traffic Exposure on SR 32 with 17,000‑22,000 vehicles per day; Expanded Property Size: Approximately 2.3 acres
    (317) 313-6401
    We can help!
    Listing Contact
    Alec Conner
    Real Estate License ID: RB23002212
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    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
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