Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    40.92 Acres on State Road Title is generated by Realmo AI

    40.92 Acres State Road 38 Richmond, Richmond, IN 47374

    View on Map
    Claim this Listing
    For Sale
    $825,000

    40.92 acres of land for sale on State Road.

    Type:Mixed Use
    Property size:
    40 SF
    Price / SF:
    $20,625/SF
    Added:
    Sep 10, 2025
    Days on Market:
    268
    Last Refresh:
    Apr 5 at 8:18 pm

    Property Features for 40.92 Acres State Road 38 Richmond

    General Information

    Standard status
    Active
    Size
    40 SF
    Property subtype
    Mixed Use

    We can help!

    Listing Contact
    Max Worland

    Listing agent Max Worland License #RB14024912

    Listing office CBRE - Woodland Hills

    Listing date Sep 10, 2025

    Source Cbcworldwide

    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 CBRE - Woodland Hills

    HighLights

    • 40. 92 Acres
    • State Road 38 Location
    • Richmond, IN 47374 Address

    Overview

    The property consists of 40.92 acres of land located on State Road 38 in Richmond, Indiana.
    Property Profile Location Intelligence

    Current Use by Public Records

    Specialty properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.8879
    Latitude
    39.8311

    Nearby Similar for Sale

    • $119,900
      1,976 SF

      Updated Triplex with Income

      Triplex with two occupied units and recent roof, porch, water heater, and interior updates for reliable investment income.
      321 N 13th Street, Richmond, IN 47374
      View Details
    • $239,900
      4,578 SF

      Richmond Sixplex with Storage Units

      Well-maintained six-unit property with storage in Richmond, Indiana.
      117 N 13th Street, Richmond, IN 47374
      View Details
    • $124,900
      2,240 SF

      Richmond Duplex: Investment Opportunity

      Fully occupied duplex with steady rental income in Richmond, Indiana.
      2212 Glen Court, Richmond, IN 47374
      View Details
    • $279,900
      4,367 SF

      Commercial Building in Richmond, IN

      Mixed-use property with retail suites and apartments in Richmond.
      1001 S E Street, Richmond, IN 47374
      View Details
    • $960,000

      Established Restaurant and Bar Opportunity

      Turnkey restaurant and bar with liquor license and outdoor space.
      1500 N E Street, Richmond, IN 47374
      View Details
    • $600,000

      Commercial Property on Main Street

      Commercial property for sale at 600 E Main Street.
      600 E Main Street Richmond, IN 47374
      View Details
    • $1,538,000
      1,084 SF

      NNN Leased Pizza Hut Restaurant

      Long-term NNN lease with annual escalations in dominant retail corridor.
      3250 E Main St, Richmond, IN
      View Details
    • $2,471,538
      12,600 SF

      Retail Opportunity in Richmond, Indiana

      Retail space available for sale in Richmond, Indiana.
      33 Hayes Arboretum Rd, Richmond, IN 47374
      View Details
    • $349,900

      Versatile Building in Downtown Richmond

      Two-story building with offices, open area, and parking.
      36 S 9th Street, Richmond, IN 47374
      View Details
    • $119,900
      1,072 SF

      Richmond Commercial Space For Sale

      1,072 SF commercial space in high-traffic Richmond location.
      315 NW 5 Street, Richmond, IN 47374
      View Details
    • $2,461,538
      5,000 SF

      Mattress Firm Investment Opportunity

      5,000 SF Mattress Firm with corporate-guaranteed lease in Richmond, IN.
      4404 National E, Richmond, IN
      View Details
    • $4,355,000

      Richmond Apartments with Loft Units

      67-unit apartment community with unique floor plans and modern finishes.
      401 N 10th St, Richmond, IN 47374
      View Details

    FAQs

    What type of property is this?
    Specialty property - 40.92 acres of land for sale on State Road.
    Where is this specialty property located?
    The property is located at 40.92 Acres State Road 38 Richmond Richmond, IN.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: 40. 92 Acres; State Road 38 Location; Richmond, IN 47374 Address
    (765) 977-6408
    We can help!
    Listing Contact
    Max Worland
    Real Estate License ID: RB14024912
    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
    40.92 Acres State Road 38 Richmond, IN 47374, IN 47374
    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!