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    1333 Indianapolis Rd Greencastle, IN 46135

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    1333 Indianapolis Rd Greencastle, IN 46135

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    • Neighborhood centers
    • 92,065 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 1333 Indianapolis Rd

    Property size
    92,065 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Putnam Plaza, a thriving retail center located at 1333 Indianapolis Road in Greencastle, Indiana (zip code 46135), offers multiple retail spaces for lease. This prime Putnam County location boasts a total of 92,065 square feet in a strip center configuration. Currently, there are 16,300 square feet of vacant space available, divisible into units as small as 1,500 square feet, with a maximum contiguous space of 10,000 square feet. The center enjoys strong anchor tenants, including Tractor Supply Company, Label Shopper, and Shoe Sensation. The available spaces represent a variety of sizes, including a former restaurant space and smaller shop spaces, catering to a range of business needs. This presents a unique opportunity for businesses seeking high visibility and convenient access within a well-established retail environment. The property is situated in a high-traffic area, providing excellent exposure to a substantial customer base. Interested parties are encouraged to inquire about available space and lease terms. The property's location offers easy access from Indianapolis Road, providing convenient access for customers and employees. The diverse tenant mix creates a vibrant and attractive shopping destination.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Greencastle
    County
    Putnam
    State
    Indiana
    Longitude
    -86.83
    Latitude
    39.6463

    Comparable in this City

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    • Value Estimation by Request
      12,615 SF

      1746 Indianapolis Rd, Unit 1752

      SHOPPING CENTER, STRIP CENTER • 12,615 SF
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    • Value Estimation
      $685,000
      82,022 SF

      Putnam Plz

      SHOPPING CENTER, STRIP CENTER • 82,022 SF
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    • Value Estimation by Request
      20,000 SF

      1310 Indianapolis Rd 1350th

      SHOPPING CENTER, STRIP CENTER • 20,000 SF
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    • Value Estimation by Request
      15,137 SF

      833 Indianapolis Rd

      SHOPPING CENTER, STRIP CENTER • 15,137 SF
      833 Indianapolis Rd, Greencastle, IN 46135-1590
      View Details
    • Value Estimation
      $560,000
      20,250 SF

      1021 Indianapolis Rd, Unit 1023

      SHOPPING CENTER, STRIP CENTER • 20,250 SF
      1021 Indianapolis Rd, Greencastle, IN 46135-2407
      View Details

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    1333 Indianapolis Rd
    Greencastle, IN 46135
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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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