Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1487 State St Greenfield, IN 46140
    Back to Search
    Property profile & analytics

    1487 State St Greenfield, IN 46140

    View on Map
    • Land
    • 19.69 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1487 State St

    Lot size
    19.69 lot acres
    Property type
    Land

    Description

    This exceptional 19.69-acre commercial land parcel presents a remarkable development opportunity in Greenfield, Indiana. Located at 1487 N State St, this property boasts a prime location on the North State corridor, south of I-70, representing the last undeveloped site in this highly desirable area. The land features a unique topography, with wooded, high ground sloping down to include a portion of Brandywine Creek at the rear of the parcel. The property is comprised of two distinct sections: a 12.353-acre section with direct frontage on State Street, and a 7.34-acre parcel situated west of the creek within the floodway. Currently zoned "Commercial North" by the city of Greenfield, this versatile zoning allows for a wide range of development possibilities, including mixed-use projects, retail establishments, assisted living facilities, restaurants, and automotive businesses. The APN is 300729400008000009. This is a rare chance to acquire a significant tract of land in a thriving Indiana community with excellent access and visibility. The property's size and zoning flexibility make it ideal for a variety of large-scale commercial ventures. Don't miss this exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.7697
    Latitude
    39.8038

    Comparable in this City

    • Value Estimation by Request
      33.56 Acres

      2300 600

      Land • 33.56 Acres
      2300 600, Greenfield, IN 46140
      View Details
    • Value Estimation by Request
      25.08 Acres

      700 South St

      Land • 25.08 Acres
      700 South St, Indianapolis, IN 46140
      View Details
    • Value Estimation by Request
      5.00 Acres

      Greenfield, IN 46140

      Land • 5.00 Acres
      Greenfield, IN 46140
      View Details
    • Value Estimation by Request
      0.73 Acres

      State & Ctr St

      Land • 0.73 Acres
      0 State & Ctr St, Greenfield, IN 46140
      View Details
    • Value Estimation by Request
      14.00 Acres

      225 North St

      Land • 14.00 Acres
      225 North St, Greenfield, IN 46140
      View Details
    • Value Estimation by Request
      360.00 Acres

      2866 North St

      Land • 360.00 Acres
      2866 North St, Greenfield, IN 46140
      View Details

    Similar Nearby for Sale

    • $164,999

      Land For Sale Greenfield

      Land available in Greenfield, Indiana.
      3951 N 300 W, Greenfield, IN 46140
      View Details
    • Contact for pricing

      Development Land with I-70 Frontage

      33 acres of development land with 2000' I-70 frontage.
      2300 N 600 W, Greenfield, IN 46140
      View Details
    • $71,999

      Land For Sale

      Land available for sale in Greenfield, Indiana.
      600 Berry St, Greenfield, IN 46140
      View Details
    • Contact for pricing

      131 Acres Development Site

      131-acre development site in a growing submarket.
      2866 W 300 N, Greenfield, IN 46140
      View Details
    • Contact for pricing
      6.79 Acres

      Greenfield Industrial Land for Sale

      6.79 Acres, Industrial Zoning, Prime Location
      0 300, Greenfield, IN 46140
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      75,112 SF

      Industrial Space Near I-70 Corridor

      75,112 SF industrial space for lease near I-70.
      3052 North Distribution Way, Greenfield, IN 46140
      View Details
    • Contact for pricing
      737,352 SF

      Planned Greenfield Industrial Logistics Park

      Planned industrial logistics park with cross-docked distribution buildings.
      W 500 N, Greenfield, IN 46140
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space on Main Street

      Retail space available for lease in Greenfield, Indiana.
      2 W Main St, Greenfield, IN 46140
      View Details
    • Contact for pricing
      636,120 SF

      Greenfield Industrial Logistics Park Opportunity

      Industrial park with build-to-suit options in Greenfield, Indiana.
      6595 N 500 E, Greenfield, IN 46140
      View Details
    • Contact for pricing

      Specialty Property for Rent

      Specialty property available for rent in Greenfield, Indiana.
      N Buck Creek Rd, Greenfield, IN 46140
      View Details
    • Contact for pricing
      377,781 SF

      Industrial Warehouse Space in Greenfield

      Modern industrial park location with ample parking and dock doors.
      6887 W 350 N, Greenfield, IN 46140
      View Details
    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.
    1487 State St
    Greenfield, IN 46140
    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
    1487 State St, Greenfield, IN, 46140
    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!