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    Property profile & analytics

    1022 State St Greenfield, IN 46140

    • Medical offices
    • 0.70 lot acres
    For Sale
    View listing
    $799,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1061836
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical offices

    Property Details for 1022 State St

    Lot size
    0.70 lot acres
    Property type
    Medical offices
    Property subtype
    Banks

    Description

    This 0.7-acre commercial lot in Greenfield, Indiana, presents a unique investment opportunity. Located at 1022 N State St, Greenfield, IN 46140, this property is ideally suited for a variety of uses, including bank, medical office, or restaurant development. The site benefits from its location in Hancock County, Indiana's fastest-growing county in 2023, experiencing a remarkable 3.7% population growth. This robust growth is evidenced by the recent influx of national retail chains, such as Chick-fil-A, Chipotle, Panera Bread, Olive Garden, Panda Express, and Starbucks (with two locations, one expanding). The property is situated within a thriving retail corridor, boasting established businesses like Walmart, Home Depot, Kroger, Aldi, Tractor Supply, Bealls, and Great Lakes Ace Hardware. Furthermore, its proximity to Hancock Regional Hospital, a 113-bed facility employing over 600 people and serving as the region's primary hospital, adds significant value and potential for synergy. The asking price for this exceptional property is $799,000. This presents a compelling opportunity to capitalize on Greenfield's dynamic growth and establish a successful business in a high-demand location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.7699488
    Latitude
    39.7972709

    Comparable in this City

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      Multi-Tenant Retail Building For Sale

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      Commercial Land with Development Potential

      1.979 acre commercial parcel with existing structures and development potential.
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    • $2,998,336
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      High-Traffic Retail Property For Sale

      Retail property with drive-thru, located near I-70 and State St.
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    • $340,000
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      Mixed-Use Investment Opportunity

      Versatile property with commercial space and updated apartments in Greenfield.
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    • $6,377,592
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      Fully Leased Retail Center

      Fully leased retail center near Hancock Health Hospital.
      1029-1051 N State St, Greenfield, IN 46140
      View Details

    Similar Nearby for Sale

    • $1,500,000
      7,800 SF

      Multi-Tenant Retail Building For Sale

      7,800 SF retail building with existing tenants in Greenfield, IN.
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    • $3,990,000
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      Hwy 40 Mixed-Use Portfolio

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      7183 Us Highway 40, Greenfield, IN 46140
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    • $735,000

      Commercial Land with Development Potential

      1.979 acre commercial parcel with existing structures and development potential.
      2245 W Main St, Greenfield, IN 46140
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    • $2,998,336
      2,164 SF

      High-Traffic Retail Property For Sale

      Retail property with drive-thru, located near I-70 and State St.
      2732 N State St, Greenfield, IN 46140
      View Details
    • $6,377,592
      33,090 SF

      Fully Leased Retail Center

      Fully leased retail center near Hancock Health Hospital.
      1029-1051 N State St, Greenfield, IN 46140
      View Details
    • $340,000
      2,528 SF

      Mixed-Use Investment Opportunity

      Versatile property with commercial space and updated apartments in Greenfield.
      421 N State St, Greenfield, IN 46140
      View Details

    Similar Nearby for Lease

    • New
      $1,200 /Mo
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      Greenfield Mixed-Use Commercial Space

      Versatile commercial space suitable for retail, office, or salon.
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      8,000 SF

      Greenfield Retail Build-to-Suit

      Prime Greenfield location, build-to-suit restaurant opportunity.
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      20,768 SF

      Retail Space Available For Rent

      Retail space available for rent, approximately 18,535 square feet.
      1222 North State St, Greenfield, IN 46140
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    • $8,000 /Mo
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      Mount Comfort Office/Residential Property

      Four-bedroom home with office space near Mount Comfort exit.
      2972 N 700 W, Greenfield, IN 46140
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      15,600 SF

      Gateway Shoppes Retail Space

      Greenfield, IN Retail Opportunity
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    • Contact for pricing
      70,824 SF

      Greenfield Retail Center Opportunity

      Prime Hancock County retail space available.
      2211-2243 Barrett Dr, Greenfield, IN 46140
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    1022 State St
    Greenfield, IN 46140
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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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