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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1040 Greenwood Spgs Blvd Greenwood, IN 46143-7975

    • Medical offices
    • 18,312 SF
    • 2.41 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2025
    Value Estimations
    $2,850,000
    Show details
    Cap Rate Potential
    8.2%
    Medical offices
    Location Intelligence
    Property ID
    US31-0629519
    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 1040 Greenwood Spgs Blvd

    Year built
    2006
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.41 lot acres
    Property size
    18,312 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    41-02-27-032-003.000-025
    APU
    410227032003000025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,655,000
      ML approach
      $2,530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,640,000
      6.5%
      $3,360,000
      7%
      $3,120,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,105,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,715,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.0809
    Latitude
    39.6288
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $70,152
    $644,000
    $2,111,400
    $2,755,400
    -
    $644,000
    $2,111,400
    $2,755,400

    Comparable in this City

    • Value Estimation by Request
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      900 Averitt Rd

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      30 Emerson Ave

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      30 Emerson Ave, Greenwood, IN 46143-8895
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      710 Averitt Rd

      MEDICAL BUILDING • 3,358 SF
      710 Averitt Rd, Greenwood, IN 46143-6390
      View Details
    • Value Estimation
      $915,000
      30,640 SF

      333 County Line Rd

      MEDICAL BUILDING • 30,640 SF
      333 County Line Rd, Greenwood, IN 46143-1079
      View Details
    • Value Estimation by Request
      12,860 SF

      33 County Line Rd

      MEDICAL BUILDING • 12,860 SF
      33 County Line Rd, Greenwood, IN 46143-1077
      View Details

    Similar Nearby for Sale

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      Prime location, high-visibility medical & retail space
      1000 Us Highway 31, Greenwood, IN 46143
      View Details
    • $2,350,000

      Medical/Retail Space Near New Development

      Combination medical and retail space near Greenwood's new "The Madison".
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    • $2,350,000
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      Greenwood Commercial Property on US-31

      Combination medical office and retail space in high-growth Greenwood, Indiana.
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    • $799,000

      Commercial Development Opportunity in Greenwood

      Two-story building and pole barn on 2+ acres.
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    • $2,500,000
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      700 plus sf design offers over 400 private residences
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    • $1,050,000
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      Warehouse/Office with Tax Abatement

      6,000 SF warehouse/office with HVAC and tax abatement.
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    Similar Nearby for Lease

    • $28 SF/Yr
      28,800 SF

      Gateway Parke Medical Office Space

      New Greenwood medical office, divisible suites.
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    • Contact for pricing
      9,414 SF

      Greenwood Medical Office Space

      Three Suites Available, I-65 Access
      549 County Line Rd, Greenwood, IN 46143
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    • Contact for pricing
      3,376 SF

      Greenwood Medical Office Sublease Available

      Medical office sublease in Greenwood, Indiana, near major hospitals.
      533 E County Line Rd, Greenwood, IN 46143
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    • $3,821 /Mo
      16,206 SF

      Greenwood Office Space For Lease

      Functional office suite with utilities included in Greenwood, Indiana.
      2020 S State Road 135, Greenwood, IN 46143
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    • $22 SF/Yr
      2,818 SF

      New Construction Medical/Office Space

      New construction medical/office space available for lease.
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    • $14 SF/Yr
      1,721 SF

      Greenwood Office Space Available

      Historic Office, 1721 sq ft, Greenwood, IN
      435 Main St, Greenwood, IN 46143
      View Details
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    Greenwood, IN 46143-7975
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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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