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

    1221 Madison Ave Greenwood, IN 46142-4305

    • Retail space
    • 2,138 SF
    • 0.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0858182
    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

    • Vegas Nails & Spa / Nail Salon / Hair Salon

    Property Details for 1221 Madison Ave

    Year built
    1970
    Construction
    WOOD
    Lot size
    0.30 lot acres
    Property size
    2,138 SF
    Property type
    Retail space
    APN
    41-02-29-021-031.000-026
    APU
    410229021031000026

    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
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.1158
    Latitude
    39.6335
    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
    $4,330
    $169,000
    $66,300
    $235,300
    -
    $169,000
    $66,300
    $235,300

    Comparable in this City

    • Value Estimation
      $1,660,000
      13,868 SF

      3077 Sutton Park Dr

      RETAIL STORES (PERSONAL SERVICES) • 13,868 SF
      3077 Sutton Park Dr, Greenwood, IN 46142
      View Details
    • Value Estimation
      $1,860,000
      16,974 SF

      1290 State Rd 135

      RETAIL STORES (PERSONAL SERVICES) • 16,974 SF
      1290 State Rd 135, Greenwood, IN 46142-1003
      View Details
    • Value Estimation by Request
      4,044 SF

      711 Fry Rd, Unit 713

      RETAIL STORES (PERSONAL SERVICES) • 4,044 SF
      711 Fry Rd, Greenwood, IN 46142-3940
      View Details
    • Value Estimation
      $585,000
      6,000 SF

      640 Madison Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      640 Madison Ave, Greenwood, IN 46142-3073
      View Details
    • Value Estimation by Request
      6,256 SF

      380 Madison Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,256 SF
      380 Madison Ave, Greenwood, IN 46142-3153
      View Details
    • Value Estimation by Request
      4,524 SF

      220 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,524 SF
      220 Main St, Greenwood, IN 46142-3128
      View Details

    Similar Nearby for Sale

    • $775,000
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      Prime Commercial Opportunity in Greenwood

      4400 SF building on nearly an acre of land.
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    • $350,000
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      Two parcels, high-traffic location, development potential.
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    • $1,575,000
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      Greenwood Retail Opportunity

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    • $998,500
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      Center Grove Commercial Land

      High-traffic retail/mixed-use lots
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    • $2,399,000
      5,234 SF

      Historic Greenwood Retail Gem

      Iconic 1850s building, 5,234 sqft, 1.88 acres.
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      Greenwood Retail Center - 2 Acres

      High-visibility retail space, I-69 access.
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    Similar Nearby for Lease

    • $6,500 /Mo
      4,524 SF

      Downtown Greenwood Retail Space Available

      Charming 4,500+ SF storefront in the heart of Greenwood.
      220 W Main St, Greenwood, IN 46142
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    • Contact for pricing
      31,346 SF

      Greenwood Retail Space Available

      Large Big Box Retail Space in Greenwood, IN
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    • Contact for pricing
      2,352 SF

      Greenwood Retail Spaces Available

      Retail and restaurant spaces available in Greenwood, Indiana.
      1100 N State Road 135, Greenwood, IN 46142
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    • $1,065 /Mo
      10,487 SF

      Greenwood Retail Space Available

      Retail space featuring an open layout, restroom, and stock room.
      1678 Stonegate Dr, Greenwood, IN 46142
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    • New
      $1,600 /Mo
      17,400 SF

      Fairview Shopping Center Office Space

      975 SF office space in Fairview Shopping Center.
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    • Contact for pricing
      31,673 SF

      Meridian Parke Retail Space Available

      High-traffic retail space, 1,500 sq ft.
      3115 Meridian Parke Dr, Greenwood, IN 46142
      View Details
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    1221 Madison Ave
    Greenwood, IN 46142-4305
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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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