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    Property profile & analytics

    1240 State St Greenfield, IN 46140-1055

    • Retail space
    • 38,714 SF
    • 3.46 lot acres
    OFF-MARKET
    Last Sale
    Jul 21, 2022
    Value Estimations
    $1,540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1217935
    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

    • Retail space

    Property Details for 1240 State St

    Year built
    1988
    Construction
    TYPE NOT SPECIFIED
    Lot size
    3.46 lot acres
    Property size
    38,714 SF
    Property type
    Retail space
    APN
    30-07-29-403-003.000-009
    APU
    300729403003000009

    Description

    McKenzie Plaza, located at 1240 N State St, Greenfield, IN 46140, presents a unique opportunity in the thriving Indy - East submarket of Hancock County. This Class A, single-tenant, free-standing retail building boasts a total of 38,714 square feet, with 22,000 square feet currently vacant and readily divisible to suit various business needs. Built in 1988, the property sits on a 3.46-acre lot and features 74 parking spaces, ensuring ample customer convenience. The building's strategic location at the signalized intersection of State Road 9 (SR9) and N State Street provides exceptional visibility and accessibility. Multiple access points via McKenzie Road and State Street/SR9 optimize traffic flow. Currently, successful businesses such as Ace Hardware, McAlister's Deli, and Forum Credit Union are thriving within the plaza, demonstrating the location's strong retail appeal. The property offers a single-story design with no elevators. This exceptional retail space is ready for immediate occupancy and presents a compelling investment opportunity in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $930,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,149,000
      Market price range: $1.41M - $5.51M

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.7712
    Latitude
    39.8007
    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
    $38,046
    $778,100
    $1,039,900
    $1,818,000
    -
    $778,100
    $1,039,900
    $1,818,000

    Comparable in this City

    • Value Estimation by Request
      3,600 SF

      109 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,600 SF
      109 Main St, Greenfield, IN 46140
      View Details
    • Value Estimation
      $1,100,000
      17,880 SF

      1707 Melody Ln

      RETAIL STORES (PERSONAL SERVICES) • 17,880 SF
      1707 Melody Ln, Greenfield, IN 46140-1192
      View Details
    • Value Estimation by Request
      900 SF

      17 Wn St

      RETAIL STORES (PERSONAL SERVICES) • 900 SF
      17 Wn St, Greenfield, IN 46140-2171
      View Details
    • Value Estimation by Request
      4,030 SF

      3891 200th W

      RETAIL STORES (PERSONAL SERVICES) • 4,030 SF
      3891 200th W, Greenfield, IN 46140-8482
      View Details
    • Value Estimation by Request
      2,630 SF

      2573 100th N

      RETAIL STORES (PERSONAL SERVICES) • 2,630 SF
      2573 100th N, Greenfield, IN 46140-8487
      View Details
    • Value Estimation
      $745,000
      10,207 SF

      1672 600th W

      RETAIL STORES (PERSONAL SERVICES) • 10,207 SF
      1672 600th W, Greenfield, IN 46140-9626
      View Details

    Similar Nearby for Sale

    • $340,000
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      Mixed-Use Investment Opportunity

      Versatile property with commercial space and updated apartments in Greenfield.
      421 N State St, Greenfield, IN 46140
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    • $1,500,000
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      Multi-Tenant Retail Building For Sale

      7,800 SF retail building with existing tenants in Greenfield, IN.
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    • $6,377,592
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      Fully Leased Retail Center

      Fully leased retail center near Hancock Health Hospital.
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    • $3,990,000
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    • $340,000
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      Greenfield Triplex Investment Opportunity

      Commercial space and two updated apartments in a high-visibility location.
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    • $799,000
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      Greenfield Commercial Land, IN

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    Similar Nearby for Lease

    • New
      $1,200 /Mo
      2,500 SF

      Greenfield Mixed-Use Commercial Space

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      View Details
    • Contact for pricing
      20,768 SF

      Retail Space Available For Rent

      Retail space available for rent, approximately 18,535 square feet.
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      15,600 SF

      Gateway Shoppes Retail Space

      Greenfield, IN Retail Opportunity
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    • Contact for pricing
      8,000 SF

      Greenfield Retail Build-to-Suit

      Prime Greenfield location, build-to-suit restaurant opportunity.
      1022 State St, Greenfield, IN 46140
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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
      View Details
    • Contact for pricing
      377,781 SF

      Prime Hancock County Warehouse

      Modern warehouse space, immediate occupancy.
      6887 350N, Greenfield, IN 46140
      View Details
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    Greenfield, IN 46140-1055
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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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