Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1621 State St, Unit 1637 Greenfield, IN 46140-1068

    Property Lookup

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

    1621 State St, Unit 1637 Greenfield, IN 46140-1068

    View on Map
    • Strip malls
    • 9,764 SF
    • 1.49 lot acres
    Off-Market
    Last Sale Jan 14, 2025
    Property ID
    US31-0812983
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 1621 State St

    Year built
    2007
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.49 lot acres
    Property size
    9,764 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    30-07-29-102-001.002-009
    APU
    300729102001002009

    Description

    This Greenfield, Indiana shopping center presents a compelling investment opportunity. The 9,661 square foot, single-story Class B property, built in 2003, is currently 100% occupied by four tenants, including FedEx and Little Caesars. The property boasts a strong NOI of $162,798, with a pro-forma NOI of $189,077, and a current cap rate of 7.24%, and a pro-forma cap rate of 8.40%. Located at 1621 N State St, Greenfield, IN 46140, this multi-tenant retail center benefits from a high-traffic location, shadow-anchored by Tractor Supply and Dollar Tree, and situated near a Kroger and Walmart Supercenter. The area demonstrates strong demographics, with average household incomes within five miles exceeding $95,392, and daily traffic counts exceeding 22,000 vehicles. The asking price is $2,250,000, representing a price per square foot of $232.90. This stabilized retail investment offers a solid return with potential for future growth. The property's favorable lease terms and strong tenant mix contribute to its overall attractiveness. This is a rare opportunity to acquire a well-performing retail asset in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.7688
    Latitude
    39.8076
    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
    $24,948
    $472,900
    $749,000
    $1,221,900
    -
    $472,900
    $749,000
    $1,221,900

    Comparable in this City

    • Value Estimation by Request
      14,800 SF

      1250 State St, Unit 1264

      SHOPPING CENTER, STRIP CENTER • 14,800 SF
      1250 State St, Greenfield, IN 46140-1055
      View Details
    • Value Estimation by Request
      16,080 SF

      1266 State St, Unit 1298

      SHOPPING CENTER, STRIP CENTER • 16,080 SF
      1266 State St, Greenfield, IN 46140-1055
      View Details
    • Value Estimation
      $830,000
      37,560 SF

      1244 Main St

      SHOPPING CENTER, STRIP CENTER • 37,560 SF
      1244 Main St, Greenfield, IN 46140-1926
      View Details
    • Value Estimation by Request
      5,967 SF

      237 Main St

      SHOPPING CENTER, STRIP CENTER • 5,967 SF
      237 Main St, Greenfield, IN 46140-2052
      View Details
    • Value Estimation
      $1,495,000
      88,200 SF

      1502 State St, Unit 1584

      SHOPPING CENTER, STRIP CENTER • 88,200 SF
      1502 State St, Greenfield, IN 46140-1060
      View Details
    • Value Estimation by Request
      6,781 SF

      22 122nd N Mcclarnon Dr

      SHOPPING CENTER, STRIP CENTER • 6,781 SF
      22 122nd N Mcclarnon Dr, Greenfield, IN 46140
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
    • Contact for pricing
      7,800 SF

      Multi-Tenant Retail Building For Sale

      7,800 SF retail building with existing tenants in Greenfield, IN.
      1789-1798 Melody Ln, Greenfield, IN 46140
      View Details
    • $3,800,000
      39,097 SF

      Greenfield Shopping Center with Auto Repair

      Shopping center with auto repair shop on 5.1 acres.
      1244 W Main St, Greenfield, IN 46140
      View Details
    • $825,000
      2,756 SF

      Renovated Pole Barn on Acreage

      Renovated pole barn on 1.91 acres in Hancock County.
      2440 N Buck Creek Rd, Greenfield, IN 46140
      View Details
    • $229,000
      1,560 SF

      Greenfield Retail Space - $229K

      Prime Greenfield location, versatile retail space.
      1028 South St, Greenfield, IN 46140
      View Details

    Similar Nearby for Lease

    • 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

      Retail Space in Growing County

      Retail space available in rapidly growing Hancock County, Indiana.
      1022 N State St, Greenfield, IN 46140
      View Details
    • Contact for pricing

      Divisible Retail Space Near I-70

      9,600 SF divisible retail space near Gateway Campus development.
      2250 N Hugar L Phelps Dr, Greenfield, IN 46140
      View Details
    • $1,150 /Mo
      2,500 SF

      Greenfield Mixed-Use Commercial Space

      Versatile commercial space in a high-traffic Greenfield location.
      421 N State St, Greenfield, IN 46140
      View Details
    • Contact for pricing
      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
      View Details
    • 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
    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.
    1621 State St, Unit 1637
    Greenfield, IN 46140-1068
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!