Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2904 State Rd 135 Greenwood, IN 46143-9605

    • Grocery and convenience stores
    • 55,632 SF
    • 7.27 lot acres
    OFF-MARKET
    Last Sale
    Nov 07, 2024
    Value Estimations
    $4,120,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0568037
    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

    • Grocery and convenience stores

    Property Details for 2904 State Rd 135

    Year built
    2001
    Construction
    TYPE NOT SPECIFIED
    Lot size
    7.27 lot acres
    Property size
    55,632 SF
    Zone code
    B-1
    Property type
    Grocery and convenience stores
    APN
    41-04-14-011-003.000-039
    APU
    410414011003000039

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,045,000
      Market price range: $3.64M - $11.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.16
    Latitude
    39.575
    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
    $74,401
    $1,568,100
    $1,370,800
    $2,938,900
    -
    $1,568,100
    $1,370,800
    $2,938,900

    Comparable in this City

    • Value Estimation
      $555,000
      3,950 SF

      2114 Sheek Rd

      CONVENIENCE STORE • 3,950 SF
      2114 Sheek Rd, Greenwood, IN 46143-7973
      View Details
    • Value Estimation
      $645,000
      4,878 SF

      1183 Main St

      CONVENIENCE STORE • 4,878 SF
      1183 Main St, Greenwood, IN 46143-9757
      View Details
    • Value Estimation
      $650,000
      5,162 SF

      2105 County Line Rd

      CONVENIENCE STORE • 5,162 SF
      2105 County Line Rd, Greenwood, IN 46143-8468
      View Details
    • Value Estimation
      $640,000
      4,608 SF

      5 Graham Rd

      CONVENIENCE STORE • 4,608 SF
      5 Graham Rd, Greenwood, IN 46143-0034
      View Details
    • Value Estimation by Request
      2,325 SF

      1350 Us Hwy 31st S

      CONVENIENCE STORE • 2,325 SF
      1350 Us Hwy 31st S, Greenwood, IN 46143-2413
      View Details
    • Value Estimation
      $790,000
      6,731 SF

      1601 Main St

      CONVENIENCE STORE • 6,731 SF
      1601 Main St, Greenwood, IN 46143-8584
      View Details

    Similar Nearby for Sale

    • $2,350,000
      12,293 SF

      Greenwood Commercial Property on US-31

      Combination medical office and retail space in high-growth Greenwood, Indiana.
      1000 Us Highway 31 S, Greenwood, IN 46143
      View Details
    • $725,000
      4,000 SF

      Prime Greenwood Commercial Land

      1.96 Acres, 4,000 SF, C-2 Zoning
      1490 Olive Branch Parke Ln, Greenwood, IN 46143
      View Details
    • $725,000
      10,000 SF

      Greenwood Retail Lot - High Visibility

      Prime 2.5-acre retail lot, high traffic area.
      1500 State Road 135, 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".
      1000 Us Highway 31 S, Greenwood, IN 46143
      View Details
    • $2,500,000
      12,293 SF

      Greenwood Medical Office Building

      Prime location, high-visibility medical & retail space
      1000 Us Highway 31, Greenwood, IN 46143
      View Details
    • $350,000
      2,429 SF

      Greenwood Mixed-Use Redevelopment Opportunity

      Mixed-use property in Greenwood's revitalizing Old Town corridor.
      100 E Main St, Greenwood, IN 46143
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,800 SF

      Retail Center in Greenwood, Indiana

      New retail center near major retailers and employers.
      1146 N Emerson Ave, Greenwood, IN 46143
      View Details
    • $36 SF/Yr
      3,500 SF

      Retail Space in Greenwood, Indiana

      Retail space available in a dynamic commercial area.
      791 S State Road 135, Greenwood, IN 46143
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space on Meridian Street

      Retail space with high traffic and residential density.
      2023 S Meridian St, Greenwood, IN 46143
      View Details
    • $25 SF/Yr
      1,200 SF

      Retail Space on Main Street

      1,200 SF retail space in high-traffic Greenwood corridor.
      893 E Main St, Greenwood, IN 46143
      View Details
    • Contact for pricing
      81,436 SF

      Summerfield Crossing Retail Center

      Greenwood, IN shopping center; 6 spaces available
      2200 Independence Dr, Greenwood, IN 46143
      View Details
    • $28 SF/Yr
      28,800 SF

      Gateway Parke Medical Office Space

      New Greenwood medical office, divisible suites.
      905 Emerson Ave, Greenwood, IN 46143
      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.
    2904 State Rd 135
    Greenwood, IN 46143-9605
    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.