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

    489 State Rd 135 Greenwood, IN 46142-1400

    • Medical offices
    • 14,800 SF
    • 1.47 lot acres
    OFF-MARKET
    Last Sale
    Dec 03, 2020
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0594198
    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

    • Best Indy Tax Relief / Tax Consultant
    • Hallmark Home Mortgage / Mortgage Lender
    • Heartland Community Bank / Bank
    • Dr. Mary B. Kohrs-Zouvas, MD / Doctor
    • MedCheck Greenwood / Urgent Care Center / Medical Clinic

    Property Details for 489 State Rd 135

    Year built
    1966
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.47 lot acres
    Property size
    14,800 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    41-03-36-033-016.000-041
    APU
    410336033016000041

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $860,000
      Market price range: $567k - $1.41M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,065,000
      Current use
      RETAIL STORES
      $1,065,000
      Change: +0% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,020,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.1578
    Latitude
    39.6082
    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
    $33,931
    $609,600
    $815,000
    $1,424,600
    -
    $609,600
    $815,000
    $1,424,600

    Comparable in this City

    • Value Estimation
      $1,195,000
      12,284 SF

      1411 County Line Rd

      MEDICAL BUILDING • 12,284 SF
      1411 County Line Rd, Greenwood, IN 46142-5249
      View Details
    • Value Estimation by Request
      4,836 SF

      1001 Madison Ave

      MEDICAL BUILDING • 4,836 SF
      1001 Madison Ave, Greenwood, IN 46142-4135
      View Details
    • Value Estimation by Request
      8,165 SF

      362 Meridian Parke Ln

      MEDICAL BUILDING • 8,165 SF
      362 Meridian Parke Ln, Greenwood, IN 46142-9425
      View Details
    • Value Estimation by Request
      6,940 SF

      1700 Smith Vly Rd

      MEDICAL BUILDING • 6,940 SF
      1700 Smith Vly Rd, Greenwood, IN 46142-1599
      View Details
    • Value Estimation
      $770,000
      4,252 SF

      1901 Breckenmore Dr

      MEDICAL BUILDING • 4,252 SF
      1901 Breckenmore Dr, Greenwood, IN 46142-1300
      View Details
    • Value Estimation by Request
      3,288 SF

      3089 Fairview Rd

      MEDICAL BUILDING • 3,288 SF
      3089 Fairview Rd, Greenwood, IN 46142-8504
      View Details

    Similar Nearby for Sale

    • $998,500
      1.97 Acres

      Center Grove Commercial Land

      High-traffic retail/mixed-use lots
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      View Details
    • $400,000
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      Greenwood Commercial Land Investment

      Two parcels, high-traffic location, development potential.
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    • New
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      Greenwood Office Building For Sale

      5,453 SF office building with multi-tenant potential in Greenwood.
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    • $399,900
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      Greenwood Office Building - 54,886 SF

      Prime Greenwood location, 1.26 acres, excellent office space.
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    • $775,000
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      Prime Commercial Opportunity in Greenwood

      4400 SF building on nearly an acre of land.
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    • $2,499,000
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      Center Grove Land: 36.3 Acres

      Prime residential land, Center Grove schools. High visibility, I-69 proximity.
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    Similar Nearby for Lease

    • Contact for pricing
      5,864 SF

      Greenwood Medical Office Space for Lease

      Prime Medical Office: 5,864 SF Available
      373 Meridian Parke Ln, Greenwood, IN 46142
      View Details
    • $14 SF/Yr
      6,524 SF

      Greenwood Office Space for Lease

      Two suites available, 418-1336 sq ft.
      1700 Smith Valley Rd, Greenwood, IN 46142
      View Details
    • $22 SF/Yr
      38,000 SF

      Greenwood Medical Office Space

      Prime Greenwood location, multiple suites available.
      0 County Line Rd, Greenwood, IN 46142
      View Details
    • $16 SF/Yr
      18,000 SF

      Greenwood Office Space Available

      Historic building, flexible spaces, prime location.
      2 Madison Ave, Greenwood, IN 46142
      View Details
    • Contact for pricing
      4,994 SF

      Medical Office Space Available

      Medical office space with convenient access and ample parking.
      701 E County Line Rd, Greenwood, IN 46142
      View Details
    • $22 SF/Yr
      2,033 SF

      Greenwood Office Space Available

      Office space for rent in Greenwood, Indiana.
      1411 W County Line Rd, Greenwood, IN 46142
      View Details
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    489 State Rd 135
    Greenwood, IN 46142-1400
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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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