Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    56 Main St Martinsville, IN 46151-1415
    Back to Search
    Property profile & analytics

    56 Main St, Martinsville, IN 46151-1415

    View on Map
    • Office Spaces
    • 5,169 SF
    • 0.11 lot acres
    Off-Market
    Last Sale Jan 15, 2025
    Property ID
    US31-1918356
    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

    • Office Spaces

    Property Details for 56 Main St

    Year built
    1952
    Construction
    WOOD
    Lot size
    0.11 lot acres
    Property type
    Office Spaces
    APN
    55-09-33-394-006.000-021
    APU
    550933394006000021

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 15, 2025 — 56 N Main Street Rental LLC 10 N Main Street Martinsville LLC Warranty Deed —
    Oct 24, 2023 — Martinsville LLC Community Foundation Of Morgan Cnty Warranty Deed —
    Oct 25, 2010 $140,000 Community Foundation Of Morgan Coun Ann A Marvel Warranty Deed —

    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
    Martinsville
    County
    Morgan
    State
    Indiana
    Longitude
    -86.429
    Latitude
    39.4276
    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
    $10
    $83,200
    $156,000
    $239,200
    -
    $83,200
    $156,000
    $239,200

    Comparable in this City

    • Value Estimation
      $4,625,000
      47,205 SF

      139 Poston Rd

      OFFICE (GENERAL)
      139 Poston Rd, Martinsville, IN 46151-2846
      View Details
    • Value Estimation by Request
      2,600 SF

      6499 State Rd 42

      OFFICE (GENERAL)
      6499 State Rd 42, Martinsville, IN 46151
      View Details
    • Value Estimation by Request
      945 SF

      140 Jefferson St

      OFFICE (GENERAL)
      140 Jefferson St, Martinsville, IN 46151-1515
      View Details
    • Value Estimation by Request
      2,586 SF

      78 Main St

      OFFICE (GENERAL)
      78 Main St, Martinsville, IN 46151-1415
      View Details
    • Value Estimation by Request
      1,192 SF

      289 Main St

      OFFICE (GENERAL)
      289 Main St, Martinsville, IN 46151-1925
      View Details
    • Value Estimation by Request
      1,011 SF

      5360 Paragon Rd

      OFFICE (GENERAL)
      5360 Paragon Rd, Martinsville, IN 46151-6687
      View Details

    Similar Nearby for Sale

    • $449,900
      1,432 SF

      Prime Commercial Corner Lot

      High-visibility corner lot with immediate I-69 access in Martinsville.
      9393 N Waverly Park Rd, Martinsville, IN 46151
      View Details
    • Contact for pricing
      2,116 SF

      Martinsville Office Building For Sale

      2116 SF office building with flexible layout in Martinsville.
      1209 E Morgan St, Martinsville, IN 46151
      View Details
    • Contact for pricing
      5,565 SF

      Historic Retail/Office Building Opportunity

      Downtown Martinsville retail/office building with potential for diverse uses.
      124 E Morgan St, Martinsville, IN 46151
      View Details
    • Contact for pricing

      Former Farm Credit Building For Sale

      Brick building with flexible layout, offices, and expansion potential.
      1209 E Morgan St, Martinsville, IN 46151
      View Details
    • $369,797
      2,116 SF

      Martinsville Office Building For Sale

      Former Farm Credit building with flexible office space and immediate occupancy.
      1209 E Morgan St, Martinsville, IN 46151
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Property with Flexible Space

      Mixed-use property featuring flexible space, offices, and potential expansion.
      1209 E Morgan St, Martinsville, IN 46151
      View Details
    • Contact for pricing

      IN, Martinsville - Robin Road

      Discover many ways to work your way in Cornerstone Corporate
      1839 Floors, Martinsville, IN 46151
      View Details
    • $3,000 /Mo
      2,116 SF

      Martinsville Office Space For Rent

      Former Farm Credit building with flexible office space available for rent.
      1209 E Morgan St, Martinsville, IN 46151
      View Details
    • Contact for pricing
      4,265 SF

      Freestanding Restaurant Building with Drive-Thru

      4,265 SF former Steak N Shake with drive-thru for lease.
      650 Birk Rd, Martinsville, IN 46151
      View Details
    • $9,945 /Mo
      58,754 SF

      Martinsville Retail Space Available

      Retail property available for lease in Martinsville, Indiana.
      2020-2138 Burton Ln, Martinsville, IN 46151
      View Details
    • Contact for pricing
      3,044 SF

      Retail Space with Drive-Thru

      3,044 SF retail space with drive-thru available for sublease.
      2235 Burton Ln, Martinsville, IN 46151
      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.
    56 Main St
    Martinsville, IN 46151-1415
    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

    Thank You for Inquiry
    56 Main St, Martinsville, IN, 46151
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!