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    5961 N State Road 135 Greenwood, IN 46143

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    5961 N State Road 135 Greenwood, IN 46143

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    • Grocery and convenience stores
    • 98,409 SF
    • 8.81 lot acres
    For Sale
    $7,415,000
    View Listing →
    Commercial Pad Site Opportunity For Sale
    $7,415,000
    8.82 Acres

    Commercial Pad Site Opportunity

    Commercial land within Kroger's parking lot, size negotiable.

    5961 N State Road 135, Greenwood, IN
    View Listing
    Property ID
    US31-3192151
    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

    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Kroger Bakery / Grocery & Convenience Store / Food Market
    • Kroger Pharmacy / Pharmacy
    • Kroger Deli / Food Market / Restaurant
    • The Little Clinic / Medical Clinic

    Property Details for 5961 N State Road 135

    Year built
    2016
    Construction
    TYPE NOT SPECIFIED
    Lot size
    8.81 lot acres
    Property size
    98,409 SF
    Property type
    Grocery and convenience stores
    APN
    41-04-24-022-014.000-040
    APU
    410424022014000040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,023,000
      Market price range: $6.44M - $19.5M

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.1561
    Latitude
    39.5622
    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
    $105,690
    $2,069,500
    $3,769,100
    $5,838,600
    -
    $2,069,500
    $3,769,100
    $5,838,600

    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
      $790,000
      6,731 SF

      1601 Main St

      CONVENIENCE STORE • 6,731 SF
      1601 Main St, Greenwood, IN 46143-8584
      View Details
    • Value Estimation by Request
      4,313 SF

      State Rd 144

      CONVENIENCE STORE • 4,313 SF
      State Rd 144, Greenwood, IN 46143
      View Details
    • Value Estimation by Request
      1.08 Acres

      5917 State Rd 135

      CONVENIENCE STORE (W/FUEL PUMP) • 1.08 Acres
      5917 State Rd 135, Greenwood, IN 46143-5617
      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

    Similar Nearby for Sale

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      Greenwood Commercial Property on US-31

      Combination medical office and retail space in high-growth Greenwood, Indiana.
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    • Contact for pricing
      12,293 SF

      Medical/Retail Space Near New Development

      Highly visible medical/retail space near Greenwood's new $83M development.
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      Stabilized Retail Strip Center

      Neighborhood strip center in Greenwood, Indiana, with diversified retail.
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    • $350,000
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      Greenwood Mixed-Use Redevelopment Opportunity

      Mixed-use property in Greenwood's revitalizing Old Town corridor.
      100 E Main St, Greenwood, IN 46143
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    • $7,300,000
      62.24 Acres

      62.24 Acres in Greenwood, IN

      Unimproved land suitable for mixed-use development or business headquarters.
      W County Rd 144, Greenwood, IN 46143
      View Details
    • Contact for pricing

      Prime Commercial Development Land

      52.24 acres for sale or build to suit.
      2341 East Worthsville Rd, Greenwood, IN 46143
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    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
    • $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
      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
    • Contact for pricing

      Retail Space in Greenwood

      Retail space available in Greenwood, anchored by Kroger.
      2200 Independence Dr, Greenwood, IN 46143
      View Details
    • Contact for pricing

      Greenwood Retail Space for Lease

      Retail spaces available in Kroger-anchored Greenwood shopping center.
      2200 Independence Dr, Greenwood, IN 46143
      View Details
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    Greenwood, IN 46143
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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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