A multiple has no meaning without its denominator
Price divided by SDE, adjusted EBITDA and property NOI are different measures. State the earnings period, adjustments and included assets before comparing ratios. The buyer’s role and whether property is owned or leased can change the economic basis.
This page does not publish verified Indiana closed-sale ranges. Earlier numeric market bands were removed because the public page did not establish a reproducible supporting sample. A user-supplied scenario multiple is an assumption, not a market observation.
| Comparable field | Question |
|---|---|
| Transaction status | Was it closed, under contract, an asking price or a rumor? |
| Date and geography | Is the record relevant to the current decision and actual trade area? |
| Price scope | Are property, working capital, equipment and assumed liabilities treated consistently? |
| Earnings definition | Is the denominator SDE, adjusted EBITDA or property NOI? |
| Terms | Did seller financing, earnouts, unusual leases or deferred work affect price? |
| Evidence quality | Can another reviewer trace the figure to an appropriate source? |
Do not mix business and property ratios
A property cap rate considers defined property income against property value. An operating-business multiple considers the specified business earnings and transaction scope. A mixed total price divided by an undefined cash-flow figure cannot be compared confidently with either.
For a property-inclusive transaction, account for market rent in the business analysis and evaluate the property separately. The valuation guide explains how to avoid double-counting the property’s contribution.
Use a range to expose assumptions
If a buyer supports $123,000 of adjusted managed earnings, illustrative multiples of 3 and 4 imply $369,000 and $492,000 before any specifically defined balance-sheet adjustments. That arithmetic does not establish the appropriate multiple. The $123,000 input still needs evidence and consistent treatment of rent, labor and repairs.
A sensitivity table helps identify what must be verified. If modestly different earnings normalization changes value more than the proposed multiple range, resolving the records may matter more than arguing over a decimal point.
What would justify a published market table
A credible table would disclose sample size, dates, geography, format, price scope, earnings definitions, source permissions and exclusion rules. Asking and closed prices should be separated. Small or selected samples need visible limitations and should not imply every Indiana owner can achieve the observed range.
Until that evidence is available, use the earnings bridge and cash-flow scenarios to explain a specific decision. Do not turn a national portfolio transaction into a local single-site promise.
Sources and scope
Public guidance reviewed October 17, 2026. Rules and individual transaction facts can change; a source does not establish a particular property’s compliance, financing approval or value.