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    Charming Commercial Property in Greencastle Title is generated by Realmo AI

    25 W Franklin Street, Greencastle, IN 46135

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    For Sale
    $219,900

    Office - Greencastle, IN

    Type:Office
    Property size:
    1,755 SF
    Lot size:
    0.01 Acres
    Price / SF:
    $125/SF
    Added:
    May 17, 2026
    Days on Market:
    7
    Last Refresh:
    May 23 at 8:06 am

    Property Features for 25 W Franklin Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    CB
    Parking features
    On Street
    Security features
    Smoke Detector(s)
    Standard status
    Active
    APN
    670921202076000008
    Size
    1,755 SF
    Lot size
    0.01 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Nicole Stanley
    Nicole Stanley

    Listing agent Nicole Stanley License #RB20001058

    Listing office RE/MAX Cornerstone N. Jackson St., Greencastle, IN

    Listing date May 17, 2026

    MLS# 22102754 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility commercial property located on the Putnam County courthouse square.
    • Three‑level space with a blend of classic architectural character and updated interior.
    • Street‑level storefront, flexible second‑floor office/studio space with downtown views, and basement meeting room/storage.
    • Close proximity to DePauw University, local boutiques, and restaurants.
    • Located in an area with community events like First Fridays.
    • On‑street parking and nearby public parking lot.

    Overview

    Located on the North side of the Putnam County courthouse square at 25 W Franklin Street in Greencastle, Indiana, this commercial property offers a blend of classic architectural character and updated interiors. The three-level space, totaling 1755 square feet, features exposed brick, tall windows, and original moldings, complemented by clean lines, updated lighting, and tasteful finishes. The street-level storefront is designed to be bright and welcoming. The second floor provides flexible office or studio space with a modern-meets-classic aesthetic and downtown views. The basement level includes a meeting room and additional storage. Situated minutes from DePauw University and close to local boutiques and restaurants, the property benefits from its proximity to community events such as Greencastle's First Fridays. The property is zoned CB. The lot size is 0.01 acres. Street parking is available directly in front of the property, with a public parking lot nearby.
    Property Profile Location Intelligence

    Current Use by Public Records

    Prime Real Estate ... Real Estate Agency TotallyWhole Church Eric Wolfe, Prime ... Real Estate Agency The Eric Wolfe Team Real Estate Agency PRIME real estate ... Real Estate Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greencastle
    County
    Putnam
    State
    Indiana
    Longitude
    -86.865303
    Latitude
    39.644909

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    FAQs

    What type of property is this?
    Office units - High-visibility commercial property blending classic character with modern updates.
    Where is this office units located?
    The property is located at 25 W Franklin Street Greencastle, IN.
    What is the asking price?
    The asking price for this property is $219,900.
    What are key features of this property?
    This property features: High‑visibility commercial property located on the Putnam County courthouse square.; Three‑level space with a blend of classic architectural character and updated interior.; Street‑level storefront, flexible second‑floor office/studio space with downtown views, and basement meeting room/storage.
    (765) 653-7070
    We can help!
    Listing Contact
    Nicole Stanley
    Nicole Stanley
    Real Estate License ID: RB20001058
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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.

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