Commercial Land with Existing
For Sale
$299,000
Pending
3480 S Us 31, Franklin, IN 46131
Commercial Sale, Franklin, IN
Property Size1,900 SF
Lot Size3.00 Acres
Days on Market117
Property Features for 3480 S Us 31
General Information
Property type
Residential
Property subtype
Retail
Zoning
General Commercial
Elementary school district
Franklin Community School Corp
Middle school district
Franklin Community School Corp
High school district
Franklin Community School Corp
Directions
GPS Friendly
Subdivision
4109 - Johnson - Blue River
Standard status
Pending
APN
411205024017000004
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E Nw S5 T11 R5
Legal Description
E Nw S5 T11 R5
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
Shelly Johnson · License #RB14043056
(317) 882-5900
Added: May 5
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 22100047
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3-acre commercial land parcel includes an existing structure of approximately 1,900+ square feet. The building was previously used for retail and may support renovation or redevelopment within the property’s General Commercial zoning. The site offers a combination of land area and existing improvements for a commercial project.
The property is located at 3480 S US 31 in Franklin, Indiana, along U.S. Highway 31 with nearly 650ft of frontage. The source information identifies potential applications including auto repair, retail, and child care. Its position along the highway provides direct corridor exposure for a range of commercial uses.
The property is located at 3480 S US 31 in Franklin, Indiana, along U.S. Highway 31 with nearly 650ft of frontage. The source information identifies potential applications including auto repair, retail, and child care. Its position along the highway provides direct corridor exposure for a range of commercial uses.
Key Highlights
- 3‑acre commercial land parcel
- Existing structure of approximately 1,900+ square feet
- Nearly 650ft of frontage on U.S. Highway 31
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,780
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,600
$415.6K
Cap Rate 7%
$296,857
$296.9K
Cap Rate 9%
$230,889
$230.9K
Market Conditions
NOI Build-Up for 1,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.9K $16.80/SF
− Vacancy
−$2.2K −$1.18/SF
EGI
$29.7K $15.62/SF
− OpEx
−$8.9K −$4.69/SF
NOI
$20.8K $10.94/SF
Area
Johnson County, IN
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,600
Cap Rate 7%
$296,857
Cap Rate 9%
$230,889
Alternative Uses
Best Use
Retail
$296.9K
$259.8K – $346.3K
NOI $20,780 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$478.8K
$419.0K – $558.6K
NOI $33,516 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 46131, IN
32,869
Population
13,151
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
261
Density / Sq Mi
$81,914
Median Household Income
$44,797
Median Earnings
$1,114
Median Rent
$227,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - General Commercial zoning and an existing structure formerly used for retail support multiple commercial applications.
Where is this commercial land located?
The property is located at 3480 S Us 31 Franklin, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 3‑acre commercial land parcel; Existing structure of approximately 1,900+ square feet; Nearly 650ft of frontage on U.S. Highway 31
