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    243 Madison Ave Greenwood, IN 46142

    For Sale
    $2,399,000

    Iconic 1850s building, 5,234 sqft, 1.88 acres.

    Property size:
    5,234 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional 5,234 square foot retail property, situated on a generous 1.88-acre lot, presents a rare opportunity in the heart of Greenwood's vibrant Old Town riverfront district. Constructed around 1850, this iconic building has undergone a complete and meticulous rehabilitation. Improvements include a brand-new roof, a state-of-the-art HVAC system, over 100 newly installed windows, and fully updated electrical and plumbing systems. The property also boasts a powerful generator for reliable power, a substantial 140' x 80' concrete pad perfectly suited for outdoor events, and a large dining tent equipped with electricity. A sizable basement provides ample storage space. Its prime location offers significant potential for a variety of uses, including an event center, a charming bed and breakfast, continued use as retail or office space, or even redevelopment into a multifamily residential complex. This is a unique chance to acquire a piece of Greenwood's rich history and capitalize on the continued growth of Old Town. The asking price is $2,399,000.

    Property Features for 243 Madison Ave

    General Information

    Property type
    Retail properties
    Square Feet
    5,234 SF
    Lot Size
    81,893 SF

    Building Details

    Year Built
    1850
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    VeLOX Express Indianapolis Logistics Service Velox Express Trucking Company Courtney Jeanette Photography Photographer Dashboard Food Truck ... Restaurant Folktale Event Center Event Venue

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.10883
    Latitude
    39.61295

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    FAQs

    What type of property is this?
    Retail property - Iconic 1850s building, 5,234 sqft, 1.88 acres.
    Where is this retail property located?
    The property is located at 243 Madison Ave Greenwood, IN.
    What is the asking price?
    The asking price for this property is $2,399,000.
    (317) 881-3700
    Request Owner's contact information
    243 Madison Ave Greenwood, IN 46142
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    Greenwood, IN 46142
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    Realmo Value Estimation

    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.

    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.

    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
    243 Madison Ave Greenwood, IN 46142
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