Medical/Retail Space Near New Development

1000 Us Highway 31 S, Greenwood, IN 46143

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For Sale

$2,350,000

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

Type:Office

Property size:

12,293 SF

Price / SF:

$191/SF

HighLights

High‑visibility location on U.S. 31, near Smith Valley Rd.
Located in Greenwood, one of the fastest‑growing Indy‑Metro areas.
Proximity to "The Madison", an $83 million mixed‑use development with over 400 residences, shopping, and restaurants.
Ample parking and signage available.
Combination medical office and retail space.
Built in 2016.

We can help!

Listing Contact

Mark Linder

For Sale

$2,350,000

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

Type:Office

Property size:

12,293 SF

Price / SF:

$191/SF

Added:: Jun 20, 2024
Days on Market:: 723
Last Refresh:: May 12 at 9:28 pm

Property Features for 1000 Us Highway 31 S

General Information

Standard status: Active
Size: 12,293 SF
Property subtype: Office

Building Details

Year Built: 2016

We can help!

Listing Contact

Mark Linder

Listing agent Mark Linder

Listing office CENTURY 21 Scheetz

Listing date Jun 20, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Scheetz

HighLights

High‑visibility location on U.S. 31, near Smith Valley Rd.
Located in Greenwood, one of the fastest‑growing Indy‑Metro areas.
Proximity to "The Madison", an $83 million mixed‑use development with over 400 residences, shopping, and restaurants.
Ample parking and signage available.
Combination medical office and retail space.
Built in 2016.

Overview

This property offers a combination of medical office and retail space in a highly visible location on U.S. 31, situated one block south of Smith Valley Rd in Greenwood, Indiana. Greenwood is recognized as one of the fastest-growing areas within the Indy-Metro region. The property benefits from ample parking and signage opportunities. Its location is just blocks from "The Madison", a newly constructed $83 million development. "The Madison" features a luxurious design spanning over 18,700 square feet, offering more than 400 private residences, along with shopping and restaurant facilities. This development is the first of its kind for downtown Greenwood and is located in the heart of Greenwood's ongoing efforts to enhance the city's downtown area. The property comprises a total size of 12,293 square feet and presents a lucrative and long-standing investment opportunity.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$243.4k	$19.80
− Vacancy	−$36.5k	−$2.97
EGI	$206.9k	$16.83
− OpEx	−$51.7k	−$4.21
NOI	$155.2k	$12.62

12,293 SF · lease $19.80/SF/yr · vacancy 15.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$2.22M

$1.94M – $2.59M (±1% cap)

NOI $155,168 @ 7.0% cap · market cap 6.60%

Second Best

Healthcare Medical

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,550 @ 7.0% cap · market cap 6.24%

Theoretical Best

Office A

$3.10M

$2.71M – $3.61M (±1% cap)

NOI $216,849 @ 7.0% cap · market cap 9.23%

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

Property Profile Location Intelligence

Current Use by Public Records

Medical Office Space

Suggested Use

Location Insight

Map
Local Demand

City: Greenwood
County: Johnson
State: Indiana
Longitude: -86.106686
Latitude: 39.601721

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For sale
Medical Office Space
IN
Greenwood
46143
1000 Us Highway 31 S

What type of property is this?

Medical Office Space - Highly visible medical/retail space near Greenwood's new $83M development.

Where is this medical office space located?

The property is located at 1000 Us Highway 31 S Greenwood, IN.

What is the asking price?

The asking price for this property is $2,350,000.

What are key features of this property?

This property features: High‑visibility location on U.S. 31, near Smith Valley Rd.; Located in Greenwood, one of the fastest‑growing Indy‑Metro areas.; Proximity to "The Madison", an $83 million mixed‑use development with over 400 residences, shopping, and restaurants.