83-Room Candlewood Suites
New
For Sale
$7,100,000
1190 N Graham Rd, Greenwood, IN 46143
Three-story extended-stay hotel near I-65 in Greenwood.
Property Size41,556 SF
Days on Market3
Property Features for 1190 N Graham Rd
General Information
Standard status
Active
Size
41,556 SF
Property subtype
Hotel-Motel
Additional Details
Cap Rate
6.31%
Highway Access
Yes
Amenities
June '26 Candlewood T-3 RevPAR Increased 12.5% YOY and 10.8% for the Comp. Set
Located in a Top-35 MSA
Property is Located Just off I-65
Adjacent to OrthoIndy Greenwood Hospital (0.6 Miles)
Also Proximate to Downtown Indianapolis, Indianapolis International Airport, ULTA Distribution Center, University of Indianapolis, and More
Building Details
Building Size
41,556 SF
Year Built
2008
Buildings
1
Stories
3
Listed By:
Scott Havericak · License #License(s): FL: SL3281416
(954) 245-3527
Source:
Marcusmillichap
Added: Sep 1
Last Checked: Sep 2 at 1:18PM
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 Scott Havericak
Investment Insights
Based on property information with market context.
Candlewood Suites Indianapolis South is an 83-room, three-story hotel built in 2008. The property operates as an extended-stay, select-service hotel under the IHG brand, with access to the company’s reservation platform and established guest program. The asset is offered with fee-simple interest.
The hotel is located at 1190 N Graham Rd in Greenwood, Indiana, a suburb of Indianapolis, and sits just off I-65. Its configuration and brand positioning support extended-stay hospitality operations within the Indianapolis-area market.
The hotel is located at 1190 N Graham Rd in Greenwood, Indiana, a suburb of Indianapolis, and sits just off I-65. Its configuration and brand positioning support extended-stay hospitality operations within the Indianapolis-area market.
Key Highlights
- 83‑room Candlewood Suites hotel
- Three‑story property constructed in 2008
- Extended‑stay, select‑service hotel
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
$241,607
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
3.40%
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%
$4,832,140
$4.8M
Cap Rate 7%
$3,451,529
$3.5M
Cap Rate 9%
$2,684,522
$2.7M
Market Conditions
NOI Build-Up for 41,556 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
$598.4K $14.40/SF
− Vacancy
−$89.8K −$2.16/SF
EGI
$508.6K $12.24/SF
− OpEx
−$267.0K −$6.43/SF
NOI
$241.6K $5.81/SF
Area
Johnson County, IN
Vacancy
15.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$4,832,140
Cap Rate 7%
$3,451,529
Cap Rate 9%
$2,684,522
Alternative Uses
Best Use
Hotel Hospitality
$3.45M
$3.02M – $4.03M
NOI $241,607 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.47M
$9.16M – $12.22M
NOI $733,048 @ 7.0% cap · market cap 10.32%
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
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 46143, IN
62,618
Population
23,417
Households
2.7
Avg Household Size
36
Median Age
36%
College-Educated
93%
High-School Grad
49.4 sq mi
ZIP Area
1,268
Density / Sq Mi
$89,401
Median Household Income
$51,213
Median Earnings
$1,427
Median Rent
$295,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Three-story extended-stay hotel near I-65 in Greenwood.
Where is this hotel located?
The property is located at 1190 N Graham Rd Greenwood, IN.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: 83‑room Candlewood Suites hotel; Three‑story property constructed in 2008; Extended‑stay, select‑service hotel
