83-Room Candlewood Suites
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 Market49
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
Changed: Oct 13
Last Checked: Oct 19 at 3:16AM
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
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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 / Yr
$241,607
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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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
