Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Retail/Office Building Opportunity Title is generated by Realmo AI

    124 E Morgan St, Martinsville, IN 46151

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Downtown Martinsville retail/office building with potential for diverse uses.

    Type:Office, Retail
    Property size:
    5,565 SF
    Price / SF:
    $62/SF
    Added:
    Jan 28, 2026
    Days on Market:
    105
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 124 E Morgan St

    General Information

    Standard status
    Active
    Size
    5,565 SF
    Property subtype
    Office, Retail

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Sharon Thompson
    Sharon Thompson

    Listing agent Sharon Thompson License #IN #RB14044406

    Listing office KW Commercial / Keller Williams Indy Metro NE

    Listing date Jan 28, 2026

    Source Crexi

    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 KW Commercial / Keller Williams Indy Metro NE

    HighLights

    • Prime downtown location on Courthouse Square.
    • Large 5565 sq ft building with flexible retail/office space.
    • High potential for apartments, Airbnb, studios, or expanded offices.
    • Historic building with desirable features like lofty ceilings and natural light.
    • New roof installed in 2025.
    • Zoned B‑2 General Commercial, offering diverse business opportunities.

    Overview

    Located in downtown Martinsville on the Courthouse Square, this historic building offers a combination of retail and office space. The building, constructed in 1900, features a storefront area suitable for walk-in traffic and window displays, along with professional office spaces. The building previously housed Artesian Book. The property encompasses 5565 square feet and includes a large second floor characterized by high ceilings and natural light. The second floor also provides views overlooking the new Martinsville Arts Venue. The building presents potential for various uses, including apartments, Airbnb units, studios, or expanded office space. A new roof is planned for 2025. The property is zoned B-2 General Commercial. It can be purchased separately or together with the adjacent property at 128 E Morgan St.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Martinsville
    County
    Morgan
    State
    Indiana
    Longitude
    -86.4270092
    Latitude
    39.4281303

    Nearby Similar for Sale

    • $850,000

      Versatile Commercial Building in Martinsville

      High-visibility commercial property with office and manufacturing space for sale.
      400 E Mahalasville Drive, Martinsville, IN 46151
      View Details
    • $850,000

      Martinsville Commercial Property For Sale

      Versatile commercial property with high visibility and flexible use options.
      400 E Mahalasville Drive, Martinsville, IN 46151
      View Details
    • $2,700,000
      14,525 SF

      Martinsville Walgreens For Sale

      14,525 SF Walgreens located in Martinsville, Indiana for sale.
      25 Bills Boulevard, Martinsville, IN 46151
      View Details
    • $380,000
      2,580 SF

      Corner Lot Mixed-Use Building

      High-visibility corner lot suitable for retail, office, or auto businesses.
      709 Morton Avenue, Martinsville, IN 46151
      View Details
    • $435,000
      5,934 SF

      Updated Retail Building in Downtown

      Updated commercial building in revitalized downtown Martinsville, Indiana.
      159 N Main Street, Martinsville, IN 46151
      View Details
    • $449,900
      1,432 SF

      Prime Commercial Corner Lot

      High-visibility corner lot with immediate I-69 access in Martinsville.
      9393 N Waverly Park Road, Martinsville, IN 46151
      View Details
    • $232,000

      Martinsville Duplex Investment Opportunity

      Charming duplex near downtown Martinsville, Indiana, ideal for investment.
      859-869 E Jackson Street, Martinsville, IN 46151
      View Details
    • $795,000
      6,000 SF

      High-Visibility Martinsville Retail Opportunity

      Strategic location with high traffic, adaptable for various business uses.
      930 Morton Ave, Martinsville, IN
      View Details
    • $3,520,000

      355 Acre Farm Near Martinsville

      Large contiguous farm with tillable acreage and river frontage.
      0 N Waverly Park Rd, Martinsville, IN 46151
      View Details
    • $350,000
      5,565 SF

      Historic Downtown Martinsville Retail/Office Building

      Historic 5565 SF retail/office building in downtown Martinsville.
      124 East Morgan Street, Martinsville, IN 46151
      View Details
    • $680,000

      Downtown Martinsville Commercial Buildings For Sale

      Two adjoining commercial buildings in downtown Martinsville's courthouse square.
      128 East Morgan Street, Martinsville, IN 46151
      View Details
    • $369,797
      2,116 SF

      Martinsville Office Building For Sale

      Former Farm Credit building with flexible office space and immediate occupancy.
      1209 E Morgan Street, Martinsville, IN 46151
      View Details

    FAQs

    What type of property is this?
    Storefront property - Downtown Martinsville retail/office building with potential for diverse uses.
    Where is this storefront property located?
    The property is located at 124 E Morgan St Martinsville, IN.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Prime downtown location on Courthouse Square.; Large 5565 sq ft building with flexible retail/office space.; High potential for apartments, Airbnb, studios, or expanded offices.
    (317) 607-0884 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sharon Thompson
    Sharon Thompson
    Real Estate License ID: IN #RB14044406
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    124 E Morgan St, Martinsville, IN 46151
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!