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    Freestanding Retail with Open Layout Title is generated by Realmo AI

    105 S Madison Ave, Greenwood, IN 46142

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    Highly visible freestanding retail offering an open floor plan, two restrooms, and customer parking in Old Greenwood.

    Type:Free Standing Building
    Property size:
    2,236 SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 2:15 am

    Property Features for 105 S Madison Ave

    General Information

    Standard status
    Active
    Size
    2,236 SF
    Property subtype
    Free Standing Building

    Building Details

    Year Built
    1957

    Spaces For Lease

    at 105 S Madison Ave Contact us

    We can help!

    Listing Contact
    Shelly Johnson
    Shelly Johnson

    Listing agent Shelly Johnson License #RB14043056

    Listing office Keller Williams Commercial | Johnson Realty

    Listing date Jun 3, 2026

    Source Thebrokerlist

    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 Keller Williams Commercial | Johnson Realty

    HighLights

    • Freestanding retail building built in 1957 with 2,236 SF of flexible space
    • Open area layout measuring 32' x 28' for a variety of retail or service configurations
    • Includes two restrooms
    • On‑site parking available for customers and staff
    • OT zoning noted for the property
    • Located in Old Greenwood with quick access to Madison Avenue, Main Street, and US 31

    Overview

    This freestanding retail property provides a large open area measuring approximately 329 x 289, supported by two restrooms for customer and staff convenience. The space is presented as a flexible option under OT zoning, suitable for a range of storefront and service concepts that benefit from an easy-to-configure interior layout. The offering also includes ample on-site parking to support customer access.

    The property is positioned in the heart of Old Greenwood and is described as highly visible along an established commercial corridor. It sits in a walkable area surrounded by local businesses and neighborhood traffic, with wide sidewalks and well-kept streets intended to support regular foot traffic. The remarks also note quick access to Madison Avenue, Main Street, and US 31.

    For tenants considering a neighborhood-oriented presence, this configuration offers a straightforward footprint for customizing layouts while maintaining core operational needs like restroom access. The freestanding nature and on-site parking are practical for retail, office, or service users who want direct customer convenience in a downtown-style setting.
    Location Intelligence

    Current Use by Public Records

    Walt's Barber Shop,Inc Barber Shop

    Suggested Use

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

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

    Similar Places Nearby

    • Wood Florist & Flower Delivery Greenwood IN — 656 US-31, Greenwood, IN 46142

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.110633
    Latitude
    39.617081

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    FAQs

    What type of property is this?
    Storefront property - Highly visible freestanding retail offering an open floor plan, two restrooms, and customer parking in Old Greenwood.
    Where is this storefront property located?
    The property is located at 105 S Madison Ave Greenwood, IN.
    What are key features of this property?
    This property features: Freestanding retail building built in 1957 with 2,236 SF of flexible space; Open area layout measuring 32' x 28' for a variety of retail or service configurations; Includes two restrooms
    (317) 883-9125
    We can help!
    Listing Contact
    Shelly Johnson
    Shelly Johnson
    Real Estate License ID: RB14043056
    Learn More
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    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.

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