Multi-Office
For Sale
$500,000
1507 N Main Street, Franklin, IN 46131
Office layout includes shared lobby, full bathroom, kitchenette, and on-site parking.
Property Size1,710 SF
Price / SF$292.40
Days on Market129
Property Features for 1507 N Main Street
General Information
Standard status
Active
Size
1,710 SF
Total Parking Spaces
18
Property subtype
Commercial
Zoning
MXC - Mixed Use Community
Additional Details
Road Access
Yes
Amenities
lobby
full bathroom
kitchenette
Building Details
Building Size
1,710 SF
Year Built
1950
Year Renovated
1980
Stories
1
Listing Agency:
Simplify Real Estate
Listed By:
Eli Skinner · License #RB14040938
(317) 627-0784
Source:
Battsrealestategroup
Added: Jun 20
Changed: Oct 26
Last Checked: Oct 26 at 3:42AM
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 Simplify Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,710-square-foot office building contains seven individual office rooms, along with a shared lobby, full bathroom, and kitchenette. Built in 1950, the property has 18 parking spaces.
The property is zoned MXC - Mixed Use Community and is located at 1507 N Main Street in Franklin, Indiana.
The property is zoned MXC - Mixed Use Community and is located at 1507 N Main Street in Franklin, Indiana.
Key Highlights
- Seven individual office rooms
- 1,710 square feet
- 18 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,584
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$431,680
$431.7K
Cap Rate 7%
$308,343
$308.3K
Cap Rate 9%
$239,822
$239.8K
Market Conditions
NOI Build-Up for 1,710 SF
Gross rent
$33.9K $19.80/SF
− Vacancy
−$5.1K −$2.97/SF
EGI
$28.8K $16.83/SF
− OpEx
−$7.2K −$4.21/SF
NOI
$21.6K $12.62/SF
Area
Johnson County, IN
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$431,680
Cap Rate 7%
$308,343
Cap Rate 9%
$239,822
Alternative Uses
Best Use
Office B
$308.3K
$269.8K – $359.7K
NOI $21,584 @ 7.0% cap · market cap 4.32%
Second Best
Healthcare Medical
$291.2K
$254.8K – $339.8K
NOI $20,386 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$430.9K
$377.1K – $502.7K
NOI $30,164 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 46131, IN
32,869
Population
13,151
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
261
Density / Sq Mi
$81,914
Median Household Income
$44,797
Median Earnings
$1,114
Median Rent
$227,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Office layout includes shared lobby, full bathroom, kitchenette, and on-site parking.
Where is this office building located?
The property is located at 1507 N Main Street Franklin, IN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Seven individual office rooms; 1,710 square feet; 18 parking spaces
