Industrial Property Near Downtown
For Sale
Contact for pricing
159 CINCINNATI ST, Franklin, IN 46131
Industrial property with outside storage near downtown Franklin, Indiana.
Property Size6,094 SF
Price / SF$122.91
Days on Market84
Property Features for 159 CINCINNATI ST
General Information
Standard status
Active
Size
6,094 SF
Property subtype
Industrial, Mixed Use
Zoning
IBD
Building Details
Year Built
1932
Stories
1
Units
1
Listing Agency:
Merrill Property Group
(317) 590-3046
Listed By:
John Merrill · License #IN RB14036883
Source:
Crexi
Added: May 18
Changed: Aug 8
Last Checked: Aug 8 at 7:15AM
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 Merrill Property Group
Investment Insights
Based on property information with market context.
This industrial property is located approximately half a mile from Franklin City Hall, offering proximity to historic downtown Franklin. The location provides access to restaurants, retail, and amenities near the courthouse square. It also offers access to I-65 and U.S. 31, and is located approximately 20 minutes south of Indianapolis. The property is suitable for manufacturing, warehousing, distribution, or flex uses. It includes outdoor storage capabilities, truck maneuvering areas, and on-site parking. The property is located in Johnson County, offering access to a skilled workforce and regional logistics support. The property is suitable for companies seeking a location with indoor and outdoor storage options.
Key Highlights
- Prime Location: Half‑mile proximity to downtown Franklin, offering convenient access to city hall, the courthouse square, restaurants, retail, and other amenities.
- Flexible Industrial Space: Suitable for manufacturing, warehousing, distribution, or flex uses.
- Generous Outdoor Storage: Includes ample outdoor storage capabilities and truck maneuvering areas.
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
$54,247
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
7.24%
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%
$1,084,940
$1.1M
Cap Rate 7%
$774,957
$775.0K
Cap Rate 9%
$602,744
$602.7K
Market Conditions
NOI Build-Up for 6,094 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
$91.4K $15.00/SF
− Vacancy
−$8.0K −$1.31/SF
EGI
$83.5K $13.70/SF
− OpEx
−$29.2K −$4.79/SF
NOI
$54.2K $8.90/SF
Area
Johnson County, IN
Vacancy
8.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,084,940
Cap Rate 7%
$774,957
Cap Rate 9%
$602,744
Alternative Uses
Best Use
Flex RnD
$775.0K
$678.1K – $904.1K
NOI $54,247 @ 7.0% cap · market cap 7.24%
Second Best
Warehouse
$472.6K
$413.5K – $551.3K
NOI $33,079 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,498 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Millie's Ice Cream Co. — 90 W Jefferson St, Franklin, IN 46131
Frequently Asked Questions
What type of property is this?
Flex space - Industrial property with outside storage near downtown Franklin, Indiana.
Where is this flex space located?
The property is located at 159 CINCINNATI ST Franklin, IN.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Prime Location: Half‑mile proximity to downtown Franklin, offering convenient access to city hall, the courthouse square, restaurants, retail, and other amenities.; Flexible Industrial Space: Suitable for manufacturing, warehousing, distribution, or flex uses.; Generous Outdoor Storage: Includes ample outdoor storage capabilities and truck maneuvering areas.
