Remodeled Two-Story Office
New
For Sale
$599,000
164 E Jefferson St, Franklin, IN 46131
Updated workspace combines open-plan areas with private offices, a conference room, kitchen, and bathroom.
Property Size3,272 SF
Price / SF$183.07
Days on Market6
Property Features for 164 E Jefferson St
General Information
Standard status
Active
Size
3,272 SF
Amenities
raised ceilings
kitchen
bathroom
private offices
lobby area
conference room
Building Details
Year Built
1930
Year Renovated
2018
Buildings
1
Stories
2
Listing Agency:
Smythe & Co, Inc
(317) 412-3612
Listed By:
Austin Smythe
Source:
Eveloteam
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 28 at 7:11PM
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 Smythe & Co, Inc
Investment Insights
Based on property information with market context.
This office building contains 3,272 square feet of finished space across two floors. The 2018 renovation included a complete interior update and facade improvements, while the roof was replaced in 2020. The main level offers an open layout with raised ceilings, along with a rear kitchen and bathroom. The upper floor includes private offices, a lobby, and a conference room with views toward Jefferson Street.
Located at 164 E Jefferson St in downtown Franklin, the property combines office functionality with retail capability in a finished, two-level configuration. Its mix of open workspace, enclosed offices, meeting space, and supporting areas accommodates varied commercial layouts without requiring additional buildout for the described features.
Located at 164 E Jefferson St in downtown Franklin, the property combines office functionality with retail capability in a finished, two-level configuration. Its mix of open workspace, enclosed offices, meeting space, and supporting areas accommodates varied commercial layouts without requiring additional buildout for the described features.
Key Highlights
- 3,272 square feet of finished office space
- Two finished floors with open and private work areas
- 2018 complete remodel included facade improvements
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
$41,301
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
6.89%
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%
$826,020
$826.0K
Cap Rate 7%
$590,014
$590.0K
Cap Rate 9%
$458,900
$458.9K
Market Conditions
NOI Build-Up for 3,272 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
$64.8K $19.80/SF
− Vacancy
−$9.7K −$2.97/SF
EGI
$55.1K $16.83/SF
− OpEx
−$13.8K −$4.21/SF
NOI
$41.3K $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 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%
$826,020
Cap Rate 7%
$590,014
Cap Rate 9%
$458,900
Alternative Uses
Best Use
Office B
$590.0K
$516.3K – $688.4K
NOI $41,301 @ 7.0% cap · market cap 6.89%
Second Best
Retail
$511.2K
$447.3K – $596.4K
NOI $35,785 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$824.5K
$721.5K – $962.0K
NOI $57,718 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
787
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated workspace combines open-plan areas with private offices, a conference room, kitchen, and bathroom.
Where is this office building located?
The property is located at 164 E Jefferson St Franklin, IN.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,272 square feet of finished office space; Two finished floors with open and private work areas; 2018 complete remodel included facade improvements
