Commercial Land Near Retail
For Sale
$450,000
2048 N Morton St, Franklin, IN 46131
Redevelopment site near a retail corridor anchored by Walmart, Lowe’s, Meijer, and Kroger.
Property Size2,448 SF
Price / SF$183.82
Days on Market140
Property Features for 2048 N Morton St
General Information
Standard status
Active
Size
2,448 SF
Building Details
Year Built
1970
Listing Agency:
Smythe & Co, Inc
(317) 613-3124
Listed By:
Austin Smythe · License #RB20000189
Source:
Eveloteam
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 25 at 4:30AM
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 commercial land parcel is positioned near an established retail corridor with Walmart, Lowe’s, Meijer, Kroger, and additional retailers in the surrounding area. The site is identified for potential teardown and redevelopment into an office property with parking.
Located at 2048 N Morton St in Franklin, Indiana, the property offers a commercial redevelopment setting near major retail destinations.
Located at 2048 N Morton St in Franklin, Indiana, the property offers a commercial redevelopment setting near major retail destinations.
Key Highlights
- Commercial land at 2048 N Morton St, Franklin, IN 46131
- Near a retail corridor with Walmart, Lowe’s, Meijer, and Kroger
- Identified for potential teardown and office redevelopment
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
$30,900
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
6.87%
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%
$618,000
$618.0K
Cap Rate 7%
$441,429
$441.4K
Cap Rate 9%
$343,333
$343.3K
Market Conditions
NOI Build-Up for 2,448 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
$48.5K $19.80/SF
− Vacancy
−$7.3K −$2.97/SF
EGI
$41.2K $16.83/SF
− OpEx
−$10.3K −$4.21/SF
NOI
$30.9K $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%
$618,000
Cap Rate 7%
$441,429
Cap Rate 9%
$343,333
Alternative Uses
Best Use
Office B
$441.4K
$386.3K – $515.0K
NOI $30,900 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$616.9K
$539.8K – $719.7K
NOI $43,183 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
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?
Commercial land - Redevelopment site near a retail corridor anchored by Walmart, Lowe’s, Meijer, and Kroger.
Where is this commercial land located?
The property is located at 2048 N Morton St Franklin, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Commercial land at 2048 N Morton St, Franklin, IN 46131; Near a retail corridor with Walmart, Lowe’s, Meijer, and Kroger; Identified for potential teardown and office redevelopment
