Commercial Land Near Retail
For Sale
$399,000
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$162.99
Days on Market185
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
Listed By:
Austin Smythe
(317) 412-3612
Source:
Eveloteam
Added: Apr 13
Changed: Oct 12
Last Checked: Oct 7 at 3:31PM
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 / Yr
$30,900
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
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
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 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 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$616.9K
$539.8K – $719.7K
NOI $43,183 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $399,000.
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
