Manufacturing Facility with
New
For Sale
$3,950,000
211 Province St, Franklin, IN 46131
Industrial building with separated office and warehouse areas, truck circulation, outdoor storage, and multiple loading options.
Property Size60,000 SF
Price / SF$65.83
Days on Market2
Property Features for 211 Province St
General Information
Standard status
Active
Size
60,000 SF
Property subtype
Industrial
Zoning
IG
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
22 ft
Dock-High Doors
4
Drive-In Doors
3
Sprinkler System
Yes
Building Details
Building Size
60,000 SF
Year Built
1969
Construction
pre-engineered steel
Listing Agency:
Premier Commercial Real Estate Services, Inc.
Listed By:
Matt Ferguson · License #RB17000936
(317) 679-4046
Source:
Tcnworldwide
Added: Sep 12
Last Checked: Sep 12 at 2:47PM
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 Premier Commercial Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
Located at 211 Province St in Franklin, Indiana, this 60,000-square-foot manufacturing facility was built in 1969 and is zoned IG. The building separates its office and warehouse functions, with a two-story office buildout and a 22-foot clear warehouse height. Industrial improvements include three one-ton cranes, one two-ton crane, four dock doors, and three drive-in doors.
The heated warehouse uses gas radiant heat and is protected by a wet sprinkler system. Pre-engineered steel construction and a standing seam metal roof support the building’s industrial configuration, while the interior has been freshly painted. The site also includes asphalt parking, additional rear parking, fenced outdoor storage of approximately 1.25–1.28 acres, and a crushed stone outdoor storage area. Truck access and circulation are provided throughout the property.
The heated warehouse uses gas radiant heat and is protected by a wet sprinkler system. Pre-engineered steel construction and a standing seam metal roof support the building’s industrial configuration, while the interior has been freshly painted. The site also includes asphalt parking, additional rear parking, fenced outdoor storage of approximately 1.25–1.28 acres, and a crushed stone outdoor storage area. Truck access and circulation are provided throughout the property.
Key Highlights
- 60,000 SF manufacturing building on a 1.25‑acre site
- IG zoning with office and warehouse areas
- 22' clear height with 4 dock doors and 3 drive‑in doors
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
$325,692
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
8.25%
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%
$6,513,840
$6.5M
Cap Rate 7%
$4,652,743
$4.7M
Cap Rate 9%
$3,618,800
$3.6M
Market Conditions
NOI Build-Up for 60,000 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
$420.6K $7.01/SF
− Vacancy
−$37.4K −$0.62/SF
EGI
$383.2K $6.39/SF
− OpEx
−$57.5K −$0.96/SF
NOI
$325.7K $5.43/SF
Area
Johnson County, IN
Vacancy
8.90%
Lease Rate
$7.01 /SF/Yr
Expense Ratio
15.00%
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%
$6,513,840
Cap Rate 7%
$4,652,743
Cap Rate 9%
$3,618,800
Alternative Uses
Best Use
Warehouse
$4.65M
$4.07M – $5.43M
NOI $325,692 @ 7.0% cap · market cap 8.25%
Second Best
Industrial
$3.83M
$3.35M – $4.47M
NOI $268,217 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$15.12M
$13.23M – $17.64M
NOI $1,058,400 @ 7.0% cap · market cap 26.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
22 ft
Clear height
4
Dock-high doors
3
Drive-in doors
Yes
Sprinkler system
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
379
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial building with separated office and warehouse areas, truck circulation, outdoor storage, and multiple loading options.
Where is this manufacturing property located?
The property is located at 211 Province St Franklin, IN.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 60,000 SF manufacturing building on a 1.25‑acre site; IG zoning with office and warehouse areas; 22' clear height with 4 dock doors and 3 drive‑in doors
