Historic Office
For Sale
$444,900
227 E Jefferson St, Franklin, IN 46131
Character-rich commercial property combining preserved architectural details with extensive modern system upgrades.
Property Size2,889 SF
Price / SF$153
Days on Market88
Property Features for 227 E Jefferson St
General Information
Standard status
Active
Size
2,889 SF
Amenities
covered front porch
deck
landscaping
Building Details
Year Built
1800
Listing Agency:
Steve Lew Real Estate Group, LLC
Listed By:
Steve Lew · License #RB14046291
(317) 658-2042
Source:
Eveloteam
Added: Jul 21
Changed: Oct 2
Last Checked: Oct 7 at 4:18PM
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 Steve Lew Real Estate Group, LLC
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Investment Insights
Based on property information with market context.
This 2,889-square-foot office building occupies a historic American residence adapted for commercial use. Original details include detailed exterior trim, a covered front porch, a traditional vestibule, high ceilings, woodwork, transom doorways, and leaded stained-glass windows. The property also features a kitchen, rear parking, and a deck.
Major improvements completed over the past decade include a new roof, electrical updates, restored kitchen cabinetry with granite countertops, most plumbing replacements, new main sewer and water lines, upper-level window replacements, and a new deck. A complete HVAC system and water heater were added three years ago, followed by work on the front porch, main-level windows, front door, exterior paint, landscaping, and rear parking.
The building is within walking distance of downtown Franklin shops, dining, and entertainment.
Major improvements completed over the past decade include a new roof, electrical updates, restored kitchen cabinetry with granite countertops, most plumbing replacements, new main sewer and water lines, upper-level window replacements, and a new deck. A complete HVAC system and water heater were added three years ago, followed by work on the front porch, main-level windows, front door, exterior paint, landscaping, and rear parking.
The building is within walking distance of downtown Franklin shops, dining, and entertainment.
Key Highlights
- 2,889‑square‑foot office building
- Historic architectural details include leaded stained glass, transom doorways, woodwork, and a covered front porch
- New roof, updated electrical system, most plumbing, and new main sewer and water lines
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,466
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,320
$729.3K
Cap Rate 7%
$520,943
$520.9K
Cap Rate 9%
$405,178
$405.2K
Market Conditions
NOI Build-Up for 2,889 SF
Gross rent
$57.2K $19.80/SF
− Vacancy
−$8.6K −$2.97/SF
EGI
$48.6K $16.83/SF
− OpEx
−$12.2K −$4.21/SF
NOI
$36.5K $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%
$729,320
Cap Rate 7%
$520,943
Cap Rate 9%
$405,178
Alternative Uses
Best Use
Office B
$520.9K
$455.8K – $607.8K
NOI $36,466 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.0K
$637.0K – $849.4K
NOI $50,962 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
787
Businesses Nearby
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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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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Character-rich commercial property combining preserved architectural details with extensive modern system upgrades.
Where is this office building located?
The property is located at 227 E Jefferson St Franklin, IN.
What is the asking price?
The asking price for this property is $444,900.
What are key features of this property?
This property features: 2,889‑square‑foot office building; Historic architectural details include leaded stained glass, transom doorways, woodwork, and a covered front porch; New roof, updated electrical system, most plumbing, and new main sewer and water lines
