Commercial Land with Existing
For Sale
Contact for pricing
3480 S US HIGHWAY 31, Franklin, IN 46131
GC-zoned site along U.S. Highway 31 with an existing structure and convenient ingress and egress.
Property Size1,954 SF
Price / SF$153.02
Days on Market120
Property Features for 3480 S US HIGHWAY 31
General Information
Standard status
Active
Size
1,954 SF
Property subtype
Retail, Land
Zoning
GC
Investment Type
Redevelopment
Listing Agency:
KW Commercial Indy Metro South
(317) 882-5900
Listed By:
Shelly Johnson · License #IN RB14043056
Source:
Crexi
Added: May 5
Changed: Aug 30
Last Checked: May 8 at 9:55AM
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 KW Commercial Indy Metro South
Investment Insights
Based on property information with market context.
This 3-acre commercial land parcel includes an existing structure of approximately 1,900+ square feet. The building was constructed in 1919 and has one unit; it was previously used for retail purposes. The site is zoned GC, with the source information identifying additional commercial applications such as auto repair, self-storage, and child care.
The property fronts U.S. Highway 31 in the Franklin area, with nearly 650ft of frontage and access designed for convenient entry and exit. Its highway position places the parcel along a north-south route connecting Indianapolis and Columbus. Camp Atterbury is identified among the nearby destinations.
The property fronts U.S. Highway 31 in the Franklin area, with nearly 650ft of frontage and access designed for convenient entry and exit. Its highway position places the parcel along a north-south route connecting Indianapolis and Columbus. Camp Atterbury is identified among the nearby destinations.
Key Highlights
- 3‑acre commercial land parcel
- Existing structure of approximately 1,900+ square feet
- Nearly 650ft of frontage on US 31
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
$21,371
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
7.15%
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%
$427,420
$427.4K
Cap Rate 7%
$305,300
$305.3K
Cap Rate 9%
$237,456
$237.5K
Market Conditions
NOI Build-Up for 1,954 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
$32.8K $16.80/SF
− Vacancy
−$2.3K −$1.18/SF
EGI
$30.5K $15.62/SF
− OpEx
−$9.2K −$4.69/SF
NOI
$21.4K $10.94/SF
Area
Johnson County, IN
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$427,420
Cap Rate 7%
$305,300
Cap Rate 9%
$237,456
Alternative Uses
Best Use
Retail
$305.3K
$267.1K – $356.2K
NOI $21,371 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$492.4K
$430.9K – $574.5K
NOI $34,469 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - GC-zoned site along U.S. Highway 31 with an existing structure and convenient ingress and egress.
Where is this commercial land located?
The property is located at 3480 S US HIGHWAY 31 Franklin, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 3‑acre commercial land parcel; Existing structure of approximately 1,900+ square feet; Nearly 650ft of frontage on US 31
