Historic Office
For Sale
$479,000
399 W Main St, Greenwood, IN 46142
Two-story layout includes private offices, flexible meeting areas, kitchen, and designated parking.
Property Size2,087 SF
Price / SF$229.52
Days on Market31
Property Features for 399 W Main St
General Information
Standard status
Active
Size
2,087 SF
Building Details
Year Built
1946
Listing Agency:
Real Broker, LLC
Listed By:
Craig Deboor · License #RB14051913
(317) 445-0351
Source:
Megandusing
Added: Aug 10
Changed: Sep 8
Last Checked: Sep 7 at 1:38PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 1946, this office property at 399 Main St in Greenwood combines a preserved interior with a practical two-level layout. The main floor includes two private offices, a living room and waiting area with fireplace, a formal dining room, sunroom, full kitchen with eat-in breakfast nook, and full bathroom. Original hardwood floors add period character throughout the main level.
The upper floor provides another private office, a loft suitable for additional workspace, and a second full bathroom. Five designated parking spaces serve staff and visitors, with room for more. A 26' x 35' unfinished basement and garage includes an overhead door and rear entry, providing substantial storage or utility space. The property currently operates as professional office space and also carries stated residential-use potential.
The upper floor provides another private office, a loft suitable for additional workspace, and a second full bathroom. Five designated parking spaces serve staff and visitors, with room for more. A 26' x 35' unfinished basement and garage includes an overhead door and rear entry, providing substantial storage or utility space. The property currently operates as professional office space and also carries stated residential-use potential.
Key Highlights
- 1946 office property with preserved original hardwood floors
- Two private offices on the main floor plus an additional upstairs office
- Main‑level kitchen with eat‑in breakfast nook and full bathroom
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
$26,343
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
5.50%
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%
$526,860
$526.9K
Cap Rate 7%
$376,329
$376.3K
Cap Rate 9%
$292,700
$292.7K
Market Conditions
NOI Build-Up for 2,087 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
$41.3K $19.80/SF
− Vacancy
−$6.2K −$2.97/SF
EGI
$35.1K $16.83/SF
− OpEx
−$8.8K −$4.21/SF
NOI
$26.3K $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%
$526,860
Cap Rate 7%
$376,329
Cap Rate 9%
$292,700
Alternative Uses
Best Use
Office B
$376.3K
$329.3K – $439.1K
NOI $26,343 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$525.9K
$460.2K – $613.6K
NOI $36,815 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Explore this area
Business Placement
Demographics for 46142, IN
32,052
Population
14,396
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
14.9 sq mi
ZIP Area
2,151
Density / Sq Mi
$85,611
Median Household Income
$47,831
Median Earnings
$1,122
Median Rent
$266,000
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?
Office building - Two-story layout includes private offices, flexible meeting areas, kitchen, and designated parking.
Where is this office building located?
The property is located at 399 W Main St Greenwood, IN.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 1946 office property with preserved original hardwood floors; Two private offices on the main floor plus an additional upstairs office; Main‑level kitchen with eat‑in breakfast nook and full bathroom
