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 Market76
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) 614-5445
Source:
Megandusing
Added: Aug 10
Changed: Oct 9
Last Checked: Oct 7 at 5:13PM
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
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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 / Yr
$26,343
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
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
