Building Details

Building Size 38,000 SF

Year Built 1976

Tenancy Multi

Listing Agency: Pathway Properties Sales and Leasing, LLC Show Phone

Listed By: Angie Woods

Source: Battsrealestategroup

Added: Jul 11 Changed: Oct 22 Last Checked: Oct 22 at 2:13PM

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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 Pathway Properties Sales and Leasing, LLC

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Investment Insights

Based on property information with market context.

This 38,000-square-foot flex property contains multiple tenant spaces and sits on approximately 3.86 acres. The site is zoned I-2 and includes multiple overhead doors and loading docks. Improvements include new roofs and resealing on portions of the parking lot.

The sale also includes a separate parcel with a shared access driveway from Front Street, serving access to neighboring businesses. The property is in Whiteland, with access to I-65. Manufacturing, warehouse, distribution, light industrial, and flex-space uses are identified for the property.

Key Highlights

• 38,000‑square‑foot multi‑tenant flex and industrial property
• Approximately 3.86 acres, zoned I‑2
• Multiple overhead doors and loading docks

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$169,871

Cap Rate

7.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,397,420 $3.4M

Cap Rate 7%

$2,426,729 $2.4M

Cap Rate 9%

$1,887,456 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 38,000 SF

Gross rent

$266.4K $7.01/SF

− Vacancy

−$23.7K −$0.62/SF

EGI

$242.7K $6.39/SF

− OpEx

−$72.8K −$1.92/SF

NOI

$169.9K $4.47/SF

Area

Johnson County, IN

Vacancy

8.90%

Lease Rate

$7.01 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,397,420

Cap Rate 7%

$2,426,729

Cap Rate 9%

$1,887,456

Alternative Uses

Best Use

Flex RnD

$4.83M

$4.23M – $5.64M (±1% cap)

NOI $338,267 @ 7.0% cap · market cap 15.38%

Second Best

Warehouse

$2.95M

$2.58M – $3.44M (±1% cap)

NOI $206,271 @ 7.0% cap · market cap 9.38%

Theoretical Best

Office A

$9.58M

$8.38M – $11.17M (±1% cap)

NOI $670,320 @ 7.0% cap · market cap 30.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Freije Paving General Contractor

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Dental Office Law Firm Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

161

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46184, IN

13,023

Population

5,290

Households

2.5

Avg Household Size

36

Median Age

25%

College-Educated

92%

High-School Grad

18.1 sq mi

ZIP Area

720

Density / Sq Mi

$90,250

Median Household Income

$48,443

Median Earnings

$1,684

Median Rent

$205,100

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Three-Unit Triplex on Main Road

589 E Main St, Whiteland, IN 46184

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Tenant-Occupied Duplex with Two Units

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Frequently Asked Questions

What type of property is this?

Flex space - An occupied, multi-tenant industrial property with I-2 zoning and loading infrastructure.

Where is this flex space located?

The property is located at 594 N Front Street Whiteland, IN.

What is the asking price?

The asking price for this property is $2,199,999.

What are key features of this property?

This property features: 38,000‑square‑foot multi‑tenant flex and industrial property; Approximately 3.86 acres, zoned I‑2; Multiple overhead doors and loading docks