Downtown Greenwood Retail/Office
For Sale
$1,250,000
640 S Madison Ave, Greenwood, IN 46142
Prime retail/office space in downtown Greenwood with long-term leases.
Property Size7,506 SF
Price / SF$166.53
Days on Market145
Property Features for 640 S Madison Ave
General Information
Standard status
Active
Size
7,506 SF
Listing Agency:
CENTURY 21 Scheetz
(317) 881-2100
Listed By:
Mark Linder · License #RB14044403
(317) 514-6275
Source:
Exprealty
Added: May 21
Changed: Oct 6
Last Checked: Oct 11 at 9:44AM
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 CENTURY 21 Scheetz
Investment Insights
Based on property information with market context.
This 7,506 sq ft retail/office property is located in downtown Greenwood, offering street visibility and high foot traffic. The property includes a 6,000 sq ft main building and a 1,500 sq ft freestanding secondary building. Both buildings are currently leased through at least October 2027, with a portion of the main building leased through November 2030. The property features lit pylon signage visible from US 31. The surrounding area includes shops, restaurants, and gas stations. The property is near "The Madison", a mixed-use development featuring 18,700 square feet of retail space and over 400 residential units, and the new Greenwood Fieldhouse. This property is an investment opportunity.
Key Highlights
- Prime downtown Greenwood location with high street visibility and foot traffic.
- Leased through at least October 2027, with part of the main building leased through Nov. 2030, providing immediate income.
- Two buildings: a 6,000 sq ft main building and a 1,500 sq ft freestanding secondary building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$94,744
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,894,880
$1.9M
Cap Rate 7%
$1,353,486
$1.4M
Cap Rate 9%
$1,052,711
$1.1M
Market Conditions
NOI Build-Up for 7,506 SF
Gross rent
$148.6K $19.80/SF
− Vacancy
−$22.3K −$2.97/SF
EGI
$126.3K $16.83/SF
− OpEx
−$31.6K −$4.21/SF
NOI
$94.7K $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%
$1,894,880
Cap Rate 7%
$1,353,486
Cap Rate 9%
$1,052,711
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.58M
NOI $94,744 @ 7.0% cap · market cap 7.58%
Second Best
Retail
$1.17M
$1.03M – $1.37M
NOI $82,092 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,406 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
901
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Prime retail/office space in downtown Greenwood with long-term leases.
Where is this retail space located?
The property is located at 640 S Madison Ave Greenwood, IN.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime downtown Greenwood location with **high street visibility and foot traffic**.; Leased through at least October 2027, with part of the main building leased through Nov. 2030, **providing immediate income**.; Two buildings: a 6,000 sq ft main building and a 1,500 sq ft freestanding secondary building.
