Downtown Greenwood Storefront
For Sale
$1,250,000
640 S Madison Avenue, Greenwood, IN 46142
Commercial Sale, Greenwood, IN
Property Size7,506 SF
Lot Size0.95 Acres
Price / SF$166.53
Days on Market146
Property Features for 640 S Madison Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial Medium
Parking features
Guest
Middle school
Greenwood Middle School
High school
Greenwood Community High Sch
Elementary school district
Greenwood Community Sch Corp
Middle school district
Greenwood Community Sch Corp
High school district
Greenwood Community Sch Corp
Directions
GPS Friendly
Subdivision
4102 - Johnson - Pleasant
Standard status
Active
APN
410232043047004026
Lot size
0.95 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Se 1/4 S32 T14 R4 Tract 2
Tax Annual Amount
7944
Legal Description
Pt Se 1/4 S32 T14 R4 Tract 2
Building Details
Roof type
Metal
Listing Agency:
CENTURY 21 Scheetz · Century 21 Real Estate
(317) 881-2100
Listed By:
Mark Linder · License #RB14044403
(317) 844-5111
Added: May 21
Changed: Sep 16
Last Checked: Oct 13 at 1:06AM
MLS# 22103017
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This storefront property includes a 6,000-square-foot primary building and a separate 1,500-square-foot building on a 0.948-acre site. Both buildings are currently leased through at least October 2027, while a portion of the primary building is leased through November 2030. Improvements include metal roofing and guest parking.
The property is located at 640 S Madison Avenue in downtown Greenwood, with a lit pylon sign visible from US 31. Nearby development includes shops, restaurants, gas stations, The Madison mixed-use project, and Greenwood Fieldhouse. Commercial Medium zoning supports its commercial setting.
The property is located at 640 S Madison Avenue in downtown Greenwood, with a lit pylon sign visible from US 31. Nearby development includes shops, restaurants, gas stations, The Madison mixed-use project, and Greenwood Fieldhouse. Commercial Medium zoning supports its commercial setting.
Key Highlights
- 6,000‑square‑foot main building plus a freestanding 1,500‑square‑foot secondary building
- 0.948‑acre commercial site at 640 S Madison Avenue, Greenwood, IN 46142
- Both buildings leased through at least October 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,092
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,641,840
$1.6M
Cap Rate 7%
$1,172,743
$1.2M
Cap Rate 9%
$912,133
$912.1K
Market Conditions
NOI Build-Up for 7,506 SF
Gross rent
$126.1K $16.80/SF
− Vacancy
−$8.8K −$1.18/SF
EGI
$117.3K $15.62/SF
− OpEx
−$35.2K −$4.69/SF
NOI
$82.1K $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 Rate 5%
$1,641,840
Cap Rate 7%
$1,172,743
Cap Rate 9%
$912,133
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,092 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 42%
Dining 28%
Shops & Services 21%
Electronics 4%
Rural King
Home Improvements & Furnishings
52,371 visits/mo
0.3 miles
Dollar Tree
Shops & Services
18,288 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,807 visits/mo
0.1 miles
Burger King
Dining
10,349 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
10,232 visits/mo
0.2 miles
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
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Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Wood Florist & Flower Delivery Greenwood IN — 656 US-31, Greenwood, IN 46142
Frequently Asked Questions
What type of property is this?
Storefront property - Two-building commercial property with existing leases, US 31 signage exposure, and Commercial Medium zoning.
Where is this storefront property located?
The property is located at 640 S Madison Avenue 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: 6,000‑square‑foot main building plus a freestanding 1,500‑square‑foot secondary building; 0.948‑acre commercial site at 640 S Madison Avenue, Greenwood, IN 46142; Both buildings leased through at least October 2027
