640 S Madison Avenue, Greenwood, IN 46142
SINGLE_FAMILY - Greenwood, IN
- Added:
- May 21, 2026
- Days on Market:
- 47
- Last Refresh:
- Jul 6 at 10:06 pm
Property Features for 640 S Madison Avenue
General Information
- Property type
- Residential
- Property subtype
- Retail
- Zoning
- Commercial Medium
- Parking features
- Guest
- 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
Building Details
- Roof type
- Metal
Listing agent Mark Linder License #RB14044403 (317) 844-5111
Listing office CENTURY 21 Scheetz Olive Branch Parke Ln Ste A 1533, Indianapolis, IN (317) 881-2100
Listing date May 21, 2026
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Downtown Greenwood retail/office property totaling 7,506 sq ft across two buildings
- Main building: 6,000 sq ft; secondary freestanding building: 1,500 sq ft
- Both buildings currently leased through at least October 2027; part of building 1 leased through Nov. 2030
- Metal roof and guest parking; lit pylon signage visible from heavily traveled US 31
- Located in the heart of downtown Greenwood, surrounded by existing shops and restaurants
Overview
Located at 640 S Madison Avenue in downtown Greenwood, the site is surrounded by existing shops, restaurants, and gas stations. The property is also described as being positioned around “The Madison,” a luxury mixed-use development that includes 18,700 square feet of retail space and over 400 residential units, along with the new Greenwood Fieldhouse.
For tenants and investors, this setup provides a two-building configuration with existing occupancy extending into 2027 and beyond for a portion of the space. The visible pylon signage from US 31 can be beneficial for retail and service users that rely on passersby, while the retail/office mix may support a range of downtown-oriented operators looking for a maintained, income-generating asset.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $148.6k | $19.80 |
| − Vacancy | −$22.3k | −$2.97 |
| EGI | $126.3k | $16.83 |
| − OpEx | −$31.6k | −$4.21 |
| NOI | $94.7k | $12.62 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Greenwood
- County
- Johnson
- State
- Indiana
- Longitude
- -86.108187
- Latitude
- 39.607466
