Downtown Greenwood Retail/Office
640 South Madison Avenue, Greenwood, IN 46142
New
Prime retail/office space in downtown Greenwood with long-term leases.
Type:Retail, Office
Property size:
7,506 SFPrice / SF:
$166/SF- Added:
- May 26, 2026
- Days on Market:
- 5
- Last Refresh:
- May 27 at 8:26 am
Property Features for 640 South Madison Avenue
General Information
- Standard status
- Active
- Size
- 7,506 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 2000
Listing agent Mark Linder Team License #IN
Listing office C21 Commercial
Listing date May 26, 2026
Source Crexi
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 C21 Commercial
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.
- Located near "The Madison", a large mixed‑use development with retail space and over 400 residential units.
- Lit pylon signage visible from heavily traveled US 31.
- Surrounded by existing shops, restaurants, and gas stations.
Overview
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.
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 |
7,506 SF · lease $19.80/SF/yr · vacancy 15.00% · expense 25.00%
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 local authorities.
Location Intelligence
Current Use by Public Records
Mike's Auto Service
Auto Repair Shop
Lisa's Pizzas
Take-out & Catering
Spirit Fan Superstore
Department Store
Location Insight
- Map
- Local Demand
- City
- Greenwood
- County
- Johnson
- State
- Indiana
- Longitude
- -86.107518
- Latitude
- 39.606968
Nearby Similar for Sale
FAQs
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 South 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: 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.
