640 South Madison Avenue Greenwood, IN 46142
Prime retail/office space in downtown Greenwood with long-term leases.
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 office C21 Commercial
Listing date May 26, 2026
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of C21 Commercial
Investment Insights
Based on property information with market context.
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.
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 |
