Greenwood Commercial Building with
For Sale
Contact for pricing
645 US-31, Greenwood, IN 46142
High-visibility commercial property with retail and warehouse space for sale.
Property Size19,500 SF
Lot Size1.13 Acres
Price / SF$179.49
Days on Market156
Property Features for 645 US-31
General Information
Standard status
Active
Size
19,500 SF
Class
A
Lot size
1.13 Acres
Property subtype
Industrial, Retail
Zoning
Commercial Large
Building Details
Year Built
1980
Buildings
1
Stories
1
Units
2
Listing Agency:
KW Commercial / Keller Williams Indy Metro NE
(317) 607-0884
Listed By:
Sharon Thompson · License #IN #RB14044406
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:37AM
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 KW Commercial / Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This 19,500 square foot commercial property, constructed in 1980, is situated on 1.13 acres along Greenwood’s high-traffic US 31 corridor. The property features a retail building with a spacious, well-lit showroom and an extensive warehouse area that includes mezzanine storage. Currently, the property is occupied by two established tenants, providing a stable cash flow. Gross Lighting and Home, based in Ohio, leases 14,320 square feet, while Indiana Brazilian Jiu Jitsu Academy occupies 5,000 square feet of front retail space. This property presents an opportunity for stable asset ownership with potential for future growth, serving Greenwood and the greater Indianapolis market.
Key Highlights
- High‑visibility commercial retail building on US 31 corridor.
- 19,500 SF commercial property on 1.13 acres.
- Stable cash flow from two established tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$213,268
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,265,360
$4.3M
Cap Rate 7%
$3,046,686
$3.0M
Cap Rate 9%
$2,369,644
$2.4M
Market Conditions
NOI Build-Up for 19,500 SF
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.
Gross rent
$327.6K $16.80/SF
− Vacancy
−$22.9K −$1.18/SF
EGI
$304.7K $15.62/SF
− OpEx
−$91.4K −$4.69/SF
NOI
$213.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,265,360
Cap Rate 7%
$3,046,686
Cap Rate 9%
$2,369,644
Alternative Uses
Best Use
Retail
$3.05M
$2.67M – $3.55M
NOI $213,268 @ 7.0% cap · market cap 6.09%
Second Best
Warehouse
$1.51M
$1.32M – $1.76M
NOI $105,850 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$4.91M
$4.30M – $5.73M
NOI $343,980 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Indiana Best Flooring Company — 500 N Meridian St, Greenwood, IN 46143
Frequently Asked Questions
What type of property is this?
Showroom - High-visibility commercial property with retail and warehouse space for sale.
Where is this showroom located?
The property is located at 645 US-31 Greenwood, IN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High‑visibility commercial retail building on US 31 corridor.; 19,500 SF commercial property on 1.13 acres.; Stable cash flow from two established tenants.
