645 US-31, Greenwood, IN 46142

Building Details

Year Built 1980 More

Buildings 1 More

Stories 1 More

Units 2 More

Listing Agency: KW Commercial / Keller Williams Indy Metro NE

Listed By: Sharon Thompson · License IN RB14044406 Show Phone

Source: Crexi

Added: Mar 5 Changed: Aug 8 Last Checked: Aug 8 at 6:37AM

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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

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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 / Yr

$213,268

Cap Rate

6.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,265,360 $4.3M

Cap Rate 7%

$3,046,686 $3.0M

Cap Rate 9%

$2,369,644 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,500 SF

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 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 (±1% cap)

NOI $213,268 @ 7.0% cap · market cap 6.09%

Second Best

Warehouse

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,850 @ 7.0% cap · market cap 3.02%

Theoretical Best

Office A

$4.91M

$4.30M – $5.73M (±1% cap)

NOI $343,980 @ 7.0% cap · market cap 9.83%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Showrooms

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Law Firm Electrical Service Parking Lot & Garage HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

812

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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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.