Flex Space with Paved
695 Industrial Drive, Franklin, IN 46131
For Sale
$900,000
Commercial Sale, Franklin, IN
Property Size5,200 SF
Lot Size1.89 Acres
Price / SF$173.08
Days on Market196
Property Features for 695 Industrial Drive
General Information
Property type
Property subtype
Zoning
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Listing Agency:
Fathom Realty
(317) 590-8788
Listed By:
Upkar Ubhi · License IN RB25000088
(317) 507-0837
Added: May 1
Changed: Oct 8
Last Checked: Nov 12 at 8:06AM
MLS# 22099457
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 5,200-square-foot flex property includes approximately 2,000 square feet of office area, with five private offices and two open office areas. The building offers 16'-18' clear height, one dock door, and three drive-in doors. A paved rear yard provides space for equipment, storage, and truck maneuvering, while 15 standard parking spaces are positioned at the front.
The 1.89-acre site is zoned Industrial General and has access to US-31 and I-65. Downtown Franklin is minutes away. Buyers should independently verify zoning and county-approved uses.
The 1.89-acre site is zoned Industrial General and has access to US-31 and I-65. Downtown Franklin is minutes away. Buyers should independently verify zoning and county-approved uses.
Key Highlights
- 5,200 square feet, including approximately 2,000 square feet of office area
- Five private offices and two open office areas
- 16'-18' clear height, one dock door, and three drive‑in doors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,289
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$925,780
$925.8K
Cap Rate 7%
$661,271
$661.3K
Cap Rate 9%
$514,322
$514.3K
Market Conditions
NOI Build-Up for 5,200 SF
Gross rent
$78.0K $15.00/SF
− Vacancy
−$6.8K −$1.31/SF
EGI
$71.2K $13.70/SF
− OpEx
−$24.9K −$4.79/SF
NOI
$46.3K $8.90/SF
Area
Johnson County, IN
Vacancy
8.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$925,780
Cap Rate 7%
$661,271
Cap Rate 9%
$514,322
Alternative Uses
Best Use
Flex RnD
$661.3K
$578.6K – $771.5K
NOI $46,289 @ 7.0% cap · market cap 5.14%
Second Best
Warehouse
$403.2K
$352.8K – $470.5K
NOI $28,227 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,728 @ 7.0% cap · market cap 10.19%
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
Lease Details
18 ft
Clear height
1
Dock-high doors
3
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46131, IN
32,869
Population
13,151
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
261
Density / Sq Mi
$81,914
Median Household Income
$44,797
Median Earnings
$1,114
Median Rent
$227,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Office components, loading access, and a paved rear yard support a range of industrial operations.
Where is this flex space located?
The property is located at 695 Industrial Drive Franklin, IN.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 5,200 square feet, including approximately 2,000 square feet of office area; Five private offices and two open office areas; 16'-18' clear height, one dock door, and three drive‑in doors
