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    Stabilized Retail Strip Center Title is generated by Realmo AI

    707 S Madison Ave, Greenwood, IN 46143

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    Neighborhood strip center in Greenwood, Indiana, with diversified retail.

    Type:Retail
    Property size:
    51,580 SF
    Price / SF:
    $164/SF
    Added:
    Jan 28, 2026
    Days on Market:
    159
    Last Refresh:
    Jul 4 at 4:35 am

    Property Features for 707 S Madison Ave

    General Information

    Standard status
    Active
    Size
    51,580 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1965

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    Contact an agent
    Jeffrey Marchio
    Jeffrey Marchio

    Listing office Tharp Realty Group

    Listing date Jan 28, 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 Tharp Realty Group

    HighLights

    • Stabilized neighborhood strip center
    • Durable, diversified retail income
    • Triple‑net (NNN) expense recoveries
    • Professional third‑party management
    • Predictable income with limited expense volatility
    • Long‑term retail fundamentals driven by service‑oriented tenancy

    Overview

    Greenwood Centre is a stabilized neighborhood strip center located in Greenwood, Indiana. The property offers durable, diversified retail income supported by triple-net (NNN) expense recoveries and professional third-party management. The asset is well-suited for private investors seeking predictable income with limited expense volatility and long-term retail fundamentals driven by service-oriented tenancy. The property size is 51580 square feet.

    Local Financial Insights For Retail

    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 $866.5k $16.80
    − Vacancy −$60.7k −$1.18
    EGI $805.9k $15.62
    − OpEx −$241.8k −$4.69
    NOI $564.1k $10.94
    51,580 SF · lease $16.80/SF/yr · vacancy 7.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $8.06M
    $7.05M – $9.40M (±1% cap)
    NOI $564,120 @ 7.0% cap · market cap 6.64%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $13.00M
    $11.37M – $15.16M (±1% cap)
    NOI $909,871 @ 7.0% cap · market cap 10.71%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Palm Beach Tan Tanning Salon Dollar Tree Discount Store American World Mattress Furniture & Home Goods Nail N Spa Nail Salon Wingstop Restaurant

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Law Firm Hotel & Motel Gym & Fitness Center Real Estate Agency Storage Facility Food Market Dental Office

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Market Plaza Shopping Center — 355-401 Market Plaza, Greenwood, IN 46142
    • BMV Connect Kiosk — 349 S Washington St, Greenwood, IN 46143
    • Greenwood Oaks — 500 Polk St, Greenwood, IN 46143
    • Wilgro Shopping Center — Greenwood, IN 46143
    • Greenwood shooppes — 870 US 31 S, Greenwood, IN 46143

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.106744
    Latitude
    39.6052

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    FAQs

    What type of property is this?
    Shopping center - Neighborhood strip center in Greenwood, Indiana, with diversified retail.
    Where is this shopping center located?
    The property is located at 707 S Madison Ave Greenwood, IN.
    What is the asking price?
    The asking price for this property is $8,495,000.
    What are key features of this property?
    This property features: Stabilized neighborhood strip center; Durable, diversified retail income; Triple‑net (NNN) expense recoveries
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jeffrey Marchio
    Jeffrey Marchio
    Real Estate License ID: RB17000302
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