Day Care Center With
For Sale
$799,900
730 Fry Road, Greenwood, IN 46142
Commercial Sale, Greenwood, IN
Property Size5,405 SF
Lot Size0.57 Acres
Price / SF$147.99
Days on Market96
Property Features for 730 Fry Road
General Information
Property type
Residential
Property subtype
Retail
Zoning
CL
Elementary school district
Greenwood Community Sch Corp
Middle school district
Greenwood Community Sch Corp
High school district
Greenwood Community Sch Corp
Directions
GPS Friendly
Subdivision
4102 - Johnson - Pleasant
Standard status
Active
APN
410230014004000026
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Ne 1/4 S30 T14 R4
Legal Description
Pt Ne 1/4 S30 T14 R4
Utilities
Utilities
Cable Available
Building Details
Year built
1980
Listing Agency:
RE/MAX Advanced Realty · RE/MAX International
(317) 881-3700
Listed By:
Keith Turnbill · License #RB14035185
(317) 298-0961
Added: May 29
Changed: Aug 28
Last Checked: Sep 1 at 6:06AM
MLS# 22105650
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.
Investment Insights
Based on property information with market context.
This day care property includes an existing commercial building that was most recently operated for childcare use. The site covers approximately 0.57 acres and includes an on-site parking lot for customer and employee access. Built in 1980, the property is zoned CL and has cable available.
The property fronts Fry Road with 120 feet of frontage and exposure to more than 16,000 vehicles daily. Access to State Road 135, U.S. 31, and Interstate 65 connects the site with Greenwood, Center Grove, and the greater Indianapolis metropolitan area. Established residential neighborhoods, schools, retail centers, and commercial development surround the property. Its prior childcare configuration and commercial zoning support consideration for continued day care use, subject to applicable approvals.
The property fronts Fry Road with 120 feet of frontage and exposure to more than 16,000 vehicles daily. Access to State Road 135, U.S. 31, and Interstate 65 connects the site with Greenwood, Center Grove, and the greater Indianapolis metropolitan area. Established residential neighborhoods, schools, retail centers, and commercial development surround the property. Its prior childcare configuration and commercial zoning support consideration for continued day care use, subject to applicable approvals.
Key Highlights
- Approximately 0.57 acres with an existing commercial building
- Most recently operated as a day care facility
- 120 feet of frontage along Fry Road
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
$59,113
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
7.39%
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%
$1,182,260
$1.2M
Cap Rate 7%
$844,471
$844.5K
Cap Rate 9%
$656,811
$656.8K
Market Conditions
NOI Build-Up for 5,405 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
$90.8K $16.80/SF
− Vacancy
−$6.4K −$1.18/SF
EGI
$84.4K $15.62/SF
− OpEx
−$25.3K −$4.69/SF
NOI
$59.1K $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%
$1,182,260
Cap Rate 7%
$844,471
Cap Rate 9%
$656,811
Alternative Uses
Best Use
Retail
$844.5K
$738.9K – $985.2K
NOI $59,113 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,344 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
611k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 34%
Shops & Services 24%
Dining 22%
Electronics 8%
DICK'S Sporting Goods
Apparel
102,581 visits/mo
0.4 miles
Kohl's
Apparel
66,716 visits/mo
0.3 miles
Barnes & Noble
Shops & Services
50,410 visits/mo
0.4 miles
Olive Garden
Dining
45,696 visits/mo
0.4 miles
Best Buy
Electronics
45,391 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Concordia Lutheran Preschool — 305 N, Howard Rd, Greenwood, IN 46142
- Celebrate Life Child Care Center — 730 Fry Rd, Greenwood, IN 46142
- Kid City USA- South point — 8830 Southpointe Dr, Indianapolis, IN 46227
- Academy of Learning — 8830 Southpointe Dr, Indianapolis, IN 46227
- Madison KinderCare — 8829 Madison Ave, Indianapolis, IN 46227
Frequently Asked Questions
What type of property is this?
Day care center - Existing improvements include an on-site parking lot and direct access from Fry Road.
Where is this day care center located?
The property is located at 730 Fry Road Greenwood, IN.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Approximately 0.57 acres with an existing commercial building; Most recently operated as a day care facility; 120 feet of frontage along Fry Road
