Commercial Development Opportunity in
For Sale
$799,000
774 S Morgantown Rd, Greenwood, IN 46143
Two-story building and pole barn on 2+ acres.
Property Size3,552 SF
Lot Size2.01 Acres
Price / SF$224.94
Days on Market759
Property Features for 774 S Morgantown Rd
General Information
Standard status
Active
Size
3,552 SF
Lot size
2.01 Acres
Listing Agency:
Sugar Creek Real Estate, LLC
Listed By:
Katina Whalen · License #RB14031898
(317) 491-5334
Source:
Exprealty
Added: Sep 8, 2024
Changed: Sep 6
Last Checked: Oct 5 at 7:54PM
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 Sugar Creek Real Estate, LLC
Investment Insights
Based on property information with market context.
This strategically located property offers a commercial development opportunity in a rapidly growing area. The site is currently zoned R2, providing flexibility for various commercial uses. The existing two-story building features 3,552 square feet of space, including multiple private rooms, spacious community areas, a full kitchen, and four bathrooms. A 400-square-foot pole barn is also located on the property, which spans over two acres. The property benefits from its proximity to other businesses and the upcoming Shops at Center Grove. Its location provides visibility and accessibility, situated minutes from the new I-69 interchange at Smith Valley Road. This location is suited for businesses seeking to capitalize on the area's commercial scene.
Key Highlights
- Prime location with excellent visibility and accessibility, minutes from the new I‑69 interchange.
- Zoned R2, offering flexibility for various commercial uses.
- Existing 3,552‑square‑foot two‑story building with multiple private rooms, community areas, full kitchen, and four bathrooms.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,835
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$896,700
$896.7K
Cap Rate 7%
$640,500
$640.5K
Cap Rate 9%
$498,167
$498.2K
Market Conditions
NOI Build-Up for 3,552 SF
Gross rent
$70.3K $19.80/SF
− Vacancy
−$10.5K −$2.97/SF
EGI
$59.8K $16.83/SF
− OpEx
−$14.9K −$4.21/SF
NOI
$44.8K $12.62/SF
Area
Johnson County, IN
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$896,700
Cap Rate 7%
$640,500
Cap Rate 9%
$498,167
Alternative Uses
Best Use
Office B
$640.5K
$560.4K – $747.3K
NOI $44,835 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.1K
$783.2K – $1.04M
NOI $62,657 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 46143, IN
62,618
Population
23,417
Households
2.7
Avg Household Size
36
Median Age
36%
College-Educated
93%
High-School Grad
49.4 sq mi
ZIP Area
1,268
Density / Sq Mi
$89,401
Median Household Income
$51,213
Median Earnings
$1,427
Median Rent
$295,400
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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Commercial land - Two-story building and pole barn on 2+ acres.
Where is this commercial land located?
The property is located at 774 S Morgantown Rd Greenwood, IN.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime location with excellent visibility and accessibility, minutes from the new I‑69 interchange.; Zoned R2, offering flexibility for various commercial uses.; Existing 3,552‑square‑foot two‑story building with multiple private rooms, community areas, full kitchen, and four bathrooms.
