Commercial Development Opportunity in Greenwood

774 S Morgantown Rd, Greenwood, IN 46143

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For Sale

$799,000

Two-story building and pole barn on 2+ acres.

Property size:

3,552 SF

Lot size:

2.01 Acres

Price / SF:

$224/SF

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.
Situated on 2+ acres, providing ample space for development.
Includes a 400‑square‑foot pole barn.
Proximity to other businesses and the upcoming Shops at Center Grove.

We can help!

Contact an agent

Katina Whalen

For Sale

$799,000

Two-story building and pole barn on 2+ acres.

Property size:

3,552 SF

Lot size:

2.01 Acres

Price / SF:

$224/SF

Added:: Sep 8, 2024
Days on Market:: 668
Last Refresh:: Jun 30 at 5:32 am

Property Features for 774 S Morgantown Rd

General Information

Standard status: Active
Size: 3,552 SF
Lot size: 2.01 Acres

We can help!

Contact an agent

Katina Whalen

Listing office Sugar Creek Real Estate, LLC

Listing date Sep 8, 2024

Source Exprealty

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

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.
Situated on 2+ acres, providing ample space for development.
Includes a 400‑square‑foot pole barn.
Proximity to other businesses and the upcoming Shops at Center Grove.

Overview

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.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$70.3k	$19.80
− Vacancy	−$10.5k	−$2.97
EGI	$59.8k	$16.83
− OpEx	−$14.9k	−$4.21
NOI	$44.8k	$12.62

3,552 SF · lease $19.80/SF/yr · vacancy 15.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$640.5K

$560.4K – $747.3K (±1% cap)

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 (±1% cap)

NOI $62,657 @ 7.0% cap · market cap 7.84%

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

Property Profile Location Intelligence

Current Use by Public Records

Commercial land

Suggested Use

Location Insight

Map
Local Demand

City: Greenwood
County: Johnson
State: Indiana
Longitude: -86.1964
Latitude: 39.626

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For sale
Commercial land
IN
Greenwood
46143
774 S Morgantown Rd

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.