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    Two-Story Office Building and Pole Barn Title is generated by Realmo AI

    774 S Morgantown Road, Greenwood, IN 46143

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    Claim this Listing
    For Sale
    $799,000

    COMMERCIAL - Greenwood, IN

    Property size:
    3,552 SF
    Lot size:
    2.01 Acres
    Price / SF:
    $224/SF
    Added:
    Sep 8, 2024
    Days on Market:
    643
    Last Refresh:
    Jun 12 at 4:06 pm

    Property Features for 774 S Morgantown Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    R2
    Standard status
    Active
    APN
    410404011070000038
    Lot size
    2.01 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    E Ne S4 T13 R3

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Floors in Building
    2

    We can help!

    Listing Contact
    Katina Whalen
    Katina Whalen

    Listing agent Katina Whalen License #RB14031898

    Listing office Sugar Creek Real Estate, LLC PO Box 64, New Palestine, IN

    Listing date Sep 8, 2024

    MLS# 21999756

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location for commercial development in a rapidly growing area.
    • Zoned R2, offering flexibility for various commercial uses.
    • Excellent visibility and accessibility, minutes from the new I‑69 interchange.
    • Existing 3,552‑square‑foot building with multiple private rooms, community areas, full kitchen, and four bathrooms.
    • Includes a 400‑square‑foot pole barn on 2+ acres.
    • Proximity to other businesses and the anticipated Shops at Center Grove.

    Overview

    The property includes an existing two-story office building totaling 3,552 square feet. The interior is laid out with multiple private rooms, spacious community areas, a full kitchen, and four bathrooms, providing flexible space for professional office use. A 400-square-foot pole barn is also included on the site.

    The site is currently zoned R2 and sits on 2+ acres, offering room for redevelopment or complementary improvements depending on intended use. The listing also notes proximity to other businesses and the planned Shops at Center Grove, along with accessibility to the area near the new I-69 interchange at Smith Valley Road.

    For buyers or operators, the combination of dedicated office space and additional outbuilding area can support a range of business needs, from consolidating staff and client functions in the existing building to using the pole barn for storage or operational support. With the property’s R2 zoning and on-site acreage, it may also fit plans that contemplate commercial development or reuse, subject to applicable approvals and use requirements.

    Local Financial Insights For Office B

    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 $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

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy Skin Care Clinic Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Johnson
    State
    Indiana
    Longitude
    -86.196451
    Latitude
    39.625971

    FAQs

    What type of property is this?
    Office building - Two-story office building with private rooms, community space, kitchen, and four bathrooms, plus an additional pole barn.
    Where is this office building located?
    The property is located at 774 S Morgantown Road 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 for commercial development in a rapidly growing area.; Zoned R2, offering flexibility for various commercial uses.; Excellent visibility and accessibility, minutes from the new I‑69 interchange.
    More about this property
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