Two-Story Office Building and Pole
774 S Morgantown Road Greenwood, IN 46143
For Sale
$799,000
COMMERCIAL - Greenwood, IN
Property Size3,552 SF
Lot Size2.01 Acres
Price / SF$224.94
Days on Market689
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
Listing Agency:
Sugar Creek Real Estate, LLC
(317) 491-5334
Listed By:
Katina Whalen · License #RB14031898
(317) 491-5334
Added: Sep 8, 2024
Changed: Jun 16
Last Checked: Jul 28 at 6:06PM
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.
Investment Insights
Based on property information with market context.
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.
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.
Key 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.
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
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
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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.
