Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    US 31 S & Commerce Drive Franklin, IN 46131

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Up to 32,000 SF available in Franklin, Indiana.

    Type:Retail
    Property size:
    32,000 SF
    Added:
    Nov 26, 2025
    Days on Market:
    128
    Last Refresh:
    Apr 1 at 9:11 pm

    Property Features for US 31 S & Commerce Drive

    General Information

    Standard status
    Active
    Size
    32,000 SF
    Property subtype
    Retail

    Spaces For Lease

    at US 31 S & Commerce Drive Contact us

    We can help!

    Listing Contact
    Scot Courtney
    Scot Courtney

    Listing agent Scot Courtney License #RB14046445

    Listing office Lee & Associates | Indianapolis

    Listing date Nov 26, 2025

    Source Lee-associates

    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 Lee & Associates | Indianapolis

    Overview

    Retail Space in Franklin, Indiana

    Available for lease are out lots, small shops, and anchor positions, with spaces up to 32,000 square feet. The property is located at the northwest corner of US 31 S and Commerce Drive in Franklin, the county seat of Johnson County. Franklin is home to several manufacturing companies, including Toyota, Mitsubishi, KYB, and other international names. The property is suitable for retail and shopping center use.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • BMV Connect Kiosk — 1053 W Jefferson St Ste D, Franklin, IN 46131

    Map

    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.0843
    Latitude
    39.4841

    Nearby Similar for Lease

    • $15/mo

      New Industrial Space in Franklin

      New industrial building with customizable space, convenient location in Franklin.
      1551 Amy Lane, Franklin, IN 46131
      View Details
    • Contact for pricing

      Franklin Industrial Space For Lease

      Industrial and warehouse space available for lease in Franklin, Indiana.
      500 Bartram Parkway, Franklin, IN, 46131
      View Details
    • Contact for pricing

      Franklin Warehouse Space Available

      199,364 SF warehouse space for lease in Franklin, Indiana.
      2280 McClain Drive, Franklin, IN, 46131
      View Details
    • Contact for pricing

      Freestanding Restaurant with Drive-Thru Potential

      Freestanding restaurant on 0.76 acres with drive-thru potential.
      440 N Morton St, Franklin, IN
      View Details
    • Contact for pricing

      Retail Space Near US 31

      Retail space available for lease near Tractor Supply and Aldi.
      1540 N Morton St, Franklin, IN
      View Details
    • Contact for pricing

      Auto Shop/Showroom on SR 135

      4,500 SF auto shop/showroom with frontage on SR 135.
      39 S State Road 135, Franklin, IN
      View Details
    • $3/mo

      Franklin Warehouse and Distribution Space

      Large industrial space available for lease in Franklin, Indiana.
      180 Bartram Pkwy, Franklin, IN
      View Details
    • Contact for pricing

      Franklin Retail Center Space Available

      Retail space for lease in Franklin's largest shopping center.
      2239 N Morton St, Franklin, IN
      View Details
    • Contact for pricing

      Retail Space Near Meijer

      New retail development with 1,600 SF available for lease.
      2156-2182 N Morton St, Franklin, IN
      View Details
    • Contact for pricing

      Franklin Flex Space Opportunity

      Versatile 12,000 SF flex space in Franklin, Indiana.
      1408 Commerce Pkwy, Franklin, IN 46131
      View Details
    • Contact for pricing

      Franklin Industrial Space for Lease

      Available industrial space ranging from 100,000 to 808,505 square feet.
      500 Bartram Pkwy, Franklin, IN 46131
      View Details
    • Contact for pricing

      Medical Office Space Near Hospital

      Medical office spaces for lease near Johnson Memorial Hospital.
      1140 W Jefferson St, Franklin, IN 46131
      View Details

    FAQs

    What type of property is this?
    Shopping center - Up to 32,000 SF available in Franklin, Indiana.
    Where is this shopping center located?
    The property is located at US 31 S & Commerce Drive Franklin, IN.
    What are key features of this property?
    This property features: Up to 32,000 SF Available; Out Lots, Small Shops, & Anchor Positions Available; Located at NW Corner of US 31 S and Commerce Drive
    (317) 218-1038
    We can help!
    Listing Contact
    Scot Courtney
    Scot Courtney
    Real Estate License ID: RB14046445
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!