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    Property profile & analytics

    215 Industrial Dr Franklin, IN 46131-9609

    • Warehouses
    • 10,779 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Nov 29, 2021
    $1,200,000
    Value Estimations
    $1,195,000
    Show details
    Cap Rate Potential
    4.8%
    Warehouses
    Location Intelligence
    Property ID
    US31-0641431
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 215 Industrial Dr

    Year built
    2004
    Construction
    WOOD
    Lot size
    0.94 lot acres
    Property size
    10,779 SF
    Property type
    Warehouses
    APN
    41-08-03-042-054.001-009
    APU
    410803042054001009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,205,000
      ML approach
      $1,165,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $975,000
      6.5%
      $900,000
      7%
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $908,000
      Market price range: $633k - $1.79M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,005,000
      Current use
      RETAIL STORES
      $1,510,000
      Change: +50% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,015,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.0713
    Latitude
    39.5137
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,992
    $68,200
    $414,800
    $483,000
    -
    $68,200
    $414,800
    $483,000

    Comparable in this City

    • Value Estimation
      $24,760,000
      519,376 SF

      120 Jim Black Rd

      STORAGE YARD, OPEN STORAGE • 519,376 SF
      120 Jim Black Rd, Franklin, IN 46131-7326
      View Details
    • Value Estimation by Request
      240 SF

      1510 550th E

      STORAGE YARD, OPEN STORAGE • 240 SF
      1510 550th E, Franklin, IN 46131-9639
      View Details
    • Value Estimation
      $12,080,000
      146,505 SF

      187 Bartram Pkwy

      WAREHOUSE, STORAGE • 146,505 SF
      187 Bartram Pkwy, Franklin, IN 46131-6905
      View Details
    • Value Estimation
      $14,845,000
      539,190 SF

      1001 Hurricane St

      WAREHOUSE, STORAGE • 539,190 SF
      1001 Hurricane St, Franklin, IN 46131-1550
      View Details
    • Value Estimation
      $1,845,000
      25,272 SF

      2159 Early Ln

      WAREHOUSE, STORAGE • 25,272 SF
      2159 Early Ln, Franklin, IN 46131-7847
      View Details
    • Value Estimation
      $1,585,000
      20,400 SF

      295 Industrial Dr

      WAREHOUSE, STORAGE • 20,400 SF
      295 Industrial Dr, Franklin, IN 46131-9609
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      22,996 SF

      Franklin Industrial Building For Sale

      22,996 SF industrial building on 1.54 acres for sale.
      225 Industrial Dr, Franklin, IN 46131
      View Details
    • Contact for pricing
      64,800 SF

      Franklin Industrial Space with Rail Access

      64,480 SF industrial space with expansion capabilities and rail access.
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    • $450,000
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      Franklin Industrial Space - Huge Potential

      Downtown Franklin, 5000+ sq ft warehouse
      218 Cincinnati St, Franklin, IN 46131
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    • $699,000
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      Prime Franklin Office Building

      I-65 Frontage, High Visibility, Lease in Place
      2134 Holiday Ln, Franklin, IN 46131
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    • $300,000
      728 SF

      Franklin Office Building - 1 Acre

      Prime Office Space, High Visibility, Investment Potential
      4171 State Road 135, Franklin, IN 46131
      View Details
    • Contact for pricing

      Prime Commercial Development Land For Sale

      1.04-3.5 acres in Franklin, suitable for retail/apartments.
      1760 Thornburg Ln, Franklin, IN 46131
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Franklin Industrial Space for Lease

      Available industrial space ranging from 100,000 to 808,505 square feet.
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    • 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
      199,364 SF

      Franklin Warehouse Space Available

      199,364 SF warehouse space for lease in Franklin, Indiana.
      2280 Mcclain Dr, Franklin, IN 46131
      View Details
    • Contact for pricing
      808,505 SF

      Franklin Industrial Space For Lease

      Industrial and warehouse space available for lease in Franklin, Indiana.
      500 Bartram Pkwy, Franklin, IN 46131
      View Details
    • Contact for pricing
      178,060 SF

      Commerce Parkway Industrial

      178,060 SF Manufacturing/Warehouse
      1450 Commerce Pkwy, Franklin, IN 46131
      View Details
    • $15 SF/Yr

      New Industrial Space in Franklin

      New industrial building with customizable space, convenient location in Franklin.
      1551 Amy Ln, Franklin, IN 46131
      View Details
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    Franklin, IN 46131-9609
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    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
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