Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2179 Morton St Franklin, IN 46131-7031
    Back to Search
    Property profile & analytics

    2179 Morton St, Franklin, IN 46131-7031

    View on Map
    • Retail space
    • 5,183 SF
    • 0.63 lot acres
    Off-Market
    Last Sale Feb 27, 2023
    $7,500
    Property ID
    US31-0664062
    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.
    Value Estimations
    $810,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2179 Morton St

    Year built
    2001
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.63 lot acres
    Property type
    Retail space
    APN
    41-08-10-014-002.009-009
    APU
    410810014002009009

    Description

    This single-story, 5,183 square foot building, constructed in 2004, offers 1,420 square feet of immediately available space in a vibrant retail area. Located at 2179 N Morton St, Franklin, IN 46131, the property sits on 0.633 acres and is zoned C-1. The building enjoys high visibility from US 31 South and benefits from its location in a high-income area just 12 miles south of Indianapolis. Existing tenants include GameStop and Morton Family Dental, and the property is situated near major retailers such as Walmart, Lowe's, Meijer, Starbucks, Panera Bread, and Hobby Lobby, ensuring high traffic counts and strong consumer presence. The building features multiple tenancies and is ideal for medical or traditional office uses. The available space presents a unique opportunity to establish or expand a business in a thriving commercial environment. This property offers excellent accessibility and visibility, making it an attractive option for a variety of businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,024,000
      Market price range: $339k - $1.02M
      AI Estimate
      $597,000
      Market price range: $134k - $598k

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.0683
    Latitude
    39.5042
    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
    $16,037
    $154,400
    $399,200
    $553,600
    -
    $154,400
    $399,200
    $553,600

    Comparable in this City

    • Value Estimation
      $825,000
      7,517 SF

      49 Ct St

      RETAIL STORES (PERSONAL SERVICES)
      49 Ct St, Franklin, IN 46131-2303
      View Details
    • Value Estimation by Request
      1,323 SF

      110 Jefferson St

      RETAIL STORES (PERSONAL SERVICES)
      110 Jefferson St, Franklin, IN 46131-2106
      View Details
    • Value Estimation
      $685,000
      6,300 SF

      41 Monroe St

      RETAIL STORES (PERSONAL SERVICES)
      41 Monroe St, Franklin, IN 46131-2314
      View Details
    • Value Estimation by Request
      10,258 SF

      Ss St

      RETAIL STORES (PERSONAL SERVICES)
      Ss St, Franklin, IN 46131
      View Details
    • Value Estimation
      $580,000
      6,690 SF

      55 Ct St

      RETAIL STORES (PERSONAL SERVICES)
      55 Ct St, Franklin, IN 46131-2303
      View Details
    • Value Estimation by Request
      2,310 SF

      1000 Hurricane St

      RETAIL STORES (PERSONAL SERVICES)
      1000 Hurricane St, Franklin, IN 46131-1441
      View Details

    Similar Nearby for Sale

    • New
      $299,000
      Pending

      High-Visibility Commercial Property in Franklin

      3-acre commercially zoned property with redevelopment potential on US-31.
      3480 S Us Highway 31, Franklin, IN 46131
      View Details
    • Contact for pricing
      6,157 SF

      Advance Auto Parts For Sale

      6,157 SF Advance Auto Parts in Franklin, Indiana for sale.
      600 N Morton St, Franklin, IN 46131
      View Details
    • $599,900
      2,688 SF

      High-Visibility Franklin Retail Space

      Prime Johnson County location, high traffic count.
      4677 State Road 135, Franklin, IN 46131
      View Details
    • $12,000,000

      Franklin Industrial Hub Warehouse Space

      178,060 SF manufacturing and warehouse space on 32.6 acres.
      1450 Commerce Pkwy, Franklin, IN 46131
      View Details
    • $235,000
      4.27 Acres

      Franklin Residential Building Site

      4.27-acre building site near Franklin, Indiana.
      W State Road 44, Franklin, IN 46131
      View Details
    • $699,000
      2,730 SF

      Prime Franklin Office Building

      I-65 Frontage, High Visibility, Lease in Place
      2134 Holiday Ln, Franklin, IN 46131
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,030 SF

      Retail Space Near US 31

      Retail space available for lease near Tractor Supply and Aldi.
      1540 N Morton St, Franklin, IN 46131
      View Details
    • Contact for pricing
      1,610 SF

      Retail Space Near Meijer

      New retail development with 1,600 SF available for lease.
      2156-2182 N Morton St, Franklin, IN 46131
      View Details
    • Contact for pricing

      Retail Development in Franklin, Indiana

      Retail spaces and outlot available for lease in Franklin, IN.
      2150 N Morton St, 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
    • Contact for pricing
      3,200 SF

      Retail Space in High-Traffic Area

      Retail space in high-income area with significant daytime traffic.
      2991 Fulmer Dr, Bargersville, IN 46131
      View Details
    • Contact for pricing
      4,479 SF

      Auto Shop/Showroom on SR 135

      4,500 SF auto shop/showroom with frontage on SR 135.
      39 S State Road 135, Franklin, IN 46131
      View Details
    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.
    2179 Morton St
    Franklin, IN 46131-7031
    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

    Thank You for Inquiry
    2179 Morton St, Franklin, IN, 46131
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!