Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2490 Morton St Franklin, IN 46131-7219
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2490 Morton St Franklin, IN 46131-7219

    View on Map
    • Commercial land
    • 11,730 SF
    • 5.47 lot acres
    Off-Market
    Property ID
    US31-1249592
    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
    $1,030,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 2490 Morton St

    Year built
    1999
    Lot size
    5.47 lot acres
    Property size
    11,730 SF
    Property type
    Commercial land
    APN
    41-08-10-012-002.000-009
    APU
    410810012002000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,171,000
      Market price range: $659k - $1.61M
      AI Estimate
      $842,000
      Market price range: $386k - $1.31M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,105,000
      Current use
      RETAIL STORES
      $1,645,000
      Change: +49% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,095,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.072
    Latitude
    39.5075
    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
    $17,150
    $592,000
    $0.00
    $592,000
    -
    $592,000
    $0.00
    $592,000

    Comparable in this City

    • Value Estimation by Request
      0.19 Acres

      745 Adams St

      VACANT COMMERCIAL LAND • 0.19 Acres
      745 Adams St, Franklin, IN 46131-1613
      View Details
    • Value Estimation by Request
      0.19 Acres

      745 Adams St

      VACANT COMMERCIAL LAND • 0.19 Acres
      745 Adams St, Franklin, IN 46131-1613
      View Details
    • Value Estimation by Request
      0.61 Acres

      Cedar Ln

      VACANT COMMERCIAL LAND • 0.61 Acres
      Cedar Ln, Franklin, IN 46131
      View Details
    • Value Estimation by Request
      2.54 Acres

      Commerce Dr

      VACANT COMMERCIAL LAND • 2.54 Acres
      Commerce Dr, Franklin, IN 46131
      View Details
    • Value Estimation by Request
      0.05 Acres

      89 Jefferson St

      VACANT COMMERCIAL LAND • 0.05 Acres
      89 Jefferson St, Franklin, IN 46131-2342
      View Details
    • Value Estimation by Request
      0.12 Acres

      401 Jefferson St

      VACANT COMMERCIAL LAND • 0.12 Acres
      401 Jefferson St, Franklin, IN 46131-2514
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      22 Acre Mixed-Use Development Land

      22-acre mixed-use development land suitable for office, retail, residential.
      Us Hwy 31 & Christian Blvd, Whiteland, IN 46131
      View Details
    • Contact for pricing

      22 Acre Mixed-Use Development

      22-acre mixed-use development opportunity on US 31 in Franklin, IN.
      512 S U.S 31, Franklin, IN 46131
      View Details
    • $349,000

      Commercial Lot with Public Parking

      0.44 acre commercial lot in premier Franklin location.
      252 Main St, 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
    • Contact for pricing

      Vacant Lot For Sale

      Vacant lot suitable for storage units in prime location.
      1079 N Morton St, Franklin, IN 46131
      View Details
    • Contact for pricing

      Land for Mixed-Use Development

      Land available for mixed-use development with flexible lot sizes.
      Us Highway 31, Franklin, IN 46131
      View Details

    Similar Nearby for Lease

    • 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

      Commercial Land Available For Rent

      Commercial land available for rent in Franklin, Indiana.
      Commerce Dr, Franklin, IN 46131
      View Details
    • Contact for pricing
      1,119,696 SF

      I-65 South Commerce Park

      Build-to-suit sites available in I-65 South Commerce Park.
      5081 E 100 N, Franklin, IN 46131
      View Details
    • Contact for pricing
      700,992 SF

      I-65 South Commerce Park

      Build-to-suit and speculative construction sites available for lease.
      N 500 E & SR 44, 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
    • $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
    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.
    2490 Morton St
    Franklin, IN 46131-7219
    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!