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    970 Morton St Franklin, IN 46131-1373
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    970 Morton St Franklin, IN 46131-1373

    View on Map
    • Grocery and convenience stores
    • 119,499 SF
    • 11.54 lot acres
    Off-Market
    Property ID
    US31-2839842
    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
    $16,395,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 970 Morton St

    Year built
    2016
    Construction
    TYPE NOT SPECIFIED
    Lot size
    11.54 lot acres
    Property size
    119,499 SF
    Property type
    Grocery and convenience stores
    APN
    41-08-15-014-027.000-009
    APU
    410815014027000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $21,780,000
      6.5%
      $20,105,000
      7%
      $18,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,042,000
      Market price range: $7.82M - $23.6M
      AI Estimate
      $10,032,000
      Market price range: $3.08M - $13.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.0666
    Latitude
    39.4887
    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
    $202,073
    $1,360,300
    $5,615,200
    $6,975,500
    -
    $1,360,300
    $5,615,200
    $6,975,500

    Comparable in this City

    • Value Estimation by Request
      690 SF

      237 Jefferson St

      CONVENIENCE STORE • 690 SF
      237 Jefferson St, Franklin, IN 46131-2107
      View Details
    • Value Estimation by Request
      1,560 SF

      400 Jefferson St

      CONVENIENCE STORE • 1,560 SF
      400 Jefferson St, Franklin, IN 46131-2515
      View Details
    • Value Estimation by Request
      1,950 SF

      50 Morton St

      CONVENIENCE STORE • 1,950 SF
      50 Morton St, Franklin, IN 46131-2102
      View Details
    • Value Estimation by Request
      1,938 SF

      349 Morton St

      CONVENIENCE STORE • 1,938 SF
      349 Morton St, Franklin, IN 46131-1681
      View Details
    • Value Estimation by Request
      3,920 SF

      Old Plank Rd

      CONVENIENCE STORE • 3,920 SF
      Old Plank Rd, Franklin, IN 46131
      View Details
    • Value Estimation by Request
      1.01 Acres

      | Us Hwy 31 & Christian Blvd

      Automotive properties • 1.01 Acres
      | Us Hwy 31 & Christian Blvd, Whiteland, IN 46131
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,157 SF

      Advance Auto Parts For Sale

      6,157 SF Advance Auto Parts in Franklin, Indiana for sale.
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    • 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
    • $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
    • $610,000
      49.59 Acres

      Franklin Agricultural Land with Creek

      49.6 acre agricultural land with tillable acreage and woods.
      E State Road 44, Franklin, IN 46131
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    • $255,000
      4.27 Acres

      Residential Lots in Franklin, IN

      4.27-acre building site near Franklin for peaceful country living.
      W State Road 44, Franklin, IN 46131
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    Similar Nearby for Lease

    • 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
      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
    • $9,000 /Mo
      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
    • Contact for pricing
      2,312 SF

      Franklin Retail Center Space Available

      Retail space for lease in Franklin's largest shopping center.
      2239 N Morton St, Franklin, IN 46131
      View Details
    • Contact for pricing

      Bargersville Commercial Opportunity

      Commercial space available for sale or lease in Bargersville, Indiana.
      I-69 & Sr 144, Bargersville, IN 46131
      View Details
    • Contact for pricing

      Retail Space in Franklin, Indiana

      Up to 32,000 SF available in Franklin, Indiana.
      31 S & Commerce Dr, Franklin, IN 46131
      View Details
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    970 Morton St
    Franklin, IN 46131-1373
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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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