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Mixed-Use

Randall & H.B. Thayer Building

2 E Main St, Greenfield, IN 46140

Listing Price: $2,330,000

Cap Rate
8.63%
Number of Suites
7
Gross SF
24,158
Rentable SF
21,437
Price/Gross SF
$96.45
Lot Size
0.28 acres
Year Built
1900

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the historic Randall and H.B. Thayer Building – a 24,158 square-foot mixed-use center in the heart of Greenfield, Indiana. The Subject Property is a rare, historic building that was originally built in 1900 and has recently been completely revitalized by ownership to fit the needs of the expanding Greenfield community, as an integral part of the Indianapolis MSA. By doing so, the 13,437 square-foot net leasable area on the main and upper levels are at 92.2% occupancy across professional and retail users that provide a strong in-place cash flow, while there remains considerable upside potential in the revitalization of the lower level to any new Investor. Market: The Subject Property is situated in Greenfield, Indiana, a rapidly developing part of the Indianapolis MSA. The Indianapolis MSA is the 7th largest in the Midwest and the 33rd largest in the Country, with a reported 2.11M residents in the 2020 census. The Randall Building is positioned as a community-serving Class B mixed use building offering retail and offices located in Downtown Greenfield. Location: The Randall and H.B. Thayer Building is situated along E. Main Street / State Road – in the center of Greenfield’s up and coming Downtown that gets approximately 22,957 VPD – with immediate access to State Roads 9 and 40. The Subject Property is located in the affluent and growing, historic downtown district of Greenfield with walkable, bikeable community that houses a wide variety of shops, restaurants and amazing architecture. The location of the Subject Property is a perfect fit for the tenants it houses in the center of the Historic Downtown District of Greenfield. Property Features: The Subject Property is a rare mixed use building that houses shops, offices, salons in the center of the historic, downtown district of Greenfield. The Subject Property is situated on .28 acres and features of 45 parking spaces with no steep slopes or steps, which is rare for a downtown property. The building is also a historic building with fully updated amenities and finishes. The building is a vocal point of the historic district of Greenfield sitting on the corner of the main intersection. Stable Current Tenant Mix: The Subject Property is currently running at 92.2% capacity on the first level and second level of the building with a strong mix of professional and retail users that demonstrate the long-term commitment of this location as well as the continued market demand for this space through various leasing cycles in the recent years. The owners of this building acquired a historical building that wasn’t being utilized and have revitalized the building every year since ownership to fit the need of the community in the best way possible with retail on the first level and offices on the second. The Subject Property also has a lower level comprised of approximately 8,000 square feet that is currently not being utilized which creates a great value-add opportunity for creative investors.

Investment Highlights

  • Rapidly Growing Greenfield Submarket of Indianapolis MSA | 33rd Largest MSA | 2.11M Residents
  • Centrally within Greenfield Historic CBD along Main Street (SR 40) & State Street (SR 9) | 13,400 VPD
  • Excellent In-Place Cash Flow | Value Add Upside in Singular 1st Floor Vacancy & 8,000 SF Lower Level

Exclusively Listed By

Mixed-Use

Randall & H.B. Thayer Building

Listing Price: $2,330,000

Cap Rate
8.63%
Number of Suites
7
Gross SF
24,158
Rentable SF
21,437
Price/Gross SF
$96.45
Lot Size
0.28 acres
Year Built
1900

Investment Highlights

  • Rapidly Growing Greenfield Submarket of Indianapolis MSA | 33rd Largest MSA | 2.11M Residents
  • Centrally within Greenfield Historic CBD along Main Street (SR 40) & State Street (SR 9) | 13,400 VPD
  • Excellent In-Place Cash Flow | Value Add Upside in Singular 1st Floor Vacancy & 8,000 SF Lower Level

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the historic Randall and H.B. Thayer Building – a 24,158 square-foot mixed-use center in the heart of Greenfield, Indiana. The Subject Property is a rare, historic building that was originally built in 1900 and has recently been completely revitalized by ownership to fit the needs of the expanding Greenfield community, as an integral part of the Indianapolis MSA. By doing so, the 13,437 square-foot net leasable area on the main and upper levels are at 92.2% occupancy across professional and retail users that provide a strong in-place cash flow, while there remains considerable upside potential in the revitalization of the lower level to any new Investor. Market: The Subject Property is situated in Greenfield, Indiana, a rapidly developing part of the Indianapolis MSA. The Indianapolis MSA is the 7th largest in the Midwest and the 33rd largest in the Country, with a reported 2.11M residents in the 2020 census. The Randall Building is positioned as a community-serving Class B mixed use building offering retail and offices located in Downtown Greenfield. Location: The Randall and H.B. Thayer Building is situated along E. Main Street / State Road – in the center of Greenfield’s up and coming Downtown that gets approximately 22,957 VPD – with immediate access to State Roads 9 and 40. The Subject Property is located in the affluent and growing, historic downtown district of Greenfield with walkable, bikeable community that houses a wide variety of shops, restaurants and amazing architecture. The location of the Subject Property is a perfect fit for the tenants it houses in the center of the Historic Downtown District of Greenfield. Property Features: The Subject Property is a rare mixed use building that houses shops, offices, salons in the center of the historic, downtown district of Greenfield. The Subject Property is situated on .28 acres and features of 45 parking spaces with no steep slopes or steps, which is rare for a downtown property. The building is also a historic building with fully updated amenities and finishes. The building is a vocal point of the historic district of Greenfield sitting on the corner of the main intersection. Stable Current Tenant Mix: The Subject Property is currently running at 92.2% capacity on the first level and second level of the building with a strong mix of professional and retail users that demonstrate the long-term commitment of this location as well as the continued market demand for this space through various leasing cycles in the recent years. The owners of this building acquired a historical building that wasn’t being utilized and have revitalized the building every year since ownership to fit the need of the community in the best way possible with retail on the first level and offices on the second. The Subject Property also has a lower level comprised of approximately 8,000 square feet that is currently not being utilized which creates a great value-add opportunity for creative investors.

Exclusively Listed By

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