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502-516 N Madison Ave
Greenwood, IN 46142
Land For Sale
·
3.91 AC
Investment Highlights
- Five Parcel Assemblage
- Madison Avenue Frontage
- Zoned OT (Old Town)
- 3.9162 Acre Development Site
- Riverfront District Location
- Conceptual Development Plans Completed
Executive Summary
Offered at $4,000,000, the property represents one of the last large-scale redevelopment opportunities near Old Town Greenwood. Significant preliminary planning has already been completed, with conceptual development plans reviewed by the City of Greenwood, allowing a future developer to bypass years of acquisition and assemblage efforts and focus immediately on bringing a project to market.
Conceptual plans illustrate two potential retail development scenarios, including approximately 23,400 square feet in a two-building configuration or approximately 32,400 square feet in a single-building configuration. Existing improvements on select parcels may provide interim income during the planning and entitlement process.
The property benefits from an exceptional location along Greenwood's historic Madison Avenue corridor, approximately one mile from US 31, less than three miles from Interstate 65, and approximately fifteen miles south of Downtown Indianapolis. Surrounded by established neighborhoods, schools, employers, and retail destinations, the site offers outstanding visibility, accessibility, and long-term growth potential.
Located within Greenwood's Riverfront District, the property may qualify for a valuable liquor license allocation, creating additional opportunities for restaurants, breweries, entertainment venues, and hospitality-oriented users.
Property Facts
1 Lot Available
Lot
| Price | $4,000,000 | Lot Size | 3.91 AC |
| Price Per AC | $1,023,017.90 |
| Price | $4,000,000 |
| Price Per AC | $1,023,017.90 |
| Lot Size | 3.91 AC |
Five-parcel assemblage totaling 3.9162 acres in Greenwood's Riverfront District. Prime Madison Avenue redevelopment opportunity with conceptual plans reviewed by the city. Ideal for retail, restaurant, mixed use, or hospitality development.
Description
Prime 3.9162 acre redevelopment opportunity consisting of five assembled parcels along North Madison Avenue in Greenwood's Riverfront District. Preliminary development concepts have been reviewed with the City of Greenwood and support either a 23,400 SF two-building retail center or a 32,400 SF single-building retail center. Existing improvements on select parcels may provide interim income while redevelopment plans are finalized. Excellent visibility with convenient access to US 31, Interstate 65, Old Town Greenwood, and Downtown Indianapolis.
Property Taxes
| Parcel Numbers | Improvements Assessment | $352,000 | |
| Land Assessment | $502,400 | Total Assessment | $854,400 |
Property Taxes
