Amazon investing $80 million in Greenwood to create 1250+ jobs

10 Replies

Hi all,

I own a property in Greenwood and have been looking to buy another. With Amazon moving in and setting up a new facility in 2019 do you think I should act now? Or do you think this won’t have a noticeable impact after it gets up and running?

Thanks!

Wow. I live here and knew nothing about it! It's funny how the local news works. This will have a noticeable impact on Indianapolis. The south side has cheaper properties but if more companies are investing here that's going to change. 

@Blake Morgan This has been a long time coming. Amazon had been scouting this area even prior to "maybe" picking Indianapolis as their 2nd headquarters. The south side is an AMAZING are right now and if you can get into the Center Grove or Franklin Township school district, that is even better. There are not as many duplexes or multiplex units, but lots of SFH that rent well. It is also a much lower crime are than Indy. It is hard to find a gem right now because there are hedge funds buying up everything in the area, but you can still find them, especially right now when you are not competing against the summer time buyers. During the summer season, Center Grove and Franklin Township homes go FAST.

I have been asking myself the same question -- looks like there's a deficit of multi-family in the area off of New Whiteland and Franklin. I think those areas will see high demand for not only apartments but smaller multi-family. I'm new to this and I would ask the seasoned experts here: What are the possibilities? Building duplexes and tri-plexes-- would it be profitable in that area? 

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@Jon Davison New construction costs vary between  $120-$140sqft. If you know a reliable, reputable builder, you might get away with $100/sqft. There aren't a ton of multis in the area and the ones that do exist, they sell at a point where you won't cash flow much. I have a house in Greenwood with an unfinished attic space that can get converted into another unit. Once you deal with the permits and get the done work, it might be worth it. Have you looked into something like that? See if there's room to expand on your existing rental?

That's what I was thinking--with construction costs it might not be worth it to even partner up with someone and build smaller multis. I like your idea of expanding the upstairs in your Greenwood house. I don't have any rental properties yet.

Franklin and southeast side of Indy are full of multi-family opportunities to capture some of this growth.  Easy drive from either area and lots of great value add opportunities exist.

@Blake Morgan

You should look at this not in sylo rather as a part of the overall picture of the MSA. How significant (or not) is 1250 jobs for Greenwood?! Can the local service providers (e.g., hospitals, schools, rentals) support the incoming workforce? What is the current supply? Will Greenwood need more of XYZ to support 1250 extra workers? Etc... You get the idea. 

Note: I don't know anything about Greenwood, or the jobs Amazon is bringing there, my statement is rather generic in nature.

Originally posted by @Alina Trigub :

@Blake Morgan

You should look at this not in sylo rather as a part of the overall picture of the MSA. How significant (or not) is 1250 jobs for Greenwood?! Can the local service providers (e.g., hospitals, schools, rentals) support the incoming workforce? What is the current supply? Will Greenwood need more of XYZ to support 1250 extra workers? Etc... You get the idea. 

Note: I don't know anything about Greenwood, or the jobs Amazon is bringing there, my statement is rather generic in nature.

Alina,

From what I've read from local government interviews/statements, Greenwood alone doesn't have enough workers to fully support the new Amazon center. People will need to commute from other areas. I figure more people going through Greenwood will increase the demand for services there. Amazon also pledged to improve the local infrastructure. Seems like a good win for Greenwood. Honestly when I bought my property I was expecting zero appreciation except maybe matching inflation. I had no idea about Amazon's plans and my property happens to be just 7 minutes away. I should go act like I knew what I was doing on Youtube and become a guru for ad revenue. ;)

Blake,
I believe you just answered your own question! 


Originally posted by @Blake Morgan :
Originally posted by @Alina Trigub:

@Blake Morgan

You should look at this not in sylo rather as a part of the overall picture of the MSA. How significant (or not) is 1250 jobs for Greenwood?! Can the local service providers (e.g., hospitals, schools, rentals) support the incoming workforce? What is the current supply? Will Greenwood need more of XYZ to support 1250 extra workers? Etc... You get the idea. 

Note: I don't know anything about Greenwood, or the jobs Amazon is bringing there, my statement is rather generic in nature.

Alina,

From what I've read from local government interviews/statements, Greenwood alone doesn't have enough workers to fully support the new Amazon center. People will need to commute from other areas. I figure more people going through Greenwood will increase the demand for services there. Amazon also pledged to improve the local infrastructure. Seems like a good win for Greenwood. Honestly when I bought my property I was expecting zero appreciation except maybe matching inflation. I had no idea about Amazon's plans and my property happens to be just 7 minutes away. I should go act like I knew what I was doing on Youtube and become a guru for ad revenue. ;)

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