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    The Largest CRE Database in the US with Over 1 Million Listings

    104 E 38Th St Indianapolis, IN 46205

    Sponsored
    For Sale
    $349,000

    Business - Indianapolis, IN

    Type:Business
    Property size:
    2,054 SF
    Lot size:
    0.30 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 19 at 6:06 pm

    Property Features for 104 E 38Th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Standard status
    Active
    Zoning
    D9
    APN
    490613115017000801
    Exterior features
    Fencing
    Fencing
    Fenced
    Size
    2,054 SF
    Lot size
    0.30 Acres

    Building Details

    Year built
    1910
    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Forney
    Eric Forney

    Keller Williams Indy Metro West (317) 271-5959

    Listing agent Eric Forney (317) 271-5959 License #RB14051770

    Listing date Feb 18, 2026

    MLS# 22057383 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Indianapolis Commercial Property For Sale

    This property, located in the heart of Indianapolis, presents a business opportunity with high visibility and limitless potential. Currently operating as a daycare, the layout and location are suited for a variety of commercial uses, including offices, a studio, boutique services, or continued childcare operations. The building features five rooms, a full kitchen, a dining area, and a living space. Hard-surface flooring throughout ensures easy maintenance and durability, ideal for commercial traffic. Situated on a corner lot, the property offers maximum exposure, along with a parking lot. A fenced front yard adds functionality and curb appeal. The property is located steps from Tarkington Park, Tea's Me Community Cafe, and the Melody Inn, in a walkable, community-driven setting, with quick access to Downtown Indianapolis, the Indiana State Fairgrounds, and major traffic routes. The property is 2,054 square feet in size and sits on a 0.3-acre lot. Current leases gross $3K/month. The zoning is D9. The property's flexibility for residential or commercial use amplifies its long-term value.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lashes by Shar'e Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Mount Zion Academy, Lollipop Home Day Care, St. Nicholas Early Learning, Inc., Day Early Learning Lilly Family Center, God's Angels Childcare Inc

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.154155
    Latitude
    39.825201

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    FAQs

    What type of property is this?
    Day care center - Versatile commercial property in prime Indianapolis location.
    Where is this day care center located?
    The property is located at 104 E 38Th St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: - High-visibility corner lot in a prime location with parking.; - Currently generates $3K/month in gross leases.; - Versatile layout suitable for various commercial uses (daycare, offices, studio, boutique services).
    (317) 271-5959
    Request Owner's contact information
    104 E 38Th St Indianapolis, IN 46205
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    Indianapolis, IN 46205
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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
    104 E 38Th St Indianapolis, IN 46205
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    We can help!
    Listing Contact
    Eric Forney
    Eric Forney
    Real Estate License ID: RB14051770
    (317) 271-5959 (317) 537-0029 (317) 564-7100
    Learn more
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