Renovated Two-Story Office
For Sale
$4,170,000
10455 N College Avenue, Carmel, IN 46280
Commercial Sale, Carmel, IN
Property Size12,385 SF
Lot Size0.90 Acres
Price / SF$336.70
Days on Market145
Property Features for 10455 N College Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
B-1 Commercial
Parking features
Valet
Security features
Security System
Elementary school
Forest Dale Elementary School
Middle school
Carmel Middle School
High school
Carmel High School
Elementary school district
Carmel Clay Schools
Middle school district
Carmel Clay Schools
High school district
Carmel Clay Schools
Directions
GPS Friendly
Subdivision
2910 - Hamilton - Clay
Standard status
Active
APN
291312102031000018
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Acreage .84, Section 12, Township 17, Range 3, Homeplace, Section 2, Lot 254, 255, Acreage, Pt 249 & Pt 253
Legal Description
Acreage .84, Section 12, Township 17, Range 3, Homeplace, Section 2, Lot 254, 255, Acreage, Pt 249 & Pt 253
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
tankless water heaters
water softeners
kitchens
commercial kitchens
ADA compliance
scalding devices
solar external lighting
Building Details
Year built
1968
Floors in Building
2
Roof type
Shingle, Membrane
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Derek Hack · License #RB18001565
(812) 734-6048
Added: Apr 6
Changed: Aug 28
Last Checked: Aug 28 at 8:06PM
MLS# 22093570
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 12,385-square-foot office building occupies 0.9 acres and was originally constructed in 1968. The two-story layout has received extensive interior and exterior work over the last two years, including refreshed flooring, walls, drywall, doors, windows, restrooms, brickwork, and concrete surfaces. Plumbing, electrical service, select HVAC duct runs, and other building components have also been updated.
The property contains four kitchens, including two washable commercial kitchens, along with two tankless water heaters and two water softeners. Mechanical systems include four residential furnaces and six AC units described as being in good working condition. Additional features include ADA compliance, scalding devices, solar exterior lighting, shingle and rubber membrane roofing, B-1 Commercial zoning, central air, forced-air heat, cable availability, and valet parking.
The property contains four kitchens, including two washable commercial kitchens, along with two tankless water heaters and two water softeners. Mechanical systems include four residential furnaces and six AC units described as being in good working condition. Additional features include ADA compliance, scalding devices, solar exterior lighting, shingle and rubber membrane roofing, B-1 Commercial zoning, central air, forced-air heat, cable availability, and valet parking.
Key Highlights
- 12,385‑square‑foot office building on 0.9 acres
- Two‑story structure originally built in 1968
- Extensive interior and exterior renovations completed over the last two years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$159,952
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,199,040
$3.2M
Cap Rate 7%
$2,285,029
$2.3M
Cap Rate 9%
$1,777,244
$1.8M
Market Conditions
NOI Build-Up for 12,385 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$260.1K $21.00/SF
− Vacancy
−$46.8K −$3.78/SF
EGI
$213.3K $17.22/SF
− OpEx
−$53.3K −$4.31/SF
NOI
$160.0K $12.92/SF
Area
Carmel, IN
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,199,040
Cap Rate 7%
$2,285,029
Cap Rate 9%
$1,777,244
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $159,952 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,389 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 46280, IN
7,870
Population
3,920
Households
2
Avg Household Size
38
Median Age
60%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
1,920
Density / Sq Mi
$84,561
Median Household Income
$59,426
Median Earnings
$1,691
Median Rent
$291,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - The two-story property includes multiple kitchens, ADA features, and updated building systems.
Where is this office building located?
The property is located at 10455 N College Avenue Carmel, IN.
What is the asking price?
The asking price for this property is $4,170,000.
What are key features of this property?
This property features: 12,385‑square‑foot office building on 0.9 acres; Two‑story structure originally built in 1968; Extensive interior and exterior renovations completed over the last two years
