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

    10455 N College Avenue Carmel, IN 46280

    View on Map
    New
    For Sale
    $4,200,000

    Office - Carmel, IN

    Type:Office
    Property size:
    12,385 SF
    Lot size:
    0.90 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 7 at 6:06 am

    Property Features for 10455 N College Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    B-1 Commercial
    Parking features
    Valet
    Security features
    Fire Alarm, Security System, Security System Leased, Smoke Detector(s)
    Exterior features
    Fencing
    Fencing
    Fenced
    Standard status
    Active
    APN
    291312102031000018
    Size
    12,385 SF
    Lot size
    0.90 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1968
    Roof type
    Membrane, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Derek Hack
    Derek Hack

    Listing agent Derek Hack License #RB18001565

    Listing office eXp Realty, LLC Counselors Row Ste 200, IN

    Listing date Apr 6, 2026

    MLS# 22093570 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.

    Overview

    Renovated Commercial Building in Carmel

    This fully renovated two-story commercial building is located in Carmel, Indiana. Originally constructed in 1968, the 12,385 square foot property has been extensively renovated over the past two years. The building features comprehensive interior and exterior updates, including new flooring, walls, drywall, doors, windows, and restrooms. Infrastructure upgrades include updated plumbing and electrical systems, external brickwork, concrete work, and select HVAC duct runs. The property includes two tankless water heaters, two water softeners, and four kitchens, including two fully washable commercial kitchens. The building is equipped with four residential furnaces and six AC units in good working condition. Special features include ADA compliance, scalding devices, and solar external lighting. The roof is primarily shingle, with a rubber membrane on the flat, no-slope portions. The property is zoned B-1 Commercial and sits on a 0.9-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Family Place Early ... Daycare Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.14556
    Latitude
    39.93971

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    FAQs

    What type of property is this?
    Office building - Fully renovated 12,385 SF commercial building for sale in Carmel.
    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 $4,200,000.
    What are key features of this property?
    This property features: Fully renovated 12,385 sq. ft. commercial building with comprehensive interior and exterior updates.; Four kitchens, including **two fully washable commercial kitchens**.; Updated plumbing and electrical systems.
    (317) 922-9628
    We can help!
    Listing Contact
    Derek Hack
    Derek Hack
    Real Estate License ID: RB18001565
    Learn More
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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
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