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

    10697 E County Road 450 S Indianapolis, IN 46231

    View on Map
    Sponsored
    For Sale
    $8,035,195

    Unimproved Land - Indianapolis, IN

    Type:Unimproved Land
    Lot size:
    26.70 Acres
    Days on Market:
    5
    Last Refresh:
    Mar 27 at 6:06 pm

    Property Features for 10697 E County Road 450 S

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Standard status
    Active
    Zoning
    Potential Commercial
    APN
    320932400003000012
    Exterior features
    Fencing
    Fencing
    Fenced
    Lot size
    26.70 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Alsup
    Jason Alsup

    eXp Realty

    Listing agent Jason Alsup License #RB14035549

    Listing date Mar 23, 2026

    MLS# 22086277 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

    26.7 Acres Tech/Flex Land

    This 26.7-acre parcel of agricultural ground is positioned within the Town of Plainfield Master Plan and designated for Tech/Flex use, making it well suited for a variety of commercial, light industrial, or flex development opportunities. The property represents one of the last remaining tracts of land available in close proximity to the Indianapolis International Airport. Adjacent acreage was recently acquired, signaling potential near term development activity in the immediate area and further enhancing the long term value of this site. The property carries an Indianapolis mailing address but is located within Hendricks County. The site allows for connectivity to the airport via Stafford Road with direct access to Perimeter Road, placing the main terminal just five minutes away. Additionally, the property is within one mile of Ronald Reagan Parkway and less than two miles from Interstate 70, providing access to regional and national transportation corridors. This property presents a compelling opportunity for investors, developers, or end users seeking a strategic location in one of Central Indiana's most active commercial corridors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Pharmacy Gym & Fitness Center Storage Facility Kitchen & Bath Showroom HVAC Service Grocery & Convenience Store Arcade & Gaming Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.327034
    Latitude
    39.697286

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    FAQs

    What type of property is this?
    Commercial land - Rare 26.7-acre parcel suited for commercial or light industrial development.
    Where is this commercial land located?
    The property is located at 10697 E County Road 450 S Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $8,035,195.
    What are key features of this property?
    This property features: - 26.7-acre parcel designated for Tech/Flex use within the Town of Plainfield Master Plan, suitable for commercial, light industrial, or flex development.; - Rare opportunity due to close proximity to the Indianapolis International Airport.; - Potential near-term development activity indicated by recent acquisition of adjacent acreage.
    (317) 258-1399
    Request Owner's contact information
    10697 E County Road 450 S Indianapolis, IN 46231
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    Indianapolis, IN 46231
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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
    10697 E County Road 450 S Indianapolis, IN 46231
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    Listing Contact
    Jason Alsup
    Jason Alsup
    Real Estate License ID: RB14035549
    Learn More
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