Industrial Warehouse with
For Sale
$4,350,000
2334 Production Drive, Indianapolis, IN 46241
Commercial Sale, Indianapolis, IN
Property Size49,000 SF
Lot Size3.34 Acres
Price / SF$88.78
Days on Market131
Property Features for 2334 Production Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-3
Elementary school district
MSD Wayne Township
Middle school district
MSD Wayne Township
High school district
MSD Wayne Township
Directions
GPS Friendly
Subdivision
4909 - Marion - Wayne
Standard status
Active
APN
491224102037000900
Lot size
3.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Park Fletcher Industrial & Research Center 1st Sec L59, L60 & Pt L61 Se Cor L61 P.O.B. Nwly340.21 W372.14 Sely498.17 Ne188.02Se38.5 Ne168.88 To Beg 3.343 Ac
Legal Description
Park Fletcher Industrial & Research Center 1st Sec L59, L60 & Pt L61 Se Cor L61 P.O.B. Nwly340.21 W372.14 Sely498.17 Ne188.02Se38.5 Ne168.88 To Beg 3.343 Ac
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1967
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
James Storey · License #RB17001849
(317) 519-5178
Added: May 6
Changed: Sep 12
Last Checked: Sep 13 at 5:06AM
MLS# 22100847
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 49,000 SF industrial warehouse occupies 3.34 acres and was built in 1967. The facility includes four dock-high doors, one drive-in door, approximately 6,000 SF of office buildout, 30' x 30' column spacing, and 16'4" clear height. Forced-air and natural-gas heating serve the building. The site also provides parking and truck circulation for warehouse, distribution, equipment storage, manufacturing, fleet, and service-industrial operations.
The property is located in Indianapolis at 2334 Production Drive, less than 1 mile from I-465. Access is also available to I-70, Sam Jones Expressway, and Indianapolis International Airport. The surrounding area includes logistics, transportation, and industrial users. Zoning is I-3, or Heavy Industrial.
The property is located in Indianapolis at 2334 Production Drive, less than 1 mile from I-465. Access is also available to I-70, Sam Jones Expressway, and Indianapolis International Airport. The surrounding area includes logistics, transportation, and industrial users. Zoning is I-3, or Heavy Industrial.
Key Highlights
- 49,000 SF industrial facility on 3.34 acres
- Four dock‑high doors and one drive‑in door
- Approximately 6,000 SF of office buildout
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
$296,606
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
6.82%
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%
$5,932,120
$5.9M
Cap Rate 7%
$4,237,229
$4.2M
Cap Rate 9%
$3,295,622
$3.3M
Market Conditions
NOI Build-Up for 49,000 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
$382.2K $7.80/SF
− Vacancy
−$33.3K −$0.68/SF
EGI
$348.9K $7.12/SF
− OpEx
−$52.3K −$1.07/SF
NOI
$296.6K $6.05/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$5,932,120
Cap Rate 7%
$4,237,229
Cap Rate 9%
$3,295,622
Alternative Uses
Best Use
Flex RnD
$6.88M
$6.02M – $8.03M
NOI $481,572 @ 7.0% cap · market cap 11.07%
Second Best
Warehouse
$4.24M
$3.71M – $4.94M
NOI $296,606 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$12.20M
$10.67M – $14.23M
NOI $853,776 @ 7.0% cap · market cap 19.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
4
Dock-high doors
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46241, IN
33,568
Population
12,414
Households
2.7
Avg Household Size
33
Median Age
15%
College-Educated
73%
High-School Grad
23.9 sq mi
ZIP Area
1,405
Density / Sq Mi
$51,598
Median Household Income
$33,477
Median Earnings
$1,118
Median Rent
$111,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Warehouse - I-3 industrial facility with dock and drive-in loading, office space, and direct regional transportation access.
Where is this warehouse located?
The property is located at 2334 Production Drive Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 49,000 SF industrial facility on 3.34 acres; Four dock‑high doors and one drive‑in door; Approximately 6,000 SF of office buildout
