Strip Mall
New
For Sale
$1,850,000
2915 N German Church Road, Indianapolis, IN 46229
SINGLE_FAMILY - Indianapolis, IN
Property Size12,000 SF
Lot Size3.48 Acres
Price / SF$154.17
Days on Market5
Property Features for 2915 N German Church Road
General Information
Property type
Residential
Property subtype
Retail
Zoning
DP
Elementary school district
MSD Warren Township
Middle school district
MSD Warren Township
High school district
MSD Warren Township
Directions
GPS Friendly
Subdivision
4905 - Marion - Warren
Standard status
Active
APN
490827129012000700
Lot size
3.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Nw1/4 S27 T16 R5 Beg 370' E & 70' S & 218.50' S Of Nw Cor P.O.B. S501.50' W300' N501.50' E300' To Beg 3.5Ac
Legal Description
Pt Nw1/4 S27 T16 R5 Beg 370' E & 70' S & 218.50' S Of Nw Cor P.O.B. S501.50' W300' N501.50' E300' To Beg 3.5Ac
Building Details
Year built
2005
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Martha Hernandez · License #RB22001159
(812) 734-6048
Added: Aug 15
Changed: Aug 17
Last Checked: Aug 19 at 5:06PM
MLS# 22120712
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.
Investment Insights
Based on property information with market context.
This strip mall property comprises approximately 12,000 SF on 3.48 acres and was built in 2005. The commercial asset is positioned for consideration by an owner-user, investor, or buyer evaluating redevelopment, with potential retail, service, restaurant, and other commercial applications subject to zoning and applicable approvals. The property is zoned DP.
Located on N German Church Road in Indianapolis, the site sits within the Far Eastside retail corridor. The surrounding trade area includes retail, dining, residential, and transportation amenities, providing an established commercial setting. Showings are available by appointment.
Located on N German Church Road in Indianapolis, the site sits within the Far Eastside retail corridor. The surrounding trade area includes retail, dining, residential, and transportation amenities, providing an established commercial setting. Showings are available by appointment.
Key Highlights
- Approximately 12,000 SF commercial property on 3.48 acres
- Strip mall asset built in 2005
- DP zoning
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
$129,125
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
6.98%
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%
$2,582,500
$2.6M
Cap Rate 7%
$1,844,643
$1.8M
Cap Rate 9%
$1,434,722
$1.4M
Market Conditions
NOI Build-Up for 12,000 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
$201.6K $16.80/SF
− Vacancy
−$17.1K −$1.43/SF
EGI
$184.5K $15.37/SF
− OpEx
−$55.3K −$4.61/SF
NOI
$129.1K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,582,500
Cap Rate 7%
$1,844,643
Cap Rate 9%
$1,434,722
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $129,125 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.99M
$2.61M – $3.48M
NOI $209,088 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Explore this area
Business Placement
Demographics for 46229, IN
29,252
Population
12,046
Households
2.4
Avg Household Size
35
Median Age
26%
College-Educated
92%
High-School Grad
11.3 sq mi
ZIP Area
2,589
Density / Sq Mi
$62,982
Median Household Income
$40,407
Median Earnings
$1,020
Median Rent
$170,100
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Established commercial property with a broad retail corridor setting and potential for multiple approved commercial uses.
Where is this strip mall located?
The property is located at 2915 N German Church Road Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Approximately 12,000 SF commercial property on 3.48 acres; Strip mall asset built in 2005; DP zoning
