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    Remodeled Creative Office in Lockerbie Title is generated by Realmo AI

    330 N College Avenue, Indianapolis, IN 46202

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    For Sale
    $2,100,000

    Office - Indianapolis, IN

    Type:Office
    Property size:
    9,271 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $226/SF
    Added:
    Oct 30, 2025
    Days on Market:
    210
    Last Refresh:
    May 27 at 4:06 pm

    Property Features for 330 N College Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    HP-1
    Standard status
    Active
    APN
    491101181057000101
    Size
    9,271 SF
    Lot size
    0.12 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Fletcher Daly

    Listing agent Fletcher Daly License #RB14032785

    Listing office New Quantum Realty Group E Washington St, INDIANAPOLIS, IN

    Listing date Oct 30, 2025

    MLS# 22070834 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.

    HighLights

    • Prime location in the Heart of Lockerbie Historic District, convenient access to Mass Ave, Bottleworks District, I‑65/I‑70, and downtown Indianapolis.
    • Extensive 2024 Remodel: Over $300,000 in upgrades.
    • Spacious Creative Office: 8,054 SF workspace with exposed brick and abundant natural light.
    • Ample On‑Site Parking: Situated on a 0.24‑acre lot.
    • Includes 527 SF of basement space and 550 SF of attic storage.
    • Flexible Zoning (HP‑1): Potential for partial conversion to residential or multiple condos.

    Overview

    This remodeled creative office building is located in the Lockerbie Historic District. The 8,054 square-foot workspace has undergone over $300,000 in upgrades completed in 2024. The property features exposed brick and abundant natural light. In addition to the advertised square footage, the property includes 527 square feet of basement space and 550 square feet of attic storage. Situated on a 0.12-acre lot, the property provides ample on-site parking. The property is located 0.5 miles from Mass Ave and the Bottleworks District, with convenient access to I-65/I-70 and downtown Indianapolis. The zoning is HP-1. The property could be partially converted to a residence or multiple condos. Furniture is available.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.36M
    NOI $122,405 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.75M
    NOI $122,405 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.45M
    NOI $122,405 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $200.3k $21.60
    − Vacancy −$37.0k −$4.00
    EGI $163.2k $17.60
    − OpEx −$40.8k −$4.40
    NOI $122.4k $13.20
    9,271 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.75M
    $1.53M – $2.04M (±1% cap)
    NOI $122,405 @ 7.0% cap · market cap 5.83%
    Second Best
    Mixed Use
    $1.61M
    $1.41M – $1.88M (±1% cap)
    NOI $112,643 @ 7.0% cap · market cap 5.36%
    Theoretical Best
    Office A
    $2.31M
    $2.02M – $2.69M (±1% cap)
    NOI $161,538 @ 7.0% cap · market cap 7.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Well Done Marketing Marketing & Advertising BEE'S Do_It_All, LLC Construction Company KODEX (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Daycare Center Skin Care Clinic Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.14582
    Latitude
    39.772083

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    FAQs

    What type of property is this?
    Creative space - Premier workspace with historic character, modern functionality, and ample parking.
    Where is this creative space located?
    The property is located at 330 N College Avenue Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: Prime location in the Heart of Lockerbie Historic District, convenient access to Mass Ave, Bottleworks District, I‑65/I‑70, and downtown Indianapolis.; Extensive 2024 Remodel: Over $300,000 in upgrades.; Spacious Creative Office: 8,054 SF workspace with exposed brick and abundant natural light.
    (317) 250-6088
    We can help!
    Listing Contact
    Fletcher Daly
    Real Estate License ID: RB14032785
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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.

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