Office Building with Secured
For Sale
$450,000
3913 N Keystone Avenue, Indianapolis, IN 46205
Commercial Sale, Indianapolis, IN
Property Size1,715 SF
Lot Size0.56 Acres
Price / SF$262.39
Days on Market43
Property Features for 3913 N Keystone Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
C3
Security features
Security
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Subdivision
4903 - Marion - Washington
Standard status
Active
APN
490717112036000801
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Waldemere 40Ft E End L139
Legal Description
Waldemere 40Ft E End L139
Building Details
Floors in Building
1
Listing Agency:
No Limit Real Estate, LLC
(317) 440-2149
Listed By:
Charlene Gaard · License #RB14033327
(317) 602-1576
Added: Jul 31
Changed: Aug 28
Last Checked: Sep 11 at 10:06AM
MLS# 22117474
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 1,715-square-foot office building occupies approximately 0.56 acres across five contiguous parcels that operate as one enclosed property. The interior includes a reception area, three private offices, an open work area, and two multi-stall restrooms, creating a practical layout for a range of office and service operations.
A 6-foot security fence topped with barbed wire surrounds the site, with a security gate controlling entry. The property provides parking for 30+ cars or trucks and fronts Keystone Avenue in Indianapolis. C3 zoning and the flexible interior support professional office, medical, contractor, staffing, nonprofit, and service-business applications identified for the property.
A 6-foot security fence topped with barbed wire surrounds the site, with a security gate controlling entry. The property provides parking for 30+ cars or trucks and fronts Keystone Avenue in Indianapolis. C3 zoning and the flexible interior support professional office, medical, contractor, staffing, nonprofit, and service-business applications identified for the property.
Key Highlights
- 1,715‑square‑foot office building on approximately 0.56 acres
- Five contiguous parcels function as one enclosed commercial site
- 6‑foot security fence with barbed wire and security gate
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
$22,643
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
5.03%
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%
$452,860
$452.9K
Cap Rate 7%
$323,471
$323.5K
Cap Rate 9%
$251,589
$251.6K
Market Conditions
NOI Build-Up for 1,715 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
$37.0K $21.60/SF
− Vacancy
−$6.9K −$4.00/SF
EGI
$30.2K $17.60/SF
− OpEx
−$7.5K −$4.40/SF
NOI
$22.6K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$452,860
Cap Rate 7%
$323,471
Cap Rate 9%
$251,589
Alternative Uses
Best Use
Office B
$323.5K
$283.0K – $377.4K
NOI $22,643 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.9K
$373.5K – $498.0K
NOI $29,882 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
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 Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with controlled access, fenced parking, and C3 commercial zoning.
Where is this office building located?
The property is located at 3913 N Keystone Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,715‑square‑foot office building on approximately 0.56 acres; Five contiguous parcels function as one enclosed commercial site; 6‑foot security fence with barbed wire and security gate
