Corner Flex Property with Service
For Sale
$319,000
Pending
4700-4702 Southeastern Avenue, Indianapolis, IN 46203
Commercial Sale, Indianapolis, IN
Property Size5,265 SF
Lot Size0.70 Acres
Days on Market296
Property Features for 4700-4702 Southeastern Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
Various
Security features
Security Lighting
Fencing
Chain Link, Gate
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Subdivision
4910 - Marion - Center
Standard status
Pending
APN
491016126008000101
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
92.50Ft S Line 175Ft E Line Beg 890Ft W Of Secor Nw1-4 Ne1-4 S16 T15 R4 0.54Ac
Legal Description
92.50Ft S Line 175Ft E Line Beg 890Ft W Of Secor Nw1-4 Ne1-4 S16 T15 R4 0.54Ac
Amenities
security camera system
perimeter security fencing
Building Details
Roof type
Rubber, Membrane
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
Michael Huff · License #RB14047252
(317) 443-5016
Added: Nov 13, 2025
Changed: Sep 1
Last Checked: Sep 5 at 10:06AM
MLS# 22071263
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.
Located at 4700-4702 Southeastern Avenue in Indianapolis, this flex property combines two adjoining corner parcels totaling 0.7 acres. The site includes 5,265 SF of improvements configured with office, shop, and storage areas, along with yard and parking areas. A permanent D-3 zoning variance authorizes automotive repair use.
Southeastern Avenue carries 8,798 Vehicles/Day and connects I-465 with Downtown Indianapolis. The surrounding area includes commercial, light industrial, and residential uses. Site security includes monitored cameras, a gate, and chain-link fencing across most of the property.
Building work includes a new membrane roof, gutters, downspouts, and skylights completed in 2024, backed by a transferable 20-year manufacturer's warranty. Rubber roofs were installed in 2017 on the 1,935 SF storage section at 4702 Southeastern and the 1,444 SF building at 4700 Southeastern.
Southeastern Avenue carries 8,798 Vehicles/Day and connects I-465 with Downtown Indianapolis. The surrounding area includes commercial, light industrial, and residential uses. Site security includes monitored cameras, a gate, and chain-link fencing across most of the property.
Building work includes a new membrane roof, gutters, downspouts, and skylights completed in 2024, backed by a transferable 20-year manufacturer's warranty. Rubber roofs were installed in 2017 on the 1,935 SF storage section at 4702 Southeastern and the 1,444 SF building at 4700 Southeastern.
Key Highlights
- Two adjoining corner parcels totaling 0.7 acres
- 5,265 SF of office, shop, and storage improvements
- Permanent D‑3 Variance authorizes automotive repair use
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
$26,246
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
8.23%
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%
$524,920
$524.9K
Cap Rate 7%
$374,943
$374.9K
Cap Rate 9%
$291,622
$291.6K
Market Conditions
NOI Build-Up for 5,265 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
$41.1K $7.80/SF
− Vacancy
−$3.6K −$0.68/SF
EGI
$37.5K $7.12/SF
− OpEx
−$11.2K −$2.14/SF
NOI
$26.2K $4.98/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /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%
$524,920
Cap Rate 7%
$374,943
Cap Rate 9%
$291,622
Alternative Uses
Best Use
Office B
$993.1K
$868.9K – $1.16M
NOI $69,514 @ 7.0% cap · market cap 21.79%
Second Best
Retail
$809.3K
$708.2K – $944.2K
NOI $56,654 @ 7.0% cap · market cap 17.76%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,737 @ 7.0% cap · market cap 28.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8,798 VPD
Traffic count
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Portia's Mobile Bartending — 3960 Southeastern Ave #1, Indianapolis, IN 46203
Frequently Asked Questions
What type of property is this?
Flex space - Office, shop, and storage improvements support contractor and service-oriented operations.
Where is this flex space located?
The property is located at 4700-4702 Southeastern Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two adjoining corner parcels totaling 0.7 acres; 5,265 SF of office, shop, and storage improvements; Permanent D‑3 Variance authorizes automotive repair use
