Lakefront Standalone Office
For Sale
$2,450,000
4929 E 96th Street, Indianapolis, IN 46240
Commercial Sale, Indianapolis, IN
Property Size11,780 SF
Lot Size1.34 Acres
Price / SF$207.98
Days on Market67
Property Features for 4929 E 96th Street
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial General Office
View
Lake
Elementary school
Nora Elementary School
Middle school
Eastwood Middle School
High school
North Central High School
Elementary school district
MSD Washington Township
Middle school district
MSD Washington Township
High school district
MSD Washington Township
Directions
GPS Friendly
Subdivision
4903 - Marion - Washington
Standard status
Active
APN
490216009003000800
Lot size
1.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
49-02-16-109-003.000-800 AND 49-02-16-109-006.000-800 (Outlot #1 of the River Ridge Crossing Shopping Center
Legal Description
49-02-16-109-003.000-800 AND 49-02-16-109-006.000-800 (Outlot #1 of the River Ridge Crossing Shopping Center
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air, Electric (Heating)
Cooling system
Central Air
Water front features
Lake Front
Water front
1
Amenities
lakefront
conference rooms
full kitchen
front lobby
alarm system
Building Details
Year built
2004
Floors in Building
1
Roof type
Flat
Listing Agency:
CENTURY 21 Scheetz · Century 21 Real Estate
(317) 844-5111
Listed By:
Mick Scheetz · License #RB14035762
(317) 844-5111
Added: Jun 25
Changed: Aug 28
Last Checked: Aug 30 at 9:06AM
MLS# 22110521
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 standalone office building contains 11,780 SF and was built in 2004 before a 2022 remodel. Its layout includes 28 private offices, open work areas with built-in workstations, multiple conference rooms, a front lobby, and a full kitchen. Windows on all sides provide natural light, while multiple entrances support separate departmental or client access. The property also includes central air, forced-air and electric heating, a sprinkler system, an alarm system, cable availability, and a flat roof.
The building sits on a lakefront lot in Indianapolis and offers on-site parking for employees and visitors. Its location provides access to the interstate and major throughfares, with the property positioned near Carmel and Fishers. Commercial General Office zoning supports its office-oriented configuration.
The building sits on a lakefront lot in Indianapolis and offers on-site parking for employees and visitors. Its location provides access to the interstate and major throughfares, with the property positioned near Carmel and Fishers. Commercial General Office zoning supports its office-oriented configuration.
Key Highlights
- 11,780 SF standalone office building on a lakefront lot
- Built in 2004 and remodeled in 2022
- 28 private offices plus open work areas with built‑in workstations
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
$155,531
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
6.35%
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%
$3,110,620
$3.1M
Cap Rate 7%
$2,221,871
$2.2M
Cap Rate 9%
$1,728,122
$1.7M
Market Conditions
NOI Build-Up for 11,780 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
$254.4K $21.60/SF
− Vacancy
−$47.1K −$4.00/SF
EGI
$207.4K $17.60/SF
− OpEx
−$51.8K −$4.40/SF
NOI
$155.5K $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%
$3,110,620
Cap Rate 7%
$2,221,871
Cap Rate 9%
$1,728,122
Alternative Uses
Best Use
Office B
$2.22M
$1.94M – $2.59M
NOI $155,531 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,255 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 46240, IN
20,148
Population
11,673
Households
1.7
Avg Household Size
40
Median Age
59%
College-Educated
96%
High-School Grad
9.8 sq mi
ZIP Area
2,056
Density / Sq Mi
$70,728
Median Household Income
$51,822
Median Earnings
$1,255
Median Rent
$328,600
Median Home Value
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 - Remodeled office property with private offices, open work areas, conference rooms, and multiple entrances.
Where is this office building located?
The property is located at 4929 E 96th Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 11,780 SF standalone office building on a lakefront lot; Built in 2004 and remodeled in 2022; 28 private offices plus open work areas with built‑in workstations
