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    Multi-Tenant Office/Flex Space in Indianapolis Title is generated by Realmo AI

    9130 Otis Avenue, Indianapolis, IN 46216

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    For Sale
    $2,475,000

    Office - Indianapolis, IN

    Type:Office
    Property size:
    25,000 SF
    Lot size:
    1.14 Acres
    Price / SF:
    $99/SF
    Added:
    Feb 18, 2026
    Days on Market:
    92
    Last Refresh:
    May 21 at 3:06 pm

    Property Features for 9130 Otis Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    DP
    Standard status
    Active
    APN
    490805105007000407
    Size
    25,000 SF
    Lot size
    1.14 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1908
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Sorrell

    Listing agent Robert Sorrell License #RB14042253

    Listing office Keller Williams Indy Metro NE River Rd Ste 200, Indianapolis, IN

    Listing date Feb 18, 2026

    MLS# 22084091 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

    • Multi‑tenant office/flex space with income potential.
    • Excellent location in Lawrence Village at Fort Harrison, close to I‑465 and other major interstates.
    • Significant leasable space available: roughly 13,848 SF across five suites, offering flexible configurations.
    • Located on over an acre with ample common parking.
    • Professionally managed space suitable for a variety of tenant needs.
    • Close proximity to dining options and Fort Harrison State Park.

    Overview

    Located in Lawrence Village at Fort Harrison, this multi-tenant office/flex space offers approximately 25,000 square feet of space. The property is situated just 2 miles from I-465, providing convenient access to I-69, I-74, I-70, and I-65. Currently, the property is roughly 23% tenant-occupied, with five suites available for lease. These suites total approximately 13,848 square feet (non-common area) and can be combined or leased individually to meet tenant needs. The property, with a history as a horse stable and army barracks, has been renovated into a multi-use complex. It sits on over an acre and includes common parking. The surrounding developed community offers a variety of dining options within walking distance, and Fort Harrison State Park is located less than a mile away.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Embroidery! Sew Into ... Marketing & Advertising Cole Fitness Gym & Fitness Center Level365 Telecommunications Service Megan Skelding Physician PhaseForward Crisis Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.00853
    Latitude
    39.857072

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    FAQs

    What type of property is this?
    Mixed-use property - 25,000 SF multi-tenant office/flex space in Lawrence Village.
    Where is this mixed-use property located?
    The property is located at 9130 Otis Avenue Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $2,475,000.
    What are key features of this property?
    This property features: Multi‑tenant office/flex space with income potential.; Excellent location in Lawrence Village at Fort Harrison, close to I‑465 and other major interstates.; Significant leasable space available: roughly 13,848 SF across five suites, offering flexible configurations.
    (317) 509-7943
    We can help!
    Listing Contact
    Robert Sorrell
    Real Estate License ID: RB14042253
    Learn More
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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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