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    Industrial Storage or Workshop Building Title is generated by Realmo AI

    1028 Vandeman Street, Indianapolis, IN 46203

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    For Sale
    $134,900

    COMMERCIAL - Indianapolis, IN

    Property size:
    1,620 SF
    Lot size:
    0.10 Acres
    Price / SF:
    $83/SF
    Added:
    Nov 18, 2025
    Days on Market:
    206
    Last Refresh:
    Jun 12 at 8:06 am

    Property Features for 1028 Vandeman Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    I4
    Standard status
    Active
    APN
    491008100004000101
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Vandemans Prospect St Add L4

    Utilities

    Utilities
    Natural Gas Available

    Building Details

    Year built
    1920
    Number of units
    6

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    Listing Contact
    Marcia Souers

    Listing agent Marcia Souers License #RB14034797

    Listing office eXp Realty, LLC Counselors Row Ste 200 9465, IN

    Listing date Nov 18, 2025

    MLS# 22073970

    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

    • Building includes 1,320 SF of ground‑floor space plus 300+ SF of utility area on the second level
    • Quonset setup with two large overhead doors and one smaller overhead door, suitable for storage or a workshop
    • Utilities: natural gas available
    • Package sale includes 3324 Prospect St and 1028 Vandeman St totaling 0.2 acres
    • Marion County zoning allows numerous potential uses per the Marion County Zoning Ordinance
    • Located just minutes from the interstate and central Indianapolis area

    Overview

    This industrial building offers a practical storage and workshop layout, with 1,320 square feet on the ground floor and an additional 300+ square feet of utility area on the second level. The structure includes two large overhead doors and one smaller overhead door, supporting flexible loading, staging, and back-of-house use. The property is also described as a package sale.

    The sale is for both 3324 Prospect St and 1028 Vandeman St, totaling 0.2 acres of land. The location is noted as just minutes from the interstate and the central Indianapolis area.

    With zoning designated as I4 and the remarks indicating multiple potential uses permitted by the Marion County Zoning Ordinance, the building may fit a range of small-scale industrial and service-oriented operations that need direct overhead door access and additional utility space. The offering is structured as a package, so buyers should review both parcels as part of their intended use.

    Local Financial Insights For Warehouse

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $12.6k $7.80
    − Vacancy −$1.1k −$0.68
    EGI $11.5k $7.12
    − OpEx −$1.7k −$1.07
    NOI $9.8k $6.05
    1,620 SF · lease $7.80/SF/yr · vacancy 8.70% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $140.1K
    $122.6K – $163.4K (±1% cap)
    NOI $9,806 @ 7.0% cap · market cap 7.27%
    Second Best
    Industrial
    $115.4K
    $101.0K – $134.6K (±1% cap)
    NOI $8,076 @ 7.0% cap · market cap 5.99%
    Theoretical Best
    Office A
    $403.2K
    $352.8K – $470.5K (±1% cap)
    NOI $28,227 @ 7.0% cap · market cap 20.92%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy

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

    Similar Places Nearby

    • ADM Beech Grove — 1901 S Sherman Dr, Indianapolis, IN 46203
    • self storage place — Indianapolis, IN 46203

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1098233
    Latitude
    39.7528692

    FAQs

    What type of property is this?
    Warehouse - Industrial building with multiple overhead doors and workshop-ready space near major interstate access.
    Where is this warehouse located?
    The property is located at 1028 Vandeman Street Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $134,900.
    What are key features of this property?
    This property features: Building includes 1,320 SF of ground‑floor space plus 300+ SF of utility area on the second level; Quonset setup with two large overhead doors and one smaller overhead door, suitable for storage or a workshop; Utilities: natural gas available
    More about this property
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