Industrial Flex Building with Overhead
1028 Vandeman Street Indianapolis, IN 46203
For Sale
$120,000
COMMERCIAL - Indianapolis, IN
Property Size1,620 SF
Lot Size0.10 Acres
Price / SF$74.07
Days on Market253
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
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Marcia Souers · License #RB14034797
(812) 734-6048
Added: Nov 18, 2025
Changed: Jul 6
Last Checked: Jul 29 at 1:06PM
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.
Investment Insights
Based on property information with market context.
This sale includes an industrial flex-type building with approximately 1,320 sq. ft. of ground-floor space plus an additional 300+ sq. ft. utility area on the second level. The structure is configured for practical loading and internal use, featuring two large overhead doors and one smaller overhead door. That door arrangement supports operations centered on storage, a workshop, or similar light industrial needs.
The property is zoned I4 under the Marion County Zoning Ordinance and is being sold as a package sale that includes 3324 Prospect St and 1028 Vandeman St, for a total land size of 0.2 acres. The location is described as just minutes from the interstate and the central Indianapolis area, providing convenient regional access for business activity.
For buyers looking for flexible industrial space, the combination of ground-floor work/storage area, overhead-door access, and additional second-level utility space can support a range of permitted uses consistent with I4 zoning. Interested parties should review the Marion County Zoning Ordinance to confirm specific permitted activities for their intended operation. The package-sale structure also means purchasers should evaluate both parcels together as part of the overall acquisition.
The property is zoned I4 under the Marion County Zoning Ordinance and is being sold as a package sale that includes 3324 Prospect St and 1028 Vandeman St, for a total land size of 0.2 acres. The location is described as just minutes from the interstate and the central Indianapolis area, providing convenient regional access for business activity.
For buyers looking for flexible industrial space, the combination of ground-floor work/storage area, overhead-door access, and additional second-level utility space can support a range of permitted uses consistent with I4 zoning. Interested parties should review the Marion County Zoning Ordinance to confirm specific permitted activities for their intended operation. The package-sale structure also means purchasers should evaluate both parcels together as part of the overall acquisition.
Key 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
Financial Insights For Industrial
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 | −$3.5k | −$2.14 |
| NOI | $8.1k | $4.98 |
1,620 SF · lease $7.80/SF/yr · vacancy 8.70% · expense 30.00%
Alternative Uses
Best Use
Flex RnD
$227.4K
$199.0K – $265.4K
NOI $15,921 @ 7.0% cap · market cap 13.27%
Second Best
Industrial
$115.4K
$101.0K – $134.6K
NOI $8,076 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$403.2K
$352.8K – $470.5K
NOI $28,227 @ 7.0% cap · market cap 23.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Aramark — 695 Justice Wy, Indianapolis, IN 46203
- Portia's Mobile Bartending — 3960 Southeastern Ave #1, Indianapolis, IN 46203
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with multiple overhead doors suited for storage or a light workshop under I4 zoning.
Where is this flex space located?
The property is located at 1028 Vandeman Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $120,000.
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
