Renovated Two-Story Office
For Sale
$4,170,000
10455 N College Ave, Carmel, IN 46280
Updated commercial office property with multiple kitchens, refreshed building systems, and ADA-compliant features.
Property Size12,385 SF
Price / SF$336.70
Days on Market249
Property Features for 10455 N College Ave
General Information
Standard status
Active
Size
12,385 SF
Property subtype
Commercial
Amenities
tankless water heaters
water softeners
commercial kitchens
solar external lighting
Building Details
Year Built
1968
Buildings
1
Stories
2
Listing Agency:
eXp Realty, LLC
Listed By:
Derek Hack () · License #RB18001565
(317) 922-9628
Source:
Fortwayneareahomesforsale
Added: Feb 6
Changed: Oct 1
Last Checked: Oct 12 at 8:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located at 10455 N College Ave in Carmel, Indiana, this 12,385-square-foot office building contains two stories and was originally constructed in 1968. Interior and exterior improvements completed over the last two years include new flooring, walls, drywall, doors, windows, restrooms, exterior brickwork, and concrete work.
The property also includes updated plumbing and electrical systems, select HVAC duct replacements, two tankless water heaters, two water softeners, and four kitchens. Two of the kitchens are fully washable commercial kitchens. Four residential furnaces and six AC units are reported to be in good working condition. Additional features include ADA compliance, scalding devices, solar exterior lighting, and a roof consisting primarily of shingles with rubber membrane roofing across the flat, no-slope sections.
The property also includes updated plumbing and electrical systems, select HVAC duct replacements, two tankless water heaters, two water softeners, and four kitchens. Two of the kitchens are fully washable commercial kitchens. Four residential furnaces and six AC units are reported to be in good working condition. Additional features include ADA compliance, scalding devices, solar exterior lighting, and a roof consisting primarily of shingles with rubber membrane roofing across the flat, no-slope sections.
Key Highlights
- 12,385‑square‑foot office building on two stories
- Originally built in 1968; improvements completed over the last two years
- Four kitchens, including two fully washable commercial kitchens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$159,952
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,199,040
$3.2M
Cap Rate 7%
$2,285,029
$2.3M
Cap Rate 9%
$1,777,244
$1.8M
Market Conditions
NOI Build-Up for 12,385 SF
Gross rent
$260.1K $21.00/SF
− Vacancy
−$46.8K −$3.78/SF
EGI
$213.3K $17.22/SF
− OpEx
−$53.3K −$4.31/SF
NOI
$160.0K $12.92/SF
Area
Carmel, IN
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,199,040
Cap Rate 7%
$2,285,029
Cap Rate 9%
$1,777,244
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $159,952 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,389 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 46280, IN
7,870
Population
3,920
Households
2
Avg Household Size
38
Median Age
60%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
1,920
Density / Sq Mi
$84,561
Median Household Income
$59,426
Median Earnings
$1,691
Median Rent
$291,100
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Updated commercial office property with multiple kitchens, refreshed building systems, and ADA-compliant features.
Where is this office building located?
The property is located at 10455 N College Ave Carmel, IN.
What is the asking price?
The asking price for this property is $4,170,000.
What are key features of this property?
This property features: 12,385‑square‑foot office building on two stories; Originally built in 1968; improvements completed over the last two years; Four kitchens, including two fully washable commercial kitchens
