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 Market155
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
(317) 922-9628
Listed By:
Derek Hack () · License #RB18001565
Source:
Fortwayneareahomesforsale
Added: Mar 27
Changed: Aug 28
Last Checked: Aug 28 at 6:50AM
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 = 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
$159,952
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
3.84%
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%
$3,199,040
$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
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
$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 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%
$3,199,040
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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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
