Fully Renovated Two-Story Office
10455 N College Avenue Carmel, IN 46280
For Sale
$4,200,000
SINGLE_FAMILY - Carmel, IN
Property Size12,385 SF
Lot Size0.90 Acres
Price / SF$339.12
Days on Market112
Property Features for 10455 N College Avenue
General Information
- Property type
- Residential
- Property subtype
- Office
- Zoning
- B-1 Commercial
- Parking features
- Valet
- Security features
- Security System
- Standard status
- Active
- APN
- 291312102031000018
- Lot size
- 0.90 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- Acreage .84, Section 12, Township 17, Range 3, Homeplace, Section 2, Lot 254, 255, Acreage, Pt 249 & Pt 253
Utilities
- Utilities
- Cable Available
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1968
- Floors in Building
- 2
- Roof type
- Shingle, Membrane
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Derek Hack · License #RB18001565
(812) 734-6048
Added: Apr 6
Changed: Jul 9
Last Checked: Jul 26 at 12:06PM
MLS# 22093570
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 fully renovated commercial building was originally built in 1968 and features comprehensive interior and exterior updates. The two-story layout includes new flooring, walls, drywall, doors, windows, and restrooms, with additional exterior improvements such as updated brickwork and concrete work. Major infrastructure upgrades include updated plumbing and electrical systems, along with select HVAC duct runs. The property is equipped with two tankless water heaters and two water softeners, and it includes four kitchens, including two fully washable commercial kitchens. Mechanical systems include four residential furnaces and six AC units noted in good working condition. The building also includes ADA compliance features, scalding devices, and solar external lighting. Roof coverage is primarily shingle, with rubber membrane on the flat, no-slope portions.
Located at 10455 N College Avenue in Carmel, Indiana, the property sits on a 0.9-acre lot.
The renovated improvements, ADA compliance, and multiple kitchens make this building well-suited for office users seeking a turn-key environment with updated finishes and operational systems already in place. Updated restrooms, electrical, plumbing, and HVAC support day-to-day use for teams that need dedicated kitchen functionality within the workplace.
Located at 10455 N College Avenue in Carmel, Indiana, the property sits on a 0.9-acre lot.
The renovated improvements, ADA compliance, and multiple kitchens make this building well-suited for office users seeking a turn-key environment with updated finishes and operational systems already in place. Updated restrooms, electrical, plumbing, and HVAC support day-to-day use for teams that need dedicated kitchen functionality within the workplace.
Key Highlights
- Two‑story commercial building originally built in 1968 with 12,385 SF.
- Extensive renovations completed over the last two years: new flooring, walls, drywall, doors, windows, and restrooms.
- Updated plumbing, electrical, external brickwork, concrete work, and select HVAC duct runs.
Financial Insights For Office B
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 | $260.1k | $21.00 |
| − Vacancy | −$46.8k | −$3.78 |
| EGI | $213.3k | $17.22 |
| − OpEx | −$53.3k | −$4.31 |
| NOI | $160.0k | $12.92 |
12,385 SF · lease $21.00/SF/yr · vacancy 18.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $159,952 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,389 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Family Place Early ...
Daycare Center
FAQs
What type of property is this?
Office building - Renovated two-story office building with ADA compliance and updated mechanical systems for modern workplace use.
Where is this office building located?
The property is located at 10455 N College Avenue Carmel, IN.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Two‑story commercial building originally built in 1968 with 12,385 SF.; Extensive renovations completed over the last two years: new flooring, walls, drywall, doors, windows, and restrooms.; Updated plumbing, electrical, external brickwork, concrete work, and select HVAC duct runs.
