Renovated Office
For Sale
$4,170,000
10455 N College Avenue, Carmel, IN 46280
Commercial Sale, Carmel, IN
Property Size12,385 SF
Lot Size0.90 Acres
Price / SF$336.70
Days on Market197
Property Features for 10455 N College Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B-1 Commercial
Parking features
Valet
Security features
Security System
Elementary school
Forest Dale Elementary School
Middle school
Carmel Middle School
High school
Carmel High School
Elementary school district
Carmel Clay Schools
Middle school district
Carmel Clay Schools
High school district
Carmel Clay Schools
Directions
GPS Friendly
Subdivision
2910 - Hamilton - Clay
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
Tax Annual Amount
18352
Legal 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
Amenities
two tankless water heaters
two water softeners
four kitchens (including two fully washable commercial kitchens)
ADA compliance
scalding devices
solar external lighting
Building Details
Year built
1968
Floors in Building
2
Roof type
Membrane, Shingle
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Derek Hack
(812) 734-6048
Added: Apr 6
Changed: Oct 16
Last Checked: Oct 19 at 3:06AM
MLS# 22093570
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This two-story office building at 10455 N College Avenue in Carmel has been renovated with updates to flooring, walls, drywall, doors, windows, restrooms, exterior brickwork, and concrete. Plumbing and electrical systems were updated, along with select HVAC duct runs. The property includes four kitchens, two of which are fully washable commercial kitchens, plus two tankless water heaters and two water softeners. Four residential furnaces and six air-conditioning units serve the building. Additional features include ADA compliance, scald-prevention devices, and exterior solar lighting. The roof combines shingles with a rubber membrane over flat sections.
The 0.9-acre property is zoned B-1 Commercial. Originally built in 1968, it has valet parking and cable availability.
The 0.9-acre property is zoned B-1 Commercial. Originally built in 1968, it has valet parking and cable availability.
Key Highlights
- 0.9‑acre office property zoned B‑1 Commercial
- Two‑story building originally built in 1968
- 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
457
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
Frequently Asked Questions
What type of property is this?
Office building - The two-level layout includes four kitchens, two with washable commercial finishes.
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 $4,170,000.
What are key features of this property?
This property features: 0.9‑acre office property zoned B‑1 Commercial; Two‑story building originally built in 1968; Four kitchens, including two fully washable commercial kitchens
