Historic Office
New
For Sale
Contact for pricing
108 E 9th St, Indianapolis, IN 46202
Flexible professional property with distinctive architectural details, updated infrastructure, and potential for a live-work configuration.
Property Size3,034 SF
Price / SF$173.04
Days on Market3
Property Features for 108 E 9th St
General Information
Standard status
Active
Size
3,034 SF
Property subtype
OFFICE
Amenities
natural light
high ceilings
original woodwork
built-in features
fireplaces
central stairwell
updated kitchen
formal dining area
library
upper-level laundry
wired-for-data infrastructure
central air
natural gas heating
wraparound porch
Building Details
Year Built
1898
Buildings
1
Stories
3
Construction
brick
Tenancy
Single
Listing Agency:
F.C. Tucker Company
Listed By:
Annie Scott · License #RB15000739
(317) 902-8622
Source:
Moodyscre
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 21 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 F.C. Tucker Company
Investment Insights
Based on property information with market context.
Built in 1898, this brick office property provides approximately 3,034 square feet across three levels. The current law-office layout includes private offices, meeting areas, workspaces, reception potential, and a central stairwell connecting each floor. Original woodwork, built-in features, high ceilings, natural light, and five fireplaces add character, while central air, natural gas heat, wired-for-data infrastructure, an updated kitchen, formal dining area, library, and upper-level laundry support daily operations. A reconstructed two-story wraparound porch, elevated city views, and a new roof further enhance the property.
Located at 108 E 9th St in downtown Indianapolis, the property is within walking distance of the Central Library, Mass Ave, American Legion Mall, Monument Circle, restaurants, hotels, cultural attractions, and downtown businesses. Nearby Cultural Trail and bike infrastructure connect to additional downtown destinations, including Bottleworks District and the Monon Trail. The three-story configuration and residential character also support a potential live-work use.
Located at 108 E 9th St in downtown Indianapolis, the property is within walking distance of the Central Library, Mass Ave, American Legion Mall, Monument Circle, restaurants, hotels, cultural attractions, and downtown businesses. Nearby Cultural Trail and bike infrastructure connect to additional downtown destinations, including Bottleworks District and the Monon Trail. The three-story configuration and residential character also support a potential live-work use.
Key Highlights
- Approximately 3,034 square feet across three levels
- Originally built in 1898 with brick construction, original woodwork, and built‑in features
- Five fireplaces, high ceilings, natural light, and a central connecting stairwell
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
$40,058
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
7.63%
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%
$801,160
$801.2K
Cap Rate 7%
$572,257
$572.3K
Cap Rate 9%
$445,089
$445.1K
Market Conditions
NOI Build-Up for 3,034 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
$65.5K $21.60/SF
− Vacancy
−$12.1K −$4.00/SF
EGI
$53.4K $17.60/SF
− OpEx
−$13.4K −$4.40/SF
NOI
$40.1K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /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%
$801,160
Cap Rate 7%
$572,257
Cap Rate 9%
$445,089
Alternative Uses
Best Use
Office B
$572.3K
$500.7K – $667.6K
NOI $40,058 @ 7.0% cap · market cap 7.63%
Second Best
Mixed Use
$526.6K
$460.8K – $614.4K
NOI $36,863 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$755.2K
$660.8K – $881.1K
NOI $52,864 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,789
Businesses Nearby
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Flexible professional property with distinctive architectural details, updated infrastructure, and potential for a live-work configuration.
Where is this office building located?
The property is located at 108 E 9th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 3,034 square feet across three levels; Originally built in 1898 with brick construction, original woodwork, and built‑in features; Five fireplaces, high ceilings, natural light, and a central connecting stairwell
