Renovated Showroom and Warehouse
For Sale
$1,899,000
10809 US Highway 136, Indianapolis, IN 46234
Modern showroom and office area with high-clear warehouse space, supported by ample paved parking.
Property Size16,680 SF
Lot Size2.78 Acres
Price / SF$113.85
Days on Market54
Property Features for 10809 US Highway 136
General Information
Standard status
Active
Size
16,680 SF
Total Parking Spaces
65
Lot size
2.78 Acres
Property subtype
IND, IND-WHSE
Zoning
General Business
Additional Details
Highway Access
Yes
Clear Height
23 ft
Building Details
Year Built
1991
Listing Agency:
Indy Metro Northeast dba Keller Williams Realty
(317) 564-7160
Listed By:
Sharon Thompson · License #RB14044406
(317) 564-7160
Source:
Realnex
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 7 at 7:39AM
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 Indy Metro Northeast dba Keller Williams Realty
Investment Insights
Based on property information with market context.
This recently renovated showroom and warehouse facility was reimagined from a former bowling alley into a modern layout that preserves the building’s character. The property includes a flexible showroom component with 3,100 SF of office, conference, reception, and display space, supported by abundant natural light and 13-foot ceilings. The balance of the 16,680 SF is configured for warehouse and storage, with clear ceiling heights ranging from 20 to 23 feet.
Located just minutes from Lucas Oil Indianapolis Raceway Park, Interstate 74, Interstate 465, and Indianapolis International Airport, the building sits on 2.78 acres on the west side of Indianapolis. The site includes a paved parking lot for 65 cars and is zoned General Business, with a future land-use designation within Hendricks County’s Town Growth Area. The property also carries an Indianapolis mailing address.
The combined showroom, office, and warehouse setup can support a range of commercial operators seeking a distinctive facility for things like corporate headquarters, showroom and distribution activities, or race car design and production uses. With substantial storage height and dedicated customer-facing space, the building’s current configuration is well suited for businesses that need both presentation space and functional warehouse operations under one roof.
Located just minutes from Lucas Oil Indianapolis Raceway Park, Interstate 74, Interstate 465, and Indianapolis International Airport, the building sits on 2.78 acres on the west side of Indianapolis. The site includes a paved parking lot for 65 cars and is zoned General Business, with a future land-use designation within Hendricks County’s Town Growth Area. The property also carries an Indianapolis mailing address.
The combined showroom, office, and warehouse setup can support a range of commercial operators seeking a distinctive facility for things like corporate headquarters, showroom and distribution activities, or race car design and production uses. With substantial storage height and dedicated customer-facing space, the building’s current configuration is well suited for businesses that need both presentation space and functional warehouse operations under one roof.
Key Highlights
- 16,680 SF showroom, office, and warehouse on 2.78 acres in west Indianapolis
- Flexible showroom with 3,100 SF of office, conference, reception, and display space plus 13‑ft ceilings
- Warehouse/storage area totals 13,700 SF with ceiling heights from 20 to 23 ft
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
$163,931
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
8.63%
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%
$3,278,620
$3.3M
Cap Rate 7%
$2,341,871
$2.3M
Cap Rate 9%
$1,821,456
$1.8M
Market Conditions
NOI Build-Up for 16,680 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
$280.2K $16.80/SF
− Vacancy
−$28.0K −$1.68/SF
EGI
$252.2K $15.12/SF
− OpEx
−$88.3K −$5.29/SF
NOI
$163.9K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,278,620
Cap Rate 7%
$2,341,871
Cap Rate 9%
$1,821,456
Alternative Uses
Best Use
Office B
$3.15M
$2.75M – $3.67M
NOI $220,226 @ 7.0% cap · market cap 11.60%
Second Best
Flex RnD
$2.34M
$2.05M – $2.73M
NOI $163,931 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,632 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46234, IN
27,841
Population
10,929
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
2,245
Density / Sq Mi
$83,137
Median Household Income
$46,060
Median Earnings
$1,524
Median Rent
$226,400
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Modern showroom and office area with high-clear warehouse space, supported by ample paved parking.
Where is this flex space located?
The property is located at 10809 US Highway 136 Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: 16,680 SF showroom, office, and warehouse on 2.78 acres in west Indianapolis; Flexible showroom with 3,100 SF of office, conference, reception, and display space plus 13‑ft ceilings; Warehouse/storage area totals 13,700 SF with ceiling heights from 20 to 23 ft
