Historic Arts & Crafts Office
New
For Sale
$650,000
11393 Lantern Rd, Fishers, IN 46038
Village Center-zoned property with flexible rooms, a masonry fireplace, and unfinished basement space.
Property Size1,800 SF
Price / SF$361.11
Days on Market3
Property Features for 11393 Lantern Rd
General Information
Standard status
Active
Size
1,800 SF
Zoning
VC
Amenities
fireplace
unfinished basement
Building Details
Year Built
1920
Buildings
1
Construction
Arts & Crafts
Listing Agency:
Joseph A. Logan
Listed By:
Jordan Logan · License #RB20001981
(317) 219-9133
Source:
Megandusing
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 12 at 11:51AM
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 Joseph A. Logan
Investment Insights
Based on property information with market context.
This circa-1920 Arts & Crafts property is configured as an office unit with approximately 1,800 square feet of interior space. The layout includes three generously sized rooms or bedrooms, 1 1/2 baths, a masonry fireplace, and architectural details associated with the historic Three Sisters Cottages. An unfinished basement adds space for storage, utilities, files, equipment, or future build-out subject to applicable requirements.
Located at 11393 Lantern Road in Fishers, the property carries Village Center (VC) zoning. The district supports residential, office, mixed-use, and other compatible uses, with permitted uses, parking, setbacks, signage, and required approvals subject to verification with the City of Fishers. The property combines a historic building format with a central Fishers setting suitable for office, professional, boutique, or other compatible commercial use.
Located at 11393 Lantern Road in Fishers, the property carries Village Center (VC) zoning. The district supports residential, office, mixed-use, and other compatible uses, with permitted uses, parking, setbacks, signage, and required approvals subject to verification with the City of Fishers. The property combines a historic building format with a central Fishers setting suitable for office, professional, boutique, or other compatible commercial use.
Key Highlights
- Circa‑1920 Arts & Crafts property associated with the historic Three Sisters Cottages
- Approximately 1,800 square feet with three generously sized rooms or bedrooms
- Village Center (VC) zoning supports office, residential, mixed‑use, and other compatible uses
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
$23,105
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
3.55%
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%
$462,100
$462.1K
Cap Rate 7%
$330,071
$330.1K
Cap Rate 9%
$256,722
$256.7K
Market Conditions
NOI Build-Up for 1,800 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
$37.8K $21.00/SF
− Vacancy
−$7.0K −$3.89/SF
EGI
$30.8K $17.12/SF
− OpEx
−$7.7K −$4.28/SF
NOI
$23.1K $12.84/SF
Area
Fishers, IN
Vacancy
18.50%
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%
$462,100
Cap Rate 7%
$330,071
Cap Rate 9%
$256,722
Alternative Uses
Best Use
Office B
$330.1K
$288.8K – $385.1K
NOI $23,105 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.2K
$387.8K – $517.0K
NOI $31,022 @ 7.0% cap · market cap 4.77%
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
Location Intelligence
Trade Area within ½ mile
1,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 46038, IN
42,694
Population
17,738
Households
2.4
Avg Household Size
36
Median Age
60%
College-Educated
98%
High-School Grad
15.5 sq mi
ZIP Area
2,754
Density / Sq Mi
$105,092
Median Household Income
$61,220
Median Earnings
$1,489
Median Rent
$301,600
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 Midwest region
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 units - Village Center-zoned property with flexible rooms, a masonry fireplace, and unfinished basement space.
Where is this office units located?
The property is located at 11393 Lantern Rd Fishers, IN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Circa‑1920 Arts & Crafts property associated with the historic Three Sisters Cottages; Approximately 1,800 square feet with three generously sized rooms or bedrooms; Village Center (VC) zoning supports office, residential, mixed‑use, and other compatible uses
