Four-Tenant Strip Mall with National
For Sale
$2,380,000
1155 E Stop 11 Rd, Indianapolis, IN 46227
Fully occupied retail center with four tenants operating under triple-net leases.
Property Size7,000 SF
Price / SF$340
Days on Market60
Property Features for 1155 E Stop 11 Rd
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Anchor Co-Tenants
Jimmy John's, Verizon
Traffic Count
56,375 vehicles/day
Amenities
100% Occupied Four-Tenant Center Anchored by National Tenants Jimmy John's and Verizon | All Triple-Net Leases | Stabilized Low Average Rent/SF with 57% of the GLA Providing 3% Annual Increases
Outparcel to Greenwood Point Shopping Center with 1.7 Million Visitors per Year with National Tenants Such as Hobby Lobby, Portillo's, Buffalo Wild Wings, and Michael's
Across the Street from Greenwood Place with 4.8 Million Visitors per Year | 41 Tenants Including Burlington, Bubba's 33, McDonald's, Dunkin', PetSmart, Five Guys, Fifth Third Bank, Subway, & More
Building Details
Building Size
7,000 SF
Year Built
2008
Tenancy
Multi
Listing Agency:
(317) 218-5314
Listed By:
Damien Yoder · License #License(s): IN: RB14050667
(317) 218-5314
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 30 at 1:11PM
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 Damien Yoder
Investment Insights
Based on property information with market context.
This 2008-built strip mall is a fully occupied, four-tenant retail center featuring Jimmy John's, Verizon, Total Wireless, and Halal Munchies. All four leases are structured as triple-net agreements, and 57 Percent of the gross leasable area includes 3 Percent annual increases.
The property occupies the signalized intersection of E Stop 11 Rd and US-31 S, where combined traffic counts reach 56,375 vehicles per day. It is an outparcel to Greenwood Point Shopping Center, which draws 1.7 million visitors annually, and sits across from Greenwood Place, reporting 4.8 million annual visitors. The surrounding retail node includes grocery, dining, automotive, banking, fitness, and service-oriented businesses.
The property is located at 1155 E Stop 11 Rd in Indianapolis, Indiana, with a five-mile population of 210,634 and a five-mile daytime population of 178,195.
The property occupies the signalized intersection of E Stop 11 Rd and US-31 S, where combined traffic counts reach 56,375 vehicles per day. It is an outparcel to Greenwood Point Shopping Center, which draws 1.7 million visitors annually, and sits across from Greenwood Place, reporting 4.8 million annual visitors. The surrounding retail node includes grocery, dining, automotive, banking, fitness, and service-oriented businesses.
The property is located at 1155 E Stop 11 Rd in Indianapolis, Indiana, with a five-mile population of 210,634 and a five-mile daytime population of 178,195.
Key Highlights
- 100 Percent occupied four‑tenant retail center
- All triple‑net leases with 57 Percent of gross leasable area providing 3 Percent annual increases
- Signalized intersection at E Stop 11 Rd and US‑31 S with combined traffic counts of 56,375 vehicles per day
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
$100,287
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
4.21%
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%
$2,005,740
$2.0M
Cap Rate 7%
$1,432,671
$1.4M
Cap Rate 9%
$1,114,300
$1.1M
Market Conditions
NOI Build-Up for 7,000 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
$153.7K $21.96/SF
− Vacancy
−$10.5K −$1.49/SF
EGI
$143.3K $20.47/SF
− OpEx
−$43.0K −$6.14/SF
NOI
$100.3K $14.33/SF
Area
ZIP 46227
Vacancy
6.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,005,740
Cap Rate 7%
$1,432,671
Cap Rate 9%
$1,114,300
Alternative Uses
Best Use
Retail
$1.43M
$1.25M – $1.67M
NOI $100,287 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,763 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
56,375 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Demographics for 46227, IN
62,126
Population
26,411
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
83%
High-School Grad
16.7 sq mi
ZIP Area
3,720
Density / Sq Mi
$50,993
Median Household Income
$35,591
Median Earnings
$994
Median Rent
$192,600
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied retail center with four tenants operating under triple-net leases.
Where is this strip mall located?
The property is located at 1155 E Stop 11 Rd Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,380,000.
What are key features of this property?
This property features: 100 Percent occupied four‑tenant retail center; All triple‑net leases with 57 Percent of gross leasable area providing 3 Percent annual increases; Signalized intersection at E Stop 11 Rd and US‑31 S with combined traffic counts of 56,375 vehicles per day
