11640 Brooks School Rd, Fishers, IN 46037

Building Details

Tenancy Multi More

Listing Agency: Veritas Realty

Listed By: Jon Bannister · License #IN RB19001231 Show Phone

Source: Crexi

Added: Oct 13 Changed: Nov 8 Last Checked: Nov 8 at 4:09PM

Report an Issue

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 Veritas Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Sandstone Commons is a 15,019 SF neighborhood shopping center in Fishers, Indiana. The property is fully leased to seven tenants, and a new long-term Wingstop lease is in place. Average tenancy exceeds 15 years, while the weighted average lease term is 5.51 years. Nearly all leases have scheduled annual increases.

The center occupies the signalized intersection of E. 116th Street and Brooks School Road. More than 32,000 vehicles pass the intersection each day.

Key Highlights

• 15,019 SF shopping center with 100% occupancy
• Seven tenants, with average tenancy exceeding 15 years
• 5.51‑year WALT; nearly all leases include scheduled annual increases

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$217,524

Cap Rate

3.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,350,480 $4.4M

Cap Rate 7%

$3,107,486 $3.1M

Cap Rate 9%

$2,416,933 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 15,019 SF

Gross rent

$333.4K $22.20/SF

− Vacancy

−$22.7K −$1.51/SF

EGI

$310.7K $20.69/SF

− OpEx

−$93.2K −$6.21/SF

NOI

$217.5K $14.48/SF

Area

Fishers, IN

Vacancy

6.80%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,350,480

Cap Rate 7%

$3,107,486

Cap Rate 9%

$2,416,933

Alternative Uses

Best Use

Retail

$3.11M

$2.72M – $3.63M (±1% cap)

NOI $217,524 @ 7.0% cap · market cap 3.88%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.70M

$3.24M – $4.31M (±1% cap)

NOI $258,843 @ 7.0% cap · market cap 4.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Subway Take-out & Catering Ohanalulu Food Truck Take-out & Catering 21st Amendment Wine ... (Bike/Boat/Book/etc) Store New Ignition Key ... Auto Repair Shop Sandstone Commons Shopping Center & Mall

Suggested Use

Top Pick Building Supply Restaurant Real Estate Agency Dental Office Big Box & Wholesale Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

32,000 VPD

Traffic count

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

184

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 46037, IN

47,264

Population

17,334

Households

2.7

Avg Household Size

37

Median Age

69%

College-Educated

98%

High-School Grad

20.1 sq mi

ZIP Area

2,351

Density / Sq Mi

$137,969

Median Household Income

$72,127

Median Earnings

$1,463

Median Rent

$403,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Office Building For Sale

11634 Maple St, Fishers, IN 46038

$4,571,000

View details

Office Building

9940 N Allisonville Road, Fishers, IN 46038

$2,350,000

View details

Allisonville Road Freestanding Building

11965 Allisonville Rd, Fishers, IN 46038

Contact for pricing

15,320 SF

View details

Renovated Office Building

9114 Technology Ln, Fishers, IN 46038

Contact for pricing

View details

High-Visibility Standalone Retail Building

12514 Reynolds Dr, Fishers, IN 46038

Contact for pricing

View details

Professional Office Suite

10412 Allisonville STE 103, Fishers, IN 46038

Contact for pricing

51,948 SF

View details

Historic Arts & Crafts Office Unit

11393 Lantern Rd, Fishers, IN 46038

$499,000

1,800 SF

View details

Remodeled Residential Income Property

9046 Mercer Drive, Fishers, IN 46038

$329,999

1,844 SF

View details

Second-Generation Restaurant Space

8701 East 116th Street, Fishers, IN 46038

Contact for pricing

View details

Mixed-Use Property with Office Space

11405 Lantern Road #1, Fishers, IN 46038

$495,000

960 SF

View details

Former Kroger Building For Sale

7264 Fishers Crossing Dr, Fishers, IN

Contact for pricing

62,426 SF

View details

Class A Office Building

11100 USA Pkwy, Fishers, IN 46037

Contact for pricing

355,921 SF

View details

Similar Off Market Nearby

• Sandstone Commons — 11640 Brooks School Rd, Fishers, IN 46037
• Brooks School Shoppes — 11681 Brooks School Rd, Fishers, IN 46037

Frequently Asked Questions

What type of property is this?

Shopping center - Seven tenants occupy the signalized corner property, including a Wingstop location with a new long-term lease.

Where is this shopping center located?

The property is located at 11640 Brooks School Rd Fishers, IN.

What is the asking price?

The asking price for this property is $5,606,242.

What are key features of this property?

This property features: 15,019 SF shopping center with 100% occupancy; Seven tenants, with average tenancy exceeding 15 years; 5.51‑year WALT; nearly all leases include scheduled annual increases