Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space Available For Lease Title is generated by Realmo AI

    423 East Michigan Street, Indianapolis, IN 46204

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail property available for lease in Indianapolis, Indiana.

    Type:Retail
    Property size:
    5,326 SF
    Added:
    Nov 22, 2025
    Days on Market:
    181
    Last Refresh:
    May 19 at 10:54 pm

    Property Features for 423 East Michigan Street

    General Information

    Standard status
    Active
    Size
    5,326 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Dean Almas

    Listing agent Dean Almas

    Listing office CBRE | Indianapolis

    Listing date Nov 22, 2025

    Source Cbre

    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 CBRE | Indianapolis

    HighLights

    • Retail property for lease
    • Located in Indianapolis, Indiana

    Overview

    A retail property offering 5326 square feet of space is available for lease. The property is located on East Michigan Street in Indianapolis, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Block 20 Apartments Apartment Complex

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1491
    Latitude
    39.7737

    Nearby Similar for Lease

    • $4,000/Mo
      3,732 SF

      Indianapolis Restaurant/Bar Opportunity

      Restaurant/bar space with existing infrastructure and outdoor entertainment area.
      3131 Shelby Street, Indianapolis, IN 46227
      View Details
    • $1,500/Mo
      2,264 SF

      Historic Commercial Space on Main

      Unique commercial property with historic charm and modern functionality.
      2308 E Southport Road, Indianapolis, IN 46227
      View Details
    • $6,900/Mo
      5,530 SF

      Broad Ripple Commercial Building Available

      High-visibility Indianapolis building for sale or lease in Broad Ripple.
      2131 E 54th Street, Indianapolis, IN 46220
      View Details
    • $1,250/Mo
      800 SF

      Furnished Offices Near I-465

      Furnished offices in prime Indianapolis location, ready for occupancy.
      6302 Rucker Road, Indianapolis, IN 46220
      View Details
    • $2,000/Mo
      5,467 SF

      Retail Space on Madison Avenue

      Retail space available in multi-tenant center on Madison Ave.
      7019 Madison Avenue, Indianapolis, IN 46227
      View Details
    • $3,500/Mo
      7,220 SF

      Versatile Indianapolis Commercial Space Available

      Multiple spaces available for lease, suitable for office, retail, and more.
      1915 Southeastern Avenue, Indianapolis, IN 46201
      View Details
    • $700/Mo
      1,300 SF

      Private Office Space For Lease

      Office space for lease in Perry Township, Indianapolis.
      8001 S Meridian Street, Indianapolis, IN 46217
      View Details
    • $2,200/Mo
      1,100 SF

      Indianapolis Retail Space For Lease

      High-visibility retail space in a busy Indianapolis plaza.
      2077 Emerson Avenue, Indianapolis, IN 46218
      View Details
    • $925/Mo
      51,420 SF

      Franklin Township Office Space Available

      Office space for lease in Franklin Township, Indianapolis.
      5128 E Stop 11 Road, Indianapolis, IN 46237
      View Details
    • $4,000/Mo
      10,800 SF

      Pendleton Pike Retail Space Available

      Versatile retail space in high-traffic area with flexible layout.
      7027 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • $5,385/Mo
      51,420 SF

      Professional Office Space Near I-65

      3,800 SF office space near Franciscan Health and I-65.
      5136 E Stop 11 Road, Indianapolis, IN 46237
      View Details
    • $12 SF/Yr
      30,000 SF

      Versatile Office Space Near I-465

      Flexible office space near downtown Indianapolis with immediate highway access.
      5550 Elmwood Court, Indianapolis, IN 46203
      View Details

    FAQs

    What type of property is this?
    Retail property - Retail property available for lease in Indianapolis, Indiana.
    Where is this retail property located?
    The property is located at 423 East Michigan Street Indianapolis, IN.
    What are key features of this property?
    This property features: Retail property for lease; Located in Indianapolis, Indiana
    (317) 590-5488
    We can help!
    Listing Contact
    Dean Almas
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    423 East Michigan Street, Indianapolis, IN, 46204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!