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    Renovated Flex Space with Variance Title is generated by Realmo AI

    1718 W 15th St, Indianapolis, IN

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    8,140 SF flex space renovated in 2021 on 0.36 acres.

    Type:FLEX_R_AND_D
    Property size:
    8,140 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $150/SF
    Added:
    Mar 3, 2025
    Days on Market:
    471
    Last Refresh:
    May 20 at 9:32 pm

    Property Features for 1718 W 15th St

    General Information

    Standard status
    Active
    Size
    8,140 SF
    Lot size
    0.36 Acres
    Property subtype
    FLEX_R_AND_D

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    Listing Contact
    Jeff Merritt
    Jeff Merritt

    Listing agent Jeff Merritt License #RB14033827

    Listing office CBRE | Indianapolis

    Listing date Mar 3, 2025

    Source Moodyscre

    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

    • Completely renovated in 2021 with all new HVAC, plumbing, electrical, and roof.
    • 8,140 SF on ±0.36 Acres offers substantial space.
    • Zoned C‑5, allowing for commercial use (with variance), but currently residential.
    • Rooftop deck provides outdoor space.
    • Generous parking area with drain (recently seal coated).
    • Three large bedrooms (convertible to offices) and three restrooms with showers.

    Overview

    This 8,140 square foot flex space property, situated on approximately 0.36 acres, was completely renovated in 2021. The renovation included all new HVAC throughout, plumbing, electrical systems, and a new roof. The property features three large bedrooms that could be converted into offices, along with three restrooms equipped with showers. A common living area includes a kitchen, pantry, and laundry facilities. The layout includes open areas on both the first floor and in the basement. There is a generous parking area with a drain that has been recently seal coated. The property also includes one drive-in door and a rooftop deck. Zoned C-5, the current use is residential, operating under a variance.

    Local Financial Insights For Flex RnD

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $136.8k $16.80
    − Vacancy −$13.7k −$1.68
    EGI $123.1k $15.12
    − OpEx −$43.1k −$5.29
    NOI $80.0k $9.83
    8,140 SF · lease $16.80/SF/yr · vacancy 10.00% · expense 35.00%

    Alternative Uses

    Best Use
    Flex RnD
    $1.14M
    $1.00M – $1.33M (±1% cap)
    NOI $80,000 @ 7.0% cap · market cap 6.55%
    Second Best
    Industrial
    $579.7K
    $507.2K – $676.3K (±1% cap)
    NOI $40,578 @ 7.0% cap · market cap 3.32%
    Theoretical Best
    Office A
    $2.03M
    $1.77M – $2.36M (±1% cap)
    NOI $141,831 @ 7.0% cap · market cap 11.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • The Cooking Besties — 1220 Waterway Blvd, Indianapolis, IN 46202

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1915
    Latitude
    39.788

    FAQs

    What type of property is this?
    Flex space - 8,140 SF flex space renovated in 2021 on 0.36 acres.
    Where is this flex space located?
    The property is located at 1718 W 15th St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $1,221,000.
    What are key features of this property?
    This property features: Completely renovated in 2021 with all new HVAC, plumbing, electrical, and roof.; 8,140 SF on ±0.36 Acres offers substantial space.; Zoned C‑5, allowing for commercial use (with variance), but currently residential.
    (317) 269-1000 Call to check price and availability
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