Office Building with
For Sale
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12-18 N Delaware St, Indianapolis, IN 46204
Multi-level office building with an elevator and two demised street retail storefront units.
Property Size10,129 SF
Price / SF$137.23
Days on Market470
Property Features for 12-18 N Delaware St
General Information
Standard status
Active
Size
10,129 SF
Property subtype
OFFICE
Site & Location
Neighborhood
Downtown
Listing Agency:
SVN | Northern Commercial
(317) 843-8448
Listed By:
Jess Lawhead, CCIM · License #IN RB14047741
(317) 454-2241
Source:
Moodyscre
Added: Jul 17, 2025
Changed: Oct 25
Last Checked: Oct 28 at 10:47AM
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 SVN | Northern Commercial
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Investment Insights
Based on property information with market context.
This multi-level office building includes an elevator and a street-level retail component. The property is listed as a 9,001 SF office building plus a 1,128 SF lower level.
In addition to the office space, there are two demised street retail units, which can support mixed-use leasing within the same building. The property is located at 12-18 N Delaware St in Indianapolis, IN 46204, and sits across from the Indianapolis City Market redevelopment project.
In addition to the office space, there are two demised street retail units, which can support mixed-use leasing within the same building. The property is located at 12-18 N Delaware St in Indianapolis, IN 46204, and sits across from the Indianapolis City Market redevelopment project.
Key Highlights
- 9,001 SF office building with elevator
- 1,128 SF lower level space
- Two demised street retail units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,992
Cap Rate
7.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,179,840
$2.2M
Cap Rate 7%
$1,557,029
$1.6M
Cap Rate 9%
$1,211,022
$1.2M
Market Conditions
NOI Build-Up for 10,129 SF
Gross rent
$170.2K $16.80/SF
− Vacancy
−$14.5K −$1.43/SF
EGI
$155.7K $15.37/SF
− OpEx
−$46.7K −$4.61/SF
NOI
$109.0K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,179,840
Cap Rate 7%
$1,557,029
Cap Rate 9%
$1,211,022
Alternative Uses
Best Use
Office B
$1.91M
$1.67M – $2.23M
NOI $133,733 @ 7.0% cap · market cap 9.62%
Second Best
Retail
$1.56M
$1.36M – $1.82M
NOI $108,992 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,488 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
6,865
Businesses Nearby
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Business Placement
Demographics for 46204, IN
9,086
Population
6,582
Households
1.4
Avg Household Size
31
Median Age
61%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
8,260
Density / Sq Mi
$88,081
Median Household Income
$69,226
Median Earnings
$1,686
Median Rent
$350,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Office building - Multi-level office building with an elevator and two demised street retail storefront units.
Where is this office building located?
The property is located at 12-18 N Delaware St Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 9,001 SF office building with elevator; 1,128 SF lower level space; Two demised street retail units
