Retail Office Building with
For Sale
$499,999
1209 East 46th Street, Indianapolis, IN 46205
Well-appointed office or retail building with ample parking and strong signage visibility.
Property Size3,072 SF
Days on Market49
Property Features for 1209 East 46th Street
General Information
Standard status
Active
Size
3,072 SF
Property subtype
Retail - Street Retail
Building Details
Building Size
3,072 SF
Listing Agency:
Coombes Real Estate
Listed By:
Robert Coombes · License #RB17000978
Source:
Commercialcafe
Added: Jul 27
Changed: Sep 10
Last Checked: Sep 12 at 5:05AM
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 Coombes Real Estate
Investment Insights
Based on property information with market context.
A well-appointed office or retail asset designed for customer-facing convenience, featuring ample parking and signage opportunities intended to support visibility from the street. The property is presented with strong curb appeal and a commanding street presence suitable for a range of retail or office uses.
Located in the South Broad Ripple "SoBro" submarket, the property neighbors the popular Monon bike/run/walk trail and sits just north of the Indiana State Fairgrounds. Access to Indianapolis is described as straightforward via College Ave and Keystone Ave a few blocks either side of the property.
Overall, it offers a practical build-out for either office or retail occupancy, supported by on-site parking and dedicated frontage-focused exposure.
Located in the South Broad Ripple "SoBro" submarket, the property neighbors the popular Monon bike/run/walk trail and sits just north of the Indiana State Fairgrounds. Access to Indianapolis is described as straightforward via College Ave and Keystone Ave a few blocks either side of the property.
Overall, it offers a practical build-out for either office or retail occupancy, supported by on-site parking and dedicated frontage-focused exposure.
Key Highlights
- Well‑appointed office or retail building
- Strong street presence with strong curb appeal
- Ample on‑site parking for convenient customer access
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
$33,056
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
6.61%
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%
$661,120
$661.1K
Cap Rate 7%
$472,229
$472.2K
Cap Rate 9%
$367,289
$367.3K
Market Conditions
NOI Build-Up for 3,072 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
$51.6K $16.80/SF
− Vacancy
−$4.4K −$1.43/SF
EGI
$47.2K $15.37/SF
− OpEx
−$14.2K −$4.61/SF
NOI
$33.1K $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 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%
$661,120
Cap Rate 7%
$472,229
Cap Rate 9%
$367,289
Alternative Uses
Best Use
Retail
$472.2K
$413.2K – $550.9K
NOI $33,056 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$764.7K
$669.1K – $892.1K
NOI $53,527 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Retail space - Well-appointed office or retail building with ample parking and strong signage visibility.
Where is this retail space located?
The property is located at 1209 East 46th Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: Well‑appointed office or retail building; Strong street presence with strong curb appeal; Ample on‑site parking for convenient customer access
