Office Flex Building For
For Sale
Contact for pricing
Pending
10022 Lantern Rd, Fishers, IN 46037
Office flex building with immediate occupancy in prime location.
Property Size20,669 SF
Days on Market449
Property Features for 10022 Lantern Rd
General Information
Standard status
Pending
Size
20,669 SF
Property subtype
Industrial, Office
Lease Type
Modified Gross
Building Details
Tenancy
Multi
Listing Agency:
Colliers - Indianapolis, Indiana
(317) 713-2342
Listed By:
Andrew Urban · License #IN RB15001010
Source:
Crexi
Added: May 20, 2025
Changed: Aug 8
Last Checked: Jul 24 at 4:25PM
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 Colliers - Indianapolis, Indiana
Investment Insights
Based on property information with market context.
This office flex building offers approximately 20,669 square feet, with about 7,100 square feet available for immediate occupancy. The property is situated in a prime location within a rapidly growing suburban area. Its location provides proximity to the Fishers District, various amenities, and convenient access to I-69 and SR 37. The building features abundant natural light and high-end interior finishes. It also includes three drive-in doors. The parking ratio is approximately 4.89 per 1,000 square feet. The parking lot has been fully repaired with new painted lines, sealed cracks, and fresh paving. The property is intended for commercial real estate use.
Key Highlights
- Prime location in a wealthy and fast‑growing suburb with proximity to Fishers District and major highways (I‑69 & SR 37).
- ± 7,100 SF available for immediate occupancy** in a ± 20,669 SF office flex building.
- High‑end interior finish quality.**
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
$265,312
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
8.04%
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%
$5,306,240
$5.3M
Cap Rate 7%
$3,790,171
$3.8M
Cap Rate 9%
$2,947,911
$2.9M
Market Conditions
NOI Build-Up for 20,669 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
$434.0K $21.00/SF
− Vacancy
−$80.3K −$3.89/SF
EGI
$353.7K $17.12/SF
− OpEx
−$88.4K −$4.28/SF
NOI
$265.3K $12.84/SF
Area
Fishers, IN
Vacancy
18.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,306,240
Cap Rate 7%
$3,790,171
Cap Rate 9%
$2,947,911
Alternative Uses
Best Use
Office B
$3.79M
$3.32M – $4.42M
NOI $265,312 @ 7.0% cap · market cap 8.04%
Second Best
Flex RnD
$2.51M
$2.20M – $2.93M
NOI $176,050 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$5.09M
$4.45M – $5.94M
NOI $356,218 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
533
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office flex building with immediate occupancy in prime location.
Where is this flex space located?
The property is located at 10022 Lantern Rd Fishers, IN.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Prime location in a wealthy and fast‑growing suburb with proximity to Fishers District and major highways (I‑69 & SR 37).; ± 7,100 SF available for immediate occupancy** in a ± 20,669 SF office flex building.; High‑end interior finish quality.**
