Carmel Class A Office
For Sale
Contact for pricing
12411 N Pennsylvania St, Carmel, IN 46032
Premier 19,000 SF Class A office building in Carmel, Indiana.
Property Size19,000 SF
Price / SF$331.32
Days on Market185
Property Features for 12411 N Pennsylvania St
General Information
Standard status
Active
Size
19,000 SF
Class
A
Total Parking Spaces
34
Property subtype
Office
Zoning
Commercial / Office Building
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$467,374
Building Details
Year Built
2017
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Encore CRE
(317) 727-1818
Listed By:
Charlie Claymon · License #RB25000249
Source:
Crexi
Added: Feb 7
Changed: Aug 8
Last Checked: Aug 10 at 3:22PM
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 Encore CRE
Investment Insights
Based on property information with market context.
This is a premier office investment opportunity located in Carmel, Indiana. Constructed in 2017, this Class A office building has approximately 19,000 square feet of space. The property is currently 100% occupied. Situated at the intersection of Old Meridian and Pennsylvania Streets, the property is adjacent to the new Republic Airways Corporate Headquarters. The building benefits from strong visibility, access, and abundant natural light due to its window-lined design. A 3,264 RSF first-floor suite provides owner/user flexibility, with ownership open to delivering the space vacant or extending the current tenant’s lease.
Key Highlights
- 100% Occupied Class A Office Building, providing immediate income.
- Premier Location in Carmel, Indiana.
- Built in 2017, minimizing potential maintenance.
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
$245,385
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
3.90%
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%
$4,907,700
$4.9M
Cap Rate 7%
$3,505,500
$3.5M
Cap Rate 9%
$2,726,500
$2.7M
Market Conditions
NOI Build-Up for 19,000 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
$399.0K $21.00/SF
− Vacancy
−$71.8K −$3.78/SF
EGI
$327.2K $17.22/SF
− OpEx
−$81.8K −$4.31/SF
NOI
$245.4K $12.92/SF
Area
Carmel, IN
Vacancy
18.00%
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%
$4,907,700
Cap Rate 7%
$3,505,500
Cap Rate 9%
$2,726,500
Alternative Uses
Best Use
Office B
$3.51M
$3.07M – $4.09M
NOI $245,385 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.98M
$4.36M – $5.81M
NOI $348,840 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
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?
Office building - Premier 19,000 SF Class A office building in Carmel, Indiana.
Where is this office building located?
The property is located at 12411 N Pennsylvania St Carmel, IN.
What is the asking price?
The asking price for this property is $6,295,000.
What are key features of this property?
This property features: 100% Occupied Class A Office Building, providing immediate income.; Premier Location in Carmel, Indiana.; Built in 2017, minimizing potential maintenance.
