Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Property for Lease Title is generated by Realmo AI

    11505 Illinois Street, Carmel, IN 46032

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Commercial property available for lease in Carmel, Indiana.

    Type:Retail
    Added:
    May 18, 2026
    Days on Market:
    16
    Last Refresh:
    May 18 at 10:21 pm

    Property Features for 11505 Illinois Street

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    2015

    We can help!

    Listing Contact
    Kevin Marschall

    Listing agent Kevin Marschall

    Listing office InStore Commercial Real Estate

    Listing date May 18, 2026

    Source Commercialcafe

    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 InStore Commercial Real Estate

    HighLights

    • Commercial property available for lease.
    • Located in Carmel, Indiana.
    • Built in 2015.

    Overview

    Located at 11505 Illinois Street in Carmel, Indiana, this commercial property is available for lease. The property is categorized under specialty properties and other specialty properties, indicating its suitability for specific or unique business operations. The location in Carmel, IN, offers access to the surrounding area.
    Location Intelligence

    Current Use by Public Records

    Market District Supermarket Grocery & Convenience Store Market District Pharmacy Pharmacy Giant Eagle Produce Food Market PNC Mortgage Loan Service PNC Bank Bank

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1627562
    Latitude
    39.9547856

    Nearby Similar for Lease

    • $2,500/Mo
      3,000 SF

      Carmel Office Space For Rent

      Second-floor office space in Carmel's Arts & Design District.
      27 E Main Street, Carmel, IN 46032
      View Details
    • $2,600/Mo
      2,600 SF

      Carmel Warehouse Space Available

      2,600 SF warehouse space for lease in Carmel, Indiana.
      4250 W 99th Street, Carmel, IN 46032
      View Details
    • $2,683/Mo
      20,040 SF

      Updated Office Space in Carmel

      Office space near downtown Carmel with easy highway access.
      252 E Carmel Drive, Carmel, IN 46032
      View Details
    • Sponsored
      $129-$2,985/Mo
      11-1,292 SF

      IN, Carmel - Congressional Blvd

      303 Congressional Blvd, Carmel, IN 46032
      View Details
    • $15 SF/Yr
      1,500 SF

      Carmel Flex-Industrial Space Available

      Adaptable flex space suitable for various business uses.
      439 Gradle Drive, Carmel, IN 46032
      View Details
    • $1,550/Mo
      1,100 SF

      Carmel Office Space For Lease

      1,100 SF office space available for lease in Carmel.
      950 North Rangeline Road, Carmel, IN 46032
      View Details
    • $23 SF/Yr
      5,011 SF

      Meridian Corridor Office Space

      Well-maintained office building with on-site management and training facility.
      11550 N. Meridian Street, Carmel, Indiana 46032
      View Details
    • $650/Mo
      5,310 SF

      Carmel Office Suites For Rent

      Professional office suites in central Carmel location, near Monon Trail.
      1016 3rd Avenue SW, Carmel, IN 46032
      View Details
    • $650/Mo
      7,493 SF

      Carmel Office Space For Rent

      First-level office spaces in central Carmel, high visibility location.
      1717 E 116th Street, Carmel, IN 46032
      View Details
    • $18 SF/Yr
      10,616 SF

      Retail Space on College Avenue

      Retail space with high visibility and street signage opportunities.
      10567 North College Avenue, Carmel, IN 46280
      View Details
    • $8 SF/Yr
      1,802 SF

      Carmel Office Suites For Rent

      Modern office space with private and executive suites available.
      9640 Commerce Dr, Carmel, IN
      View Details
    • Contact for pricing
      7,591 SF

      Office Building in Hamilton Crossing

      Two-story office building with amenities in Carmel, Indiana.
      13000 N Meridian St, Carmel, IN 46032
      View Details

    FAQs

    What type of property is this?
    Specialty property - Commercial property available for lease in Carmel, Indiana.
    Where is this specialty property located?
    The property is located at 11505 Illinois Street Carmel, IN.
    What are key features of this property?
    This property features: Commercial property available for lease.; Located in Carmel, Indiana.; Built in 2015.
    We can help!
    Listing Contact
    Kevin Marschall
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    11505 Illinois Street, Carmel, IN 46032
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!