Parking Garage Leasehold
For Sale
Contact for pricing
Pending
231 N Pennsylvania St, Indianapolis, IN 46204
170-space lower garage unit offered as a long-term double-net lease with renewal rent increases every five years.
Property SizeContact for details
Days on Market104
Property Features for 231 N Pennsylvania St
General Information
Standard status
Pending
Total Parking Spaces
170
Property subtype
Special Purpose
Listing Agency:
Cushman & Wakefield - Indianapolis, Indiana
(317) 634-6363
Listed By:
Brooke Ratliff · License #25000924
Source:
Crexi
Added: Apr 24
Changed: Jul 22
Last Checked: Aug 4 at 5:04AM
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 Cushman & Wakefield - Indianapolis, Indiana
Investment Insights
Based on property information with market context.
Cushman & Wakefield is pleased to offer the 170-space Lower Garage Unit of the Ardmore Parking Garage for sale. The property is subject to a long-term double-net lease structure, with rent increases at lease renewal options every five years. During the current term, the operating lease is flat.
The parking facility is integrated with the newly developed Ardmore Apartments and is located in downtown Indianapolis at 231 N Pennsylvania St. Revenue is generated primarily through stable monthly parking contracts with employees of the adjacent Regions Tower, while the garage also provides public parking access for downtown users and visitors. The offering further benefits from proximity to the Mass Ave and Market East districts.
The parking facility is integrated with the newly developed Ardmore Apartments and is located in downtown Indianapolis at 231 N Pennsylvania St. Revenue is generated primarily through stable monthly parking contracts with employees of the adjacent Regions Tower, while the garage also provides public parking access for downtown users and visitors. The offering further benefits from proximity to the Mass Ave and Market East districts.
Key Highlights
- 170‑space lower garage unit of the Ardmore Parking Garage in downtown Indianapolis
- Offered as a long‑term double‑net lease with rent increases at renewal options every five years
- Operating lease is flat during the term and is described as well below‑market
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,189
Businesses Nearby
Well-served
Demand for This Use
Explore this area
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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Frequently Asked Questions
What type of property is this?
Parking lot & garage - 170-space lower garage unit offered as a long-term double-net lease with renewal rent increases every five years.
Where is this parking lot & garage located?
The property is located at 231 N Pennsylvania St Indianapolis, IN.
What are key features of this property?
This property features: 170‑space lower garage unit of the Ardmore Parking Garage in downtown Indianapolis; Offered as a long‑term double‑net lease with rent increases at renewal options every five years; Operating lease is flat during the term and is described as well below‑market
