Mixed-Use Flex and Office
For Sale
$6,000,000
1330 N Meridian St, Indianapolis, IN 46202
Multi-building site with main office building, flex/storage building, and surface parking, adjacent to IU Health Methodist Hospital.
Property Size60,300 SF
Lot Size2.44 Acres
Price / SF$99.50
Days on Market47
Property Features for 1330 N Meridian St
General Information
Standard status
Active
Size
60,300 SF
Total Parking Spaces
110
Lot size
2.44 Acres
Property subtype
Office
Zoning
C-3
Additional Details
Highway Access
Yes
Listing Agency:
Indianapolis
(317) 713-2172
Listed By:
Rich Forslund · License #RB14046182
(317) 713-2172
Source:
Colliers
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 22 at 9:20AM
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 Indianapolis
Investment Insights
Based on property information with market context.
The sale offering includes multiple connected parcels totaling approximately 2.44 acres, featuring a main building of about 60,300 square feet at 1330 N Meridian St. The package also includes a surface parking and storage/flex building of approximately 4,000 square feet covering 1307–1329 N Illinois St, along with additional surface parking at 1349–1351 N Illinois St.
The site benefits from prominent Meridian St and Illinois St frontage with strong visibility and signage opportunities. It is adjacent to the IU Health Methodist Hospital campus and provides dedicated, complimentary surface parking for approximately 110 vehicles. The property is positioned for convenient access to I-65, I-70, and Downtown Indianapolis amenities.
Zoned C-3, this configuration may support office, medical, educational, nonprofit, or redevelopment uses, subject to applicable approvals.
The site benefits from prominent Meridian St and Illinois St frontage with strong visibility and signage opportunities. It is adjacent to the IU Health Methodist Hospital campus and provides dedicated, complimentary surface parking for approximately 110 vehicles. The property is positioned for convenient access to I-65, I-70, and Downtown Indianapolis amenities.
Zoned C-3, this configuration may support office, medical, educational, nonprofit, or redevelopment uses, subject to applicable approvals.
Key Highlights
- Multi‑building site on N Meridian St and N Illinois St, totaling ±2.44 acres
- Main building at 1330 N Meridian St offers ±60,300 USF
- 1307–1329 N Illinois St includes surface parking and a flex/storage building with ±4,000 USF
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
$300,594
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
5.01%
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%
$6,011,880
$6.0M
Cap Rate 7%
$4,294,200
$4.3M
Cap Rate 9%
$3,339,933
$3.3M
Market Conditions
NOI Build-Up for 60,300 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
$470.3K $7.80/SF
− Vacancy
−$40.9K −$0.68/SF
EGI
$429.4K $7.12/SF
− OpEx
−$128.8K −$2.14/SF
NOI
$300.6K $4.98/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /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%
$6,011,880
Cap Rate 7%
$4,294,200
Cap Rate 9%
$3,339,933
Alternative Uses
Best Use
Office B
$11.37M
$9.95M – $13.27M
NOI $796,141 @ 7.0% cap · market cap 13.27%
Second Best
Flex RnD
$8.47M
$7.41M – $9.88M
NOI $592,628 @ 7.0% cap · market cap 9.88%
Theoretical Best
Office A
$15.01M
$13.13M – $17.51M
NOI $1,050,667 @ 7.0% cap · market cap 17.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-building site with main office building, flex/storage building, and surface parking, adjacent to IU Health Methodist Hospital.
Where is this office building located?
The property is located at 1330 N Meridian St Indianapolis, IN.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Multi‑building site on N Meridian St and N Illinois St, totaling ±2.44 acres; Main building at 1330 N Meridian St offers ±60,300 USF; 1307–1329 N Illinois St includes surface parking and a flex/storage building with ±4,000 USF
