Class A Office Units with Drive-In
For Sale
$2,500,000
4611 Lisborn Dr, Carmel, IN 46033
New Class A office units with at-your-door parking and a custom 14’ drive-in door.
Property Size9,500 SF
Price / SF$263.16
Days on Market48
Property Features for 4611 Lisborn Dr
General Information
Standard status
Active
Size
9,500 SF
Class
Class A
Property subtype
8/31/2026
Amenities
building signage
drive-in door
Building Details
Building Size
9,500 SF
Listed By:
Bennett Williams
(317) 639-0442
Source:
Cushmanwakefield
Added: Jul 29
Changed: Sep 11
Last Checked: Sep 13 at 5:02AM
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 Bennett Williams
Investment Insights
Based on property information with market context.
New, Class A office units offering 9,500 total square feet at 4611 Lisborn Dr, Carmel, IN 46033. Suites provide up to 2,200 to 6,600 square feet for lease, and Suite 100 includes a 700-square-foot mezzanine on the second floor.
The building is designed for convenient tenant access, featuring a custom 14’ drive-in door and at-your-door parking. Building signage is also available.
The property sits in immediate proximity to Bridgewater Country Club, supporting easy local wayfinding for employees and visitors.
The building is designed for convenient tenant access, featuring a custom 14’ drive-in door and at-your-door parking. Building signage is also available.
The property sits in immediate proximity to Bridgewater Country Club, supporting easy local wayfinding for employees and visitors.
Key Highlights
- New, Class A construction with 9,500 total square feet
- 2,200–6,600 square feet available for lease
- Suite 100 includes a 700‑square‑foot second‑floor mezzanine
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
$122,693
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
4.91%
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%
$2,453,860
$2.5M
Cap Rate 7%
$1,752,757
$1.8M
Cap Rate 9%
$1,363,256
$1.4M
Market Conditions
NOI Build-Up for 9,500 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
$199.5K $21.00/SF
− Vacancy
−$35.9K −$3.78/SF
EGI
$163.6K $17.22/SF
− OpEx
−$40.9K −$4.31/SF
NOI
$122.7K $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%
$2,453,860
Cap Rate 7%
$1,752,757
Cap Rate 9%
$1,363,256
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,693 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,420 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
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Business Placement
Demographics for 46033, IN
39,002
Population
14,725
Households
2.6
Avg Household Size
42
Median Age
72%
College-Educated
98%
High-School Grad
17.4 sq mi
ZIP Area
2,241
Density / Sq Mi
$150,529
Median Household Income
$75,667
Median Earnings
$1,597
Median Rent
$458,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - New Class A office units with at-your-door parking and a custom 14’ drive-in door.
Where is this office units located?
The property is located at 4611 Lisborn Dr Carmel, IN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: New, Class A construction with 9,500 total square feet; 2,200–6,600 square feet available for lease; Suite 100 includes a 700‑square‑foot second‑floor mezzanine
