Occupied Flex
For Sale
$11,722,000
6625 Network Way, Indianapolis, IN 46278
Office, warehouse, and lab components support a flexible commercial configuration with loading access and full occupancy.
Property Size91,800 SF
Price / SF$130.97
Days on Market27
Property Features for 6625 Network Way
General Information
Standard status
Active
Size
91,800 SF
Property subtype
Office Warehouse
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Over $1.9 Million Invested Since 2022, Including a New Roof (2025), Parking Lot Improvements, Major Tenant Build-Outs, HVAC Replacements, Electrical Upgrades, and Other Capital Improvements
Flexible Office / Warehouse Configuration with Approximately 28,830 Square Feet (32 Percent) of Integrated Warehouse Space, Multiple Dock-High Doors, and Drive-in Loading, Accommodations
Diversified Tenant Base Comprised of Healthcare, Professional Services, Industrial Support, Laboratory, and Corporate Users, Reducing Tenant Concentration Risk
Landlord-Favorable Lease Structure with the Majority of Tenants Operating Under Triple-Net or Base-Year Expense Stop Leases, Resulting in Substantial Operating Expense Reimbursement
Capital Expenditure Recovery Provisions in Many Leases Allow Qualifying Capital Improvements to be Amortized and Reimbursed by Tenants, Reducing Future Ownership Costs
Strong Current Cash Flow Supported by a Fully Leased Building, Durable Lease Structure, Diversified Tenancy, and Recent Capital Investment
Building Details
Building Size
91,800 SF
Year Built
1999
Buildings
1
Tenancy
Multi
Abandoned
No
Listing Agency:
Marcus & Millichap | Indianapolis
(317) 218-5334
Listed By:
Joseph DiSalvo · License #License(s): IN: RB14051407
(317) 218-5334
Source:
Marcusmillichap
Added: Aug 4
Changed: Aug 23
Last Checked: Aug 30 at 1:00PM
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 Marcus & Millichap | Indianapolis
Investment Insights
Based on property information with market context.
Built in 1999, this 89,506-square-foot flex property combines office areas with integrated warehouse and lab space. Approximately 32% of the building is dedicated to warehouse and lab functions, with multiple dock-high and drive-in loading doors supporting varied operational requirements. The property is 100% occupied and carries a 5.37-year weighted average remaining lease term. Its tenant base includes healthcare, professional services, corporate, and industrial support users. Most leases use NNN or base-year expense stop structures, with provisions allowing certain qualifying capital expenditures to be amortized and reimbursed by tenants.
The property is located at 6625 Network Way in Indianapolis and offers immediate access to I-465, I-65, and I-865. Downtown Indianapolis is approximately 15 minutes away, while Indianapolis International Airport is approximately 20 minutes away. A new roof was installed in 2025, alongside tenant improvements, building system upgrades, and parking lot repairs completed since 2022.
The property is located at 6625 Network Way in Indianapolis and offers immediate access to I-465, I-65, and I-865. Downtown Indianapolis is approximately 15 minutes away, while Indianapolis International Airport is approximately 20 minutes away. A new roof was installed in 2025, alongside tenant improvements, building system upgrades, and parking lot repairs completed since 2022.
Key Highlights
- 89,506‑square‑foot flex property with office, warehouse, and lab components
- 100% occupied with a 5.37‑year weighted average remaining lease term
- Approximately 32% of the building consists of integrated warehouse and lab space
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
$879,645
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
7.50%
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%
$17,592,900
$17.6M
Cap Rate 7%
$12,566,357
$12.6M
Cap Rate 9%
$9,773,833
$9.8M
Market Conditions
NOI Build-Up for 89,504 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
$1.50M $16.80/SF
− Vacancy
−$150.4K −$1.68/SF
EGI
$1.35M $15.12/SF
− OpEx
−$473.7K −$5.29/SF
NOI
$879.6K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$17,592,900
Cap Rate 7%
$12,566,357
Cap Rate 9%
$9,773,833
Alternative Uses
Best Use
Office B
$16.88M
$14.77M – $19.70M
NOI $1,181,721 @ 7.0% cap · market cap 10.08%
Second Best
Flex RnD
$12.57M
$11.00M – $14.66M
NOI $879,645 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$22.28M
$19.49M – $25.99M
NOI $1,559,518 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46278, IN
8,910
Population
3,357
Households
2.7
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
13.2 sq mi
ZIP Area
675
Density / Sq Mi
$153,930
Median Household Income
$79,007
Median Earnings
$1,172
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?
Flex space - Office, warehouse, and lab components support a flexible commercial configuration with loading access and full occupancy.
Where is this flex space located?
The property is located at 6625 Network Way Indianapolis, IN.
What is the asking price?
The asking price for this property is $11,722,000.
What are key features of this property?
This property features: 89,506‑square‑foot flex property with office, warehouse, and lab components; 100% occupied with a 5.37‑year weighted average remaining lease term; Approximately 32% of the building consists of integrated warehouse and lab space
