Industrial Flex Property with Rear
For Sale
$795,000
1122 Deloss St, Indianapolis, IN 46203
Interconnected buildings combine office, warehouse, and shop areas with on-site parking.
Property Size9,225 SF
Lot Size0.83 Acres
Price / SF$86.18
Days on Market60
Property Features for 1122 Deloss St
General Information
Standard status
Active
Size
9,225 SF
Lot size
0.83 Acres
Property subtype
Industrial
Additional Details
Highway Access
Yes
Building Details
Building Size
9,225 SF
Year Built
1920
Listing Agency:
SVN | Northern Commercial
Listed By:
Nick O'Patterson · License #IN #RB25000914
(317) 586-0541
Source:
Svn
Added: Aug 2
Changed: Sep 26
Last Checked: Sep 29 at 7:16AM
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 SVN | Northern Commercial
Investment Insights
Based on property information with market context.
This 9,225-square-foot flex property consists of multiple interconnected buildings arranged for office, warehouse, and shop functions. The improvements sit on approximately 0.83 acres and include on-site parking along with a sizable rear yard area. Built in 1920, the property provides a combination of existing industrial space and land within an urban setting.
The site is positioned just south of downtown Indianapolis, with access to I-65 and I-70 described as minutes away. Fountain Square is within easy walking distance, placing the property near an established urban district while retaining its industrial and flex configuration.
The site is positioned just south of downtown Indianapolis, with access to I-65 and I-70 described as minutes away. Fountain Square is within easy walking distance, placing the property near an established urban district while retaining its industrial and flex configuration.
Key Highlights
- 9,225 SF industrial/flex building on approximately 0.83 acres
- Multiple interconnected buildings with office, warehouse, and shop areas
- On‑site parking and a large rear yard area
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
$55,841
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
7.02%
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%
$1,116,820
$1.1M
Cap Rate 7%
$797,729
$797.7K
Cap Rate 9%
$620,456
$620.5K
Market Conditions
NOI Build-Up for 9,225 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
$72.0K $7.80/SF
− Vacancy
−$6.3K −$0.68/SF
EGI
$65.7K $7.12/SF
− OpEx
−$9.9K −$1.07/SF
NOI
$55.8K $6.05/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$1,116,820
Cap Rate 7%
$797,729
Cap Rate 9%
$620,456
Alternative Uses
Best Use
Flex RnD
$1.30M
$1.13M – $1.51M
NOI $90,663 @ 7.0% cap · market cap 11.40%
Second Best
Warehouse
$797.7K
$698.0K – $930.7K
NOI $55,841 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,736 @ 7.0% cap · market cap 20.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,400
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Flex space - Interconnected buildings combine office, warehouse, and shop areas with on-site parking.
Where is this flex space located?
The property is located at 1122 Deloss St Indianapolis, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 9,225 SF industrial/flex building on approximately 0.83 acres; Multiple interconnected buildings with office, warehouse, and shop areas; On‑site parking and a large rear yard area
