Historic Mixed-Use
For Sale
$9,000,000
233 McCrea Street, Indianapolis, IN 46225
CBD2-zoned downtown building with adaptable space in a historic urban setting.
Property Size51,300 SF
Days on Market16
Property Features for 233 McCrea Street
General Information
Standard status
Active
Size
51,300 SF
Property subtype
Other
Building Details
Building Size
51,300 SF
Listing Agency:
Coombes Real Estate
Listed By:
Robert Coombes · License #RB17000978
Source:
Commercialcafe
Added: Sep 1
Changed: Sep 8
Last Checked: Sep 15 at 5:28AM
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 Coombes Real Estate
Investment Insights
Based on property information with market context.
Built in 1924, this 51,300-square-foot mixed-use property combines historic character with a flexible commercial format. The building is positioned for a variety of potential uses and carries CBD2 zoning, supporting its role within a dense downtown environment.
The property is located at 233 McCrea Street in Indianapolis, within the city’s historic Mile Square. Dining, entertainment, sports, and business destinations surround the building, placing multiple downtown activity centers nearby.
The property is located at 233 McCrea Street in Indianapolis, within the city’s historic Mile Square. Dining, entertainment, sports, and business destinations surround the building, placing multiple downtown activity centers nearby.
Key Highlights
- 51,300‑square‑foot mixed‑use property
- Built in 1924
- CBD2 zoning
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
$623,295
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
6.93%
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%
$12,465,900
$12.5M
Cap Rate 7%
$8,904,214
$8.9M
Cap Rate 9%
$6,925,500
$6.9M
Market Conditions
NOI Build-Up for 51,300 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
$1.11M $21.60/SF
− Vacancy
−$110.8K −$2.16/SF
EGI
$997.3K $19.44/SF
− OpEx
−$374.0K −$7.29/SF
NOI
$623.3K $12.15/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$12,465,900
Cap Rate 7%
$8,904,214
Cap Rate 9%
$6,925,500
Alternative Uses
Best Use
Mixed Use
$8.90M
$7.79M – $10.39M
NOI $623,295 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.77M
$11.17M – $14.90M
NOI $893,851 @ 7.0% cap · market cap 9.93%
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
5,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 46225, IN
6,503
Population
3,056
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
1,626
Density / Sq Mi
$47,917
Median Household Income
$36,132
Median Earnings
$1,104
Median Rent
$123,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CBD2-zoned downtown building with adaptable space in a historic urban setting.
Where is this mixed-use property located?
The property is located at 233 McCrea Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 51,300‑square‑foot mixed‑use property; Built in 1924; CBD2 zoning
