Freestanding Office Building with Monument
15018 Greyhound, Carmel, IN 46032
For Sale
$985,000
Commercial Sale, Carmel, IN
Property Size5,403 SF
Lot Size1.00 Acre
Price / SF$182.31
Days on Market134
Property Features for 15018 Greyhound
General Information
Property type
Property subtype
Zoning
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Building Details
Year built
Listing Agency:
Keller Williams Indy Metro Partners · Keller Williams Realty
Listed By:
Jaskaran Jossan · License IN RB21000870
(317) 882-5900
Added: Jun 30
Changed: Oct 8
Last Checked: Nov 10 at 5:06PM
MLS# 22111319
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This freestanding office property contains approximately 5,403 square feet on a 1.00-acre parcel. Built in 1986, the building retains an interior arrangement from its former animal hospital use. General Business (GB) zoning applies to the site.
The property has 20 surface parking spaces and dedicated monument signage, with additional room on-site for parking expansion. Retail destinations in the surrounding area include Target, Walmart Supercenter, Lowe's, Menards, Kohl's, ALDI, Best Buy, and Clay Terrace.
The property has 20 surface parking spaces and dedicated monument signage, with additional room on-site for parking expansion. Retail destinations in the surrounding area include Target, Walmart Supercenter, Lowe's, Menards, Kohl's, ALDI, Best Buy, and Clay Terrace.
Key Highlights
- Approximately 5,403 SF building on a 1.00‑acre lot
- Former animal hospital with a veterinary‑style interior layout
- 20 existing surface parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,780
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,395,600
$1.4M
Cap Rate 7%
$996,857
$996.9K
Cap Rate 9%
$775,333
$775.3K
Market Conditions
NOI Build-Up for 5,403 SF
Gross rent
$113.5K $21.00/SF
− Vacancy
−$20.4K −$3.78/SF
EGI
$93.0K $17.22/SF
− OpEx
−$23.3K −$4.31/SF
NOI
$69.8K $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 Rate 5%
$1,395,600
Cap Rate 7%
$996,857
Cap Rate 9%
$775,333
Alternative Uses
Best Use
Office B
$996.9K
$872.3K – $1.16M
NOI $69,780 @ 7.0% cap · market cap 7.08%
Second Best
Healthcare Medical
$978.1K
$855.8K – $1.14M
NOI $68,467 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,199 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
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Business Placement
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
Median Home Value
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Market
Properties on Market for Office buildings in Hamilton County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - A veterinary-clinic interior layout and General Business zoning distinguish this service-oriented commercial property.
Where is this office building located?
The property is located at 15018 Greyhound Carmel, IN.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Approximately 5,403 SF building on a 1.00‑acre lot; Former animal hospital with a veterinary‑style interior layout; 20 existing surface parking spaces
