Modern Office Building Near Hamilton Town
For Sale
Contact for pricing
15481 Union Chapel Road Suite 100, Noblesville, IN 46060
2019 office property with retail functionality, strong road exposure, and proximity to SR 37 and Hamilton Town Center.
Property Size10,097 SF
Price / SF$396.16
Days on Market61
Property Features for 15481 Union Chapel Road Suite 100
General Information
Standard status
Active
Size
10,097 SF
Class
A
Total Parking Spaces
39
Property subtype
Office, Retail
Zoning
CCPD, Meredith Meadows PD
Occupancy
100%
Net Operating Income
$280,440
Financials
Cap Rate
7%
Gross Income
$435,940
Additional Details
Road Access
Yes
Building Details
Year Built
2019
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Revel & Underwood
Listed By:
Tyler Underwood · License #RB 14041038
Source:
Crexi
Added: Jul 2
Changed: Aug 30
Last Checked: Aug 30 at 7:55PM
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 Revel & Underwood
Investment Insights
Based on property information with market context.
Built in 2019, this 10,097-square-foot office building includes retail functionality and is positioned for commercial use in Noblesville. The property is identified under CCPD and Meredith Meadows PD zoning, providing the applicable land-use framework for the site.
The building is located at 15481 Union Chapel Road, Suite 100, with exposure from Greenfield Avenue and Union Chapel Road. Its setting is near SR 37 and Hamilton Town Center, placing the property within an established commercial area. The asset is offered for sale and combines office-oriented improvements with a retail component.
The building is located at 15481 Union Chapel Road, Suite 100, with exposure from Greenfield Avenue and Union Chapel Road. Its setting is near SR 37 and Hamilton Town Center, placing the property within an established commercial area. The asset is offered for sale and combines office-oriented improvements with a retail component.
Key Highlights
- 10,097‑square‑foot office building completed in 2019
- Office property with retail functionality
- Located at 15481 Union Chapel Road, Suite 100, Noblesville, IN 46060
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
$132,934
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
3.32%
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%
$2,658,680
$2.7M
Cap Rate 7%
$1,899,057
$1.9M
Cap Rate 9%
$1,477,044
$1.5M
Market Conditions
NOI Build-Up for 10,097 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
$196.3K $19.44/SF
− Vacancy
−$19.0K −$1.89/SF
EGI
$177.2K $17.55/SF
− OpEx
−$44.3K −$4.39/SF
NOI
$132.9K $13.17/SF
Area
Hamilton County, IN
Vacancy
9.70%
Lease Rate
$19.44 /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%
$2,658,680
Cap Rate 7%
$1,899,057
Cap Rate 9%
$1,477,044
Alternative Uses
Best Use
Office B
$1.90M
$1.66M – $2.22M
NOI $132,934 @ 7.0% cap · market cap 3.32%
Second Best
Retail
$546.8K
$478.5K – $637.9K
NOI $38,276 @ 7.0% cap · market cap 0.96%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,906 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 46060, IN
45,073
Population
18,887
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
80.6 sq mi
ZIP Area
559
Density / Sq Mi
$91,141
Median Household Income
$50,557
Median Earnings
$1,215
Median Rent
$292,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 2019 office property with retail functionality, strong road exposure, and proximity to SR 37 and Hamilton Town Center.
Where is this office building located?
The property is located at 15481 Union Chapel Road Suite 100 Noblesville, IN.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 10,097‑square‑foot office building completed in 2019; Office property with retail functionality; Located at 15481 Union Chapel Road, Suite 100, Noblesville, IN 46060
