Modern Mixed-Use
For Sale
$915,000
1628 S East Street, Indianapolis, IN 46225
Built in 2021, the property combines office, coworking, retail, warehouse, and kitchen areas within a modern commercial setting.
Property Size6,300 SF
Price / SF$145.24
Days on Market229
Property Features for 1628 S East Street
General Information
Standard status
Active
Size
6,300 SF
Total Parking Spaces
3
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Drive-In Doors
1
Amenities
coworking space
kitchen
3
Building Details
Year Built
2021
Buildings
1
Building Size
6,300 SF
Listing Agency:
(317) 721-4341
Listed By:
Two Chicks Homes
Source:
Xome
Added: Jan 13
Changed: Aug 30
Last Checked: Aug 30 at 1:55AM
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 Two Chicks Homes
Investment Insights
Based on property information with market context.
Constructed in 2021, this 6,300-square-foot mixed-use property brings together office, coworking, retail, and warehouse functions. The interior includes multiple office configurations, expansive windows, contemporary finishes, a rear garage door, and a substantial finished warehouse area with a thickened slab. A second-floor kitchen features stone countertops and high-end appliances, while a glass-enclosed office adds a distinctive element near the main entrance.
The property is positioned along East Street in the Bates-Hendricks neighborhood, with restaurants, businesses, recreational facilities, Garfield Park, and Fountain Square nearby. Interstate 70 and Interstate 65 are minutes away, and Indianapolis International Airport is approximately a 15-minute drive.
Three rear parking spaces are available, with capacity for six vehicles when parked tandem. Free street parking also surrounds the building. Floor plans and a coworking and office layout concept are available for review.
The property is positioned along East Street in the Bates-Hendricks neighborhood, with restaurants, businesses, recreational facilities, Garfield Park, and Fountain Square nearby. Interstate 70 and Interstate 65 are minutes away, and Indianapolis International Airport is approximately a 15-minute drive.
Three rear parking spaces are available, with capacity for six vehicles when parked tandem. Free street parking also surrounds the building. Floor plans and a coworking and office layout concept are available for review.
Key Highlights
- 6,300 SF mixed‑use property built in 2021
- Office, coworking, retail, and finished warehouse areas
- Warehouse includes a thickened slab and rear garage door
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
$83,179
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
9.09%
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%
$1,663,580
$1.7M
Cap Rate 7%
$1,188,271
$1.2M
Cap Rate 9%
$924,211
$924.2K
Market Conditions
NOI Build-Up for 6,300 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
$136.1K $21.60/SF
− Vacancy
−$25.2K −$4.00/SF
EGI
$110.9K $17.60/SF
− OpEx
−$27.7K −$4.40/SF
NOI
$83.2K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /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%
$1,663,580
Cap Rate 7%
$1,188,271
Cap Rate 9%
$924,211
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,179 @ 7.0% cap · market cap 9.09%
Second Best
Mixed Use
$1.09M
$956.8K – $1.28M
NOI $76,545 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,771 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
653
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
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Built in 2021, the property combines office, coworking, retail, warehouse, and kitchen areas within a modern commercial setting.
Where is this mixed-use property located?
The property is located at 1628 S East Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: 6,300 SF mixed‑use property built in 2021; Office, coworking, retail, and finished warehouse areas; Warehouse includes a thickened slab and rear garage door
