Building Details

Year Built 1900

Construction brick

Listing Agency: Sullivan Realty Group, LLC

Listed By: Joseph Sullivan · License #RB14031738 Show Phone

Source: Eveloteam

Added: Jul 20 Changed: Oct 6 Last Checked: Oct 7 at 1:25PM

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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 Sullivan Realty Group, LLC

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Investment Insights

Based on property information with market context.

This pie-shaped brick warehouse is fenced and offers direct access via East St and Caven. The building features 20-foot high ceilings, two overhead (OH) doors, one man door, and a storage mezzanine. Interior amenities include a concrete floor, 3-phase electrical service, and halogen ceiling lights. Water service is run to the building but is shut off in the street, and sewer service is connected.

I4 zoning is in place, and the property is currently being used for storage.

The perimeter fencing and fenced parking area provide controlled access and staging space for loading and onsite movement.

Key Highlights

• Pie‑shaped brick warehouse with fenced area and access off East St and Caven
• 20‑ft high ceilings with storage mezzanine
• Has 2 overhead (OH) doors plus 1 man door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,740

Cap Rate

6.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$774,800 $774.8K

Cap Rate 7%

$553,429 $553.4K

Cap Rate 9%

$430,444 $430.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,400 SF

Gross rent

$49.9K $7.80/SF

− Vacancy

−$4.3K −$0.68/SF

EGI

$45.6K $7.12/SF

− OpEx

−$6.8K −$1.07/SF

NOI

$38.7K $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 Rate 5%

$774,800

Cap Rate 7%

$553,429

Cap Rate 9%

$430,444

Alternative Uses

Best Use

Warehouse

$553.4K

$484.3K – $645.7K (±1% cap)

NOI $38,740 @ 7.0% cap · market cap 6.62%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.59M

$1.39M – $1.86M (±1% cap)

NOI $111,514 @ 7.0% cap · market cap 19.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Accounting Firm (Bike/Boat/Book/etc) Store Computer & Electronic Repair HVAC Service Locksmith Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

20 ft

Clear height

Yes

Heavy power

Yes

Fenced yard

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

395

Businesses Nearby

Under-served

Demand for This Use

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 Industrial in Indianapolis, IN

4.3% 2019

5.4% 2020

4.1% 2021

5.3% 2022

9.9% 2023

10.5% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Pie-shaped brick warehouse with 20-foot ceilings, two overhead doors, and a storage mezzanine.

Where is this warehouse located?

The property is located at 1703 Madison Ave Indianapolis, IN.

What is the asking price?

The asking price for this property is $585,000.

What are key features of this property?

This property features: Pie‑shaped brick warehouse with fenced area and access off East St and Caven; 20‑ft high ceilings with storage mezzanine; Has 2 overhead (OH) doors plus 1 man door