Building Details

Building Size 41,932 SF

Listing Agency: SVN | Northern Commercial

Listed By: Wade Wilson · License #IN #RB20000720 Show Phone

Source: Svn

Added: Nov 21, 2025 Changed: Oct 10 Last Checked: Oct 14 at 8:22PM

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Investment Insights

Based on property information with market context.

This expansive 40,000 square foot industrial warehouse is located northeast of downtown Indianapolis, offering connectivity to Highway I-70 and I-465. Situated at the corner of Bloyd Avenue and Sherbrook Avenue, the property features convenient access to major transportation routes and downtown Indianapolis. The warehouse includes one 14-foot drive-in door and a total of five loading docks, with three measuring 8'x10' and two measuring 8'x9'. The clear height ranges from 11 feet 2 inches to 15 feet 6 inches. The property is equipped with 3-phase power at 800 amps with 240/120V and is fully sprinkled for fire protection. Recent capital improvements include new LED lighting throughout the entire warehouse, new drive-in and dock doors, new hanging heaters, new windows, full interior and exterior paint, and a security system with cameras. This property presents an ideal owner-user opportunity.

Key Highlights

• Expansive 40,000 SF industrial warehouse suitable for owner‑user
• Excellent connectivity to Highway I‑70, I‑465, and downtown Indianapolis
• Recent capital improvements including new LED lighting, drive‑in/dock doors, hanging heaters, windows, and paint

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$209,030

Cap Rate

8.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,180,600 $4.2M

Cap Rate 7%

$2,986,143 $3.0M

Cap Rate 9%

$2,322,556 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 41,932 SF

Gross rent

$327.1K $7.80/SF

− Vacancy

−$28.5K −$0.68/SF

EGI

$298.6K $7.12/SF

− OpEx

−$89.6K −$2.14/SF

NOI

$209.0K $4.98/SF

Area

Indianapolis, IN

Vacancy

8.70%

Lease Rate

$7.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,180,600

Cap Rate 7%

$2,986,143

Cap Rate 9%

$2,322,556

Alternative Uses

Best Use

Warehouse

$3.63M

$3.17M – $4.23M (±1% cap)

NOI $253,822 @ 7.0% cap · market cap 10.58%

Second Best

Industrial

$2.99M

$2.61M – $3.48M (±1% cap)

NOI $209,030 @ 7.0% cap · market cap 8.71%

Theoretical Best

Office A

$10.44M

$9.13M – $12.18M (±1% cap)

NOI $730,623 @ 7.0% cap · market cap 30.44%

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

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Bakery Computer & Electronic Repair Pharmacy

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

Location Intelligence

Trade Area within ½ mile

266

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 46218, IN

30,400

Population

15,343

Households

2

Avg Household Size

36

Median Age

11%

College-Educated

80%

High-School Grad

9.5 sq mi

ZIP Area

3,200

Density / Sq Mi

$34,635

Median Household Income

$29,745

Median Earnings

$1,056

Median Rent

$90,200

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 - Spacious warehouse with recent upgrades, convenient highway access.

Where is this warehouse located?

The property is located at 2051 Sherbrook Avenue Indianapolis, IN.

What is the asking price?

The asking price for this property is $2,400,000.

What are key features of this property?

This property features: Expansive 40,000 SF industrial warehouse suitable for owner‑user; Excellent connectivity to Highway I‑70, I‑465, and downtown Indianapolis; Recent capital improvements including new LED lighting, drive‑in/dock doors, hanging heaters, windows, and paint