New Construction
For Sale
$475,000
210 N State Ave, Indianapolis, IN 46201
Modern interior finishes include granite surfaces, stainless steel appliances, and tiled bathroom surrounds.
Property Size4,095 SF
Price / SF$115
Days on Market9
Property Features for 210 N State Ave
General Information
Standard status
Active
Size
4,095 SF
Property subtype
Multi-Family
Building Details
Year Built
2026
Listing Agency:
Ask Pat About Real Estate
(317) 696-9087
Listed By:
Crossroads Real Estate Group
(317) 696-9087
Source:
Crossroadsrealestategroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 26 at 12:35PM
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 Ask Pat About Real Estate
Investment Insights
Based on property information with market context.
This duplex is identified as brand-new construction completed in 2026. Interior improvements include granite countertops, stainless steel appliances, tiled bathroom surrounds, and granite vanity tops. The property is located at 210 N State Ave in Indianapolis, Indiana, and is broker owned.
Key Highlights
- New construction completed in 2026
- Granite countertops and vanity tops
- Stainless steel appliances included
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
$43,219
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
9.10%
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%
$864,380
$864.4K
Cap Rate 7%
$617,414
$617.4K
Cap Rate 9%
$480,211
$480.2K
Market Conditions
NOI Build-Up for 4,095 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
$66.3K $16.20/SF
− Vacancy
−$4.6K −$1.12/SF
EGI
$61.7K $15.08/SF
− OpEx
−$18.5K −$4.52/SF
NOI
$43.2K $10.55/SF
Area
Indianapolis, IN
Vacancy
6.93%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$864,380
Cap Rate 7%
$617,414
Cap Rate 9%
$480,211
Alternative Uses
Best Use
Multifamily LT 5
$617.4K
$540.2K – $720.3K
NOI $43,219 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$536.9K
$469.8K – $626.4K
NOI $37,581 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$1.02M
$891.9K – $1.19M
NOI $71,351 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
788
Businesses Nearby
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Modern interior finishes include granite surfaces, stainless steel appliances, and tiled bathroom surrounds.
Where is this duplex located?
The property is located at 210 N State Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: New construction completed in 2026; Granite countertops and vanity tops; Stainless steel appliances included
