Office/Warehouse Flex
For Sale
$369,000
2115 E 45th St, Indianapolis, IN 46205
Functional office and warehouse areas include gas heat and municipal water and sewer service.
Property Size3,030 SF
Price / SF$121.78
Days on Market27
Property Features for 2115 E 45th St
General Information
Standard status
Active
Size
3,030 SF
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1980
Buildings
1
Building Size
3,030 SF
Listing Agency:
HSI Commercial & Residential Group, Inc
Listed By:
Samuel Henen · License #MBR42662
Source:
Megandusing
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 25 at 5:08AM
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 HSI Commercial & Residential Group, Inc
Investment Insights
Based on property information with market context.
This 3,030-square-foot flex building combines office accommodations with warehouse space in a practical commercial layout. The property was built in 1980 and offers a 16-foot clear height, one grade-level overhead door, and gas heating. City water and sewer serve the building.
The property is located at 2115 E 45th Street in Indianapolis, providing access across the city. Its configuration can support an owner-user, contractor, light manufacturing operation, storage use, or an expanding business.
The property is located at 2115 E 45th Street in Indianapolis, providing access across the city. Its configuration can support an owner-user, contractor, light manufacturing operation, storage use, or an expanding business.
Key Highlights
- 3,030SF flex building with office and warehouse areas
- 16‑foot clear ceiling height
- One grade‑level overhead 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
$29,779
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
8.07%
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%
$595,580
$595.6K
Cap Rate 7%
$425,414
$425.4K
Cap Rate 9%
$330,878
$330.9K
Market Conditions
NOI Build-Up for 3,030 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
$50.9K $16.80/SF
− Vacancy
−$5.1K −$1.68/SF
EGI
$45.8K $15.12/SF
− OpEx
−$16.0K −$5.29/SF
NOI
$29.8K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$595,580
Cap Rate 7%
$425,414
Cap Rate 9%
$330,878
Alternative Uses
Best Use
Office B
$571.5K
$500.1K – $666.8K
NOI $40,005 @ 7.0% cap · market cap 10.84%
Second Best
Flex RnD
$425.4K
$372.2K – $496.3K
NOI $29,779 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$754.2K
$659.9K – $879.9K
NOI $52,795 @ 7.0% cap · market cap 14.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
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?
Flex space - Functional office and warehouse areas include gas heat and municipal water and sewer service.
Where is this flex space located?
The property is located at 2115 E 45th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 3,030SF flex building with office and warehouse areas; 16‑foot clear ceiling height; One grade‑level overhead door
