Manufacturing Facility with Office
2121 Hillside Avenue Indianapolis, IN 46218
For Sale
$3,900,000
COMMERCIAL - Indianapolis, IN
Property Size40,000 SF
Lot Size5.50 Acres
Price / SF$97.50
Days on Market773
Property Features for 2121 Hillside Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I3
Parking features
Open
Fencing
Chain Link
Standard status
Active
APN
490731188243000101
Lot size
5.50 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
A E I Fletchers Oak Hill L66 Thru L69 Ex Tri Tr Nwcor 174Ft Wl X 270Ft Nl
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Building Details
Year built
1973
Floors in Building
2
Roof type
Rubber
Listing Agency:
United Real Estate Indpls
(317) 216-8800
Listed By:
Randall Reichmann · License #RB17001517
(317) 255-7285
Added: Jun 17, 2024
Changed: Jun 16
Last Checked: Jul 29 at 7:06AM
MLS# 21984523
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Industrial/manufacturing property on 5.5 acres featuring a 40,000 sq ft building and more than 1,200 sq ft of heated and cooled office space with separate bathrooms. The site is fully fenced with chainlink fencing. The property is zoned I3.
The property is located at 2121 Hillside Avenue in Indianapolis and is described as being close to downtown Indianapolis. The property is currently under a manufacturing company’s 5-year lease covering the entire premises, with a 5-year extension option. Base rent is $20,833 per month with a 3% increase each year. The tenant is responsible for insurance, while the landlord is responsible for roof and taxes.
Historically, the site was used as an industrial dry-cleaning facility from the 1960s until 2003. It was classified as a “Brownfield Site” and maintains a Sub-Slab Depressurization system. On July 24, 2020, IDEM indicated all corrective action was complete; attached documents are referenced in the listing.
The property is located at 2121 Hillside Avenue in Indianapolis and is described as being close to downtown Indianapolis. The property is currently under a manufacturing company’s 5-year lease covering the entire premises, with a 5-year extension option. Base rent is $20,833 per month with a 3% increase each year. The tenant is responsible for insurance, while the landlord is responsible for roof and taxes.
Historically, the site was used as an industrial dry-cleaning facility from the 1960s until 2003. It was classified as a “Brownfield Site” and maintains a Sub-Slab Depressurization system. On July 24, 2020, IDEM indicated all corrective action was complete; attached documents are referenced in the listing.
Key Highlights
- 40,000 SF building on 5.5 acres near downtown Indianapolis
- Manufacturing tenant has a 5‑year lease on the entire property with a 5‑year extension option
- Base rent is $20,833/month with 3% annual increases; tenant responsible for insurance
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $312.0k | $7.80 |
| − Vacancy | −$27.1k | −$0.68 |
| EGI | $284.9k | $7.12 |
| − OpEx | −$85.5k | −$2.14 |
| NOI | $199.4k | $4.98 |
40,000 SF · lease $7.80/SF/yr · vacancy 8.70% · expense 30.00%
Alternative Uses
Best Use
Office B
$7.54M
$6.60M – $8.80M
NOI $528,120 @ 7.0% cap · market cap 13.54%
Second Best
Industrial
$2.85M
$2.49M – $3.32M
NOI $199,399 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$9.96M
$8.71M – $11.62M
NOI $696,960 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial building on 5.5 acres in Indianapolis with a chainlink fenced site and heated/cooled office space.
Where is this manufacturing property located?
The property is located at 2121 Hillside Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 40,000 SF building on 5.5 acres near downtown Indianapolis; Manufacturing tenant has a 5‑year lease on the entire property with a 5‑year extension option; Base rent is $20,833/month with 3% annual increases; tenant responsible for insurance
