2121 Hillside Avenue, Indianapolis, IN 46218
COMMERCIAL - Indianapolis, IN
- Added:
- Jun 17, 2024
- Days on Market:
- 726
- Last Refresh:
- Jun 12 at 7:06 am
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 agent Randall Reichmann License #RB17001517 (317) 255-7285
Listing office United Real Estate Indpls E 86th St Ste 200 1425, Indianapolis, IN (317) 216-8800
Listing date Jun 17, 2024
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.
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
- Over 1,200 SF heated/cooled office space with separate bathrooms
- Completely fenced with chain link fencing; open parking
- Brownfield Site with sub‑slab depressurization system; IDEM indicated corrective action complete on July 24, 2020; landlord responsible for roof and taxes
Overview
Located at 2121 Hillside Avenue in Indianapolis (Marion County), the property is described as being close to downtown Indianapolis. Access is via the paved site at the address, and the improvements are contained within the fenced perimeter.
For buyers or investors, the asset is currently under a tenant lease for the entire property, described as a 5-year term with an additional 5-year extension option. The listing states the tenant is responsible for insurance, while the landlord is responsible for roof and taxes. The seller also describes the facility as meticulously maintained and notes that a new manufacturing company occupies the building following the prior owner’s business sale.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.127113
- Latitude
- 39.79617
