Mixed-Use Building with
For Sale
$325,000
2121 Madison Avenue, Indianapolis, IN 46225
Commercial Sale, Indianapolis, IN
Property Size4,380 SF
Lot Size0.36 Acres
Price / SF$74.20
Days on Market121
Property Features for 2121 Madison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Parking features
Guest, Garage, Open, Alley, Tandem
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Subdivision
4910 - Marion - Center
Standard status
Active
APN
491113148003000101
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Schroluckes Madison Ave Add L6
Tax Annual Amount
2540
Legal Description
Schroluckes Madison Ave Add L6
Building Details
Year built
1944
Floors in Building
2
Listing Agency:
Mark Dietel Realty, LLC
(317) 886-8440
Listed By:
Connor Jones · License #RB22001638
(317) 441-7887
Added: Jun 16
Changed: Oct 13
Last Checked: Oct 14 at 9:06PM
MLS# 22107440
Copyright © 2026 Broker Listing Cooperative®. 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.
This C-3-zoned property comprises four contiguous, separately platted parcels totaling 0.36 acres. The two-story building combines a ground-floor office with a rear warehouse and drive-in door measuring 10 feet wide by 9 feet high. Upstairs, a renovated two-bedroom, one-bath apartment adds residential space. Heating is provided by a boiler and radiators; the front office and residential sections have newer roofing, while the rear warehouse has an older flat roof.
Three parcels are vacant. The property is in Indianapolis’s near-south corridor, with interstate access and proximity to downtown, Fountain Square, and Bates-Hendricks.
Three parcels are vacant. The property is in Indianapolis’s near-south corridor, with interstate access and proximity to downtown, Fountain Square, and Bates-Hendricks.
Key Highlights
- Four contiguous, separately platted parcels totaling 0.36 acres
- Three of the four parcels are vacant
- Two‑story building combines a ground‑floor office, rear warehouse, and upstairs two‑bedroom, one‑bath apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,513
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,260
$530.3K
Cap Rate 7%
$378,757
$378.8K
Cap Rate 9%
$294,589
$294.6K
Market Conditions
NOI Build-Up for 4,380 SF
Gross rent
$34.2K $7.80/SF
− Vacancy
−$3.0K −$0.68/SF
EGI
$31.2K $7.12/SF
− OpEx
−$4.7K −$1.07/SF
NOI
$26.5K $6.05/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,260
Cap Rate 7%
$378,757
Cap Rate 9%
$294,589
Alternative Uses
Best Use
Office B
$826.1K
$722.9K – $963.8K
NOI $57,829 @ 7.0% cap · market cap 17.79%
Second Best
Mixed Use
$760.2K
$665.2K – $887.0K
NOI $53,217 @ 7.0% cap · market cap 16.37%
Theoretical Best
Office A
$1.09M
$954.0K – $1.27M
NOI $76,317 @ 7.0% cap · market cap 23.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Explore this area
Business Placement
Demographics for 46225, IN
6,503
Population
3,056
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
1,626
Density / Sq Mi
$47,917
Median Household Income
$36,132
Median Earnings
$1,104
Median Rent
$123,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, warehouse, and residential space sit across four contiguous parcels, with three lots currently vacant.
Where is this mixed-use property located?
The property is located at 2121 Madison Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four contiguous, separately platted parcels totaling 0.36 acres; Three of the four parcels are vacant; Two‑story building combines a ground‑floor office, rear warehouse, and upstairs two‑bedroom, one‑bath apartment
