Flex Space with Private
For Sale
$1,150,000
2160 Fletcher Ave., Indianapolis, IN 46203
Flex space in I3 zoning with a small office and convenient interstate access in Fletcher Place.
Property Size13,824 SF
Price / SF$83.19
Days on Market49
Property Features for 2160 Fletcher Ave.
General Information
Standard status
Active
Size
13,824 SF
Property subtype
Industrial
Zoning
I3
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
500 SF
Additional Details
Highway Access
Yes
Building Details
Building Size
13,824 SF
Listing Agency:
Premier Commercial TCN Worldwide Real Estate
Listed By:
Matt Ferguson · License #RB17000936
(317) 679-4046
Source:
Tcnworldwide
Added: Jul 29
Changed: Sep 10
Last Checked: Sep 14 at 8:39AM
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 Premier Commercial TCN Worldwide Real Estate
Investment Insights
Based on property information with market context.
Flex space with up to 13,824 SF available and the ability to split into two 6,912 SF spaces. The space is designed with 13-20' clear height and includes approximately 500 SF of office space.
Located at 2160 Fletcher Ave in Indianapolis, in the Fletcher Place area, the property offers convenient access to interstates, supporting a range of light industrial and distribution-oriented uses consistent with I3 zoning.
This configuration can work well for tenants seeking flexible footprint options while maintaining on-site office space and warehouse clear height.
Located at 2160 Fletcher Ave in Indianapolis, in the Fletcher Place area, the property offers convenient access to interstates, supporting a range of light industrial and distribution-oriented uses consistent with I3 zoning.
This configuration can work well for tenants seeking flexible footprint options while maintaining on-site office space and warehouse clear height.
Key Highlights
- Up to 13,824 SF available with option to split into two 6,912 SF spaces
- 13‑20' clear height for warehouse operations
- I3 zoning
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
$68,912
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
5.99%
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%
$1,378,240
$1.4M
Cap Rate 7%
$984,457
$984.5K
Cap Rate 9%
$765,689
$765.7K
Market Conditions
NOI Build-Up for 13,824 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
$107.8K $7.80/SF
− Vacancy
−$9.4K −$0.68/SF
EGI
$98.4K $7.12/SF
− OpEx
−$29.5K −$2.14/SF
NOI
$68.9K $4.98/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /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%
$1,378,240
Cap Rate 7%
$984,457
Cap Rate 9%
$765,689
Alternative Uses
Best Use
Flex RnD
$1.94M
$1.70M – $2.26M
NOI $135,862 @ 7.0% cap · market cap 11.81%
Second Best
Industrial
$984.5K
$861.4K – $1.15M
NOI $68,912 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,869 @ 7.0% cap · market cap 20.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space in I3 zoning with a small office and convenient interstate access in Fletcher Place.
Where is this flex space located?
The property is located at 2160 Fletcher Ave. Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Up to 13,824 SF available with option to split into two 6,912 SF spaces; 13‑20' clear height for warehouse operations; I3 zoning
