Three-Level Office
For Sale
$524,900
2226 W Michigan St, Indianapolis, IN 46222
Main-thoroughfare office property with conference rooms, multiple private offices, kitchenette, and finished lower-level space.
Property Size3,008 SF
Price / SF$174.50
Days on Market175
Property Features for 2226 W Michigan St
General Information
Standard status
Active
Size
3,008 SF
Additional Details
Road Access
Yes
Building Details
Year Built
1939
Buildings
1
Listing Agency:
Keller Williams Indy Metro NE
Listed By:
Rochelle McDaniels · License #RB15000235
(317) 373-7973
Source:
Mcwatersrealestate
Added: Apr 24
Changed: Oct 10
Last Checked: Oct 7 at 3:51PM
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 Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This 3,008 SF office building is arranged across a main level, upper level, and finished lower level. The main floor includes a conference room, work room, kitchenette, secretary area, restroom, and five offices. The upper floor adds another conference room or corporate office, six offices, and two restrooms. The lower level provides several large finished areas for additional office or support functions.
Recent property improvements include a new roof and an Everdry-sealed lower level. The property also includes a strip of land across from the alley that was intended for additional parking spaces. Its location on a main thoroughfare places it minutes from Downtown, Eskenazi, Riley, IU hospitals, and the IU Indianapolis and Purdue Indianapolis campuses. Previous building uses included a dental office and beauty salon.
Recent property improvements include a new roof and an Everdry-sealed lower level. The property also includes a strip of land across from the alley that was intended for additional parking spaces. Its location on a main thoroughfare places it minutes from Downtown, Eskenazi, Riley, IU hospitals, and the IU Indianapolis and Purdue Indianapolis campuses. Previous building uses included a dental office and beauty salon.
Key Highlights
- 3,008 SF office building arranged across main, upper, and finished lower levels
- Main level includes five offices, conference room, work room, kitchenette, secretary area, and restroom
- Upper level provides six offices, a conference room or corporate office, and two restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,715
Cap Rate
7.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,300
$794.3K
Cap Rate 7%
$567,357
$567.4K
Cap Rate 9%
$441,278
$441.3K
Market Conditions
NOI Build-Up for 3,008 SF
Gross rent
$65.0K $21.60/SF
− Vacancy
−$12.0K −$4.00/SF
EGI
$53.0K $17.60/SF
− OpEx
−$13.2K −$4.40/SF
NOI
$39.7K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,300
Cap Rate 7%
$567,357
Cap Rate 9%
$441,278
Alternative Uses
Best Use
Office B
$567.4K
$496.4K – $661.9K
NOI $39,715 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$748.7K
$655.1K – $873.5K
NOI $52,411 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 46222, IN
37,185
Population
15,782
Households
2.4
Avg Household Size
31
Median Age
17%
College-Educated
78%
High-School Grad
11.0 sq mi
ZIP Area
3,380
Density / Sq Mi
$45,198
Median Household Income
$30,548
Median Earnings
$1,050
Median Rent
$104,300
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?
Office building - Main-thoroughfare office property with conference rooms, multiple private offices, kitchenette, and finished lower-level space.
Where is this office building located?
The property is located at 2226 W Michigan St Indianapolis, IN.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: 3,008 SF office building arranged across main, upper, and finished lower levels; Main level includes five offices, conference room, work room, kitchenette, secretary area, and restroom; Upper level provides six offices, a conference room or corporate office, and two restrooms
