Heavy Industrial Warehouse with Office
For Sale
$4,350,000
2334 Production Drive, Indianapolis, IN 46241
COMMERCIAL - Indianapolis, IN
Property Size49,000 SF
Lot Size3.34 Acres
Price / SF$88.78
Days on Market98
Property Features for 2334 Production Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-3
Elementary school district
MSD Wayne Township
Middle school district
MSD Wayne Township
High school district
MSD Wayne Township
Directions
GPS Friendly
Subdivision
4909 - Marion - Wayne
Standard status
Active
APN
491224102037000900
Lot size
3.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Park Fletcher Industrial & Research Center 1st Sec L59, L60 & Pt L61 Se Cor L61 P.O.B. Nwly340.21 W372.14 Sely498.17 Ne188.02Se38.5 Ne168.88 To Beg 3.343 Ac
Legal Description
Park Fletcher Industrial & Research Center 1st Sec L59, L60 & Pt L61 Se Cor L61 P.O.B. Nwly340.21 W372.14 Sely498.17 Ne188.02Se38.5 Ne168.88 To Beg 3.343 Ac
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1967
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
James Storey · License #RB17001849
(317) 882-5900
Added: May 6
Changed: Aug 4
Last Checked: Aug 11 at 6:06PM
MLS# 22100847
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.
Heavy industrial warehouse facility with a functional layout and approximately 6,000 SF of office buildout. The building includes 4 dock-high doors and 1 drive-in door, with 30' x 30' column spacing and 16'4" clear height. Heating is provided via natural gas, forced air. The site supports industrial operations with ample parking and truck circulation.
Zoned I-3 (Heavy Industrial), the property is designed to accommodate a wide range of industrial uses. It sits on 3.34 acres in the southwest industrial submarket of Indianapolis, with immediate access to I-465 and convenient connectivity to I-70, Sam Jones Expressway, and Indianapolis International Airport.
Built in 1967, this facility is positioned for owner-users and industrial tenants such as contractors, distributors, light manufacturers, and service industrial operators needing truck-friendly access and heavy industrial zoning.
Zoned I-3 (Heavy Industrial), the property is designed to accommodate a wide range of industrial uses. It sits on 3.34 acres in the southwest industrial submarket of Indianapolis, with immediate access to I-465 and convenient connectivity to I-70, Sam Jones Expressway, and Indianapolis International Airport.
Built in 1967, this facility is positioned for owner-users and industrial tenants such as contractors, distributors, light manufacturers, and service industrial operators needing truck-friendly access and heavy industrial zoning.
Key Highlights
- 4 dock‑high doors plus 1 drive‑in door
- Approximately 6,000 SF office buildout
- 16'4" clear height with 30' x 30' column spacing
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
$296,606
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
6.82%
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%
$5,932,120
$5.9M
Cap Rate 7%
$4,237,229
$4.2M
Cap Rate 9%
$3,295,622
$3.3M
Market Conditions
NOI Build-Up for 49,000 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
$382.2K $7.80/SF
− Vacancy
−$33.3K −$0.68/SF
EGI
$348.9K $7.12/SF
− OpEx
−$52.3K −$1.07/SF
NOI
$296.6K $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 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%
$5,932,120
Cap Rate 7%
$4,237,229
Cap Rate 9%
$3,295,622
Alternative Uses
Best Use
Office B
$9.24M
$8.09M – $10.78M
NOI $646,947 @ 7.0% cap · market cap 14.87%
Second Best
Warehouse
$4.24M
$3.71M – $4.94M
NOI $296,606 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$12.20M
$10.67M – $14.23M
NOI $853,776 @ 7.0% cap · market cap 19.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
4
Dock-high doors
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46241, IN
33,568
Population
12,414
Households
2.7
Avg Household Size
33
Median Age
15%
College-Educated
73%
High-School Grad
23.9 sq mi
ZIP Area
1,405
Density / Sq Mi
$51,598
Median Household Income
$33,477
Median Earnings
$1,118
Median Rent
$111,500
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility on 3.34 acres, zoned I-3, with dock-high and drive-in doors and 30' x 30' column spacing.
Where is this warehouse located?
The property is located at 2334 Production Drive Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 4 dock‑high doors plus 1 drive‑in door; Approximately 6,000 SF office buildout; 16'4" clear height with 30' x 30' column spacing
