Historic Office Building with Fitness
For Sale
Contact for pricing
241 N Pennsylvania St, Indianapolis, IN 46204
Historic, early-century office building with four floors, a renovated interior, and LEED Gold certification.
Property Size31,187 SF
Price / SF$158.72
Days on Market635
Property Features for 241 N Pennsylvania St
General Information
Standard status
Active
Size
31,187 SF
Total Parking Spaces
13
Property subtype
OFFICE
Site & Location
Neighborhood
Downtown
Amenities
LEED GOLD Certified
fitness center
showers
locker room
highly-visible building signage potential
Building Details
Year Built
1902
Year Renovated
2011
Stories
4
Listing Agency:
Colliers
(317) 713-2100
Listed By:
Aaron Snoddy
(317) 410-5962
Source:
Moodyscre
Added: Feb 1, 2025
Changed: Oct 25
Last Checked: Oct 28 at 8:50AM
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 Colliers
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Investment Insights
Based on property information with market context.
This historic, early-century style office building offers 24,071 square feet across four floors plus a lower level. Built in 1902 and renovated in 2011, the property is LEED Gold Certified. The building also includes an on-site fitness center with showers and a locker room.
On-site parking is available through a sub-surface arrangement with 13 spaces. The building also offers highly visible signage potential.
For buyers seeking an office asset with a preserved historic exterior and modern updates, the configuration provides multiple levels suitable for office tenant requirements, supported by on-site amenity space and parking.
On-site parking is available through a sub-surface arrangement with 13 spaces. The building also offers highly visible signage potential.
For buyers seeking an office asset with a preserved historic exterior and modern updates, the configuration provides multiple levels suitable for office tenant requirements, supported by on-site amenity space and parking.
Key Highlights
- 24,071 SF historic early‑century office building with 4 floors and a lower level
- Built in 1902 and renovated in 2011
- LEED Gold Certified building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$411,762
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,235,240
$8.2M
Cap Rate 7%
$5,882,314
$5.9M
Cap Rate 9%
$4,575,133
$4.6M
Market Conditions
NOI Build-Up for 31,187 SF
Gross rent
$673.6K $21.60/SF
− Vacancy
−$124.6K −$4.00/SF
EGI
$549.0K $17.60/SF
− OpEx
−$137.3K −$4.40/SF
NOI
$411.8K $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%
$8,235,240
Cap Rate 7%
$5,882,314
Cap Rate 9%
$4,575,133
Alternative Uses
Best Use
Office B
$5.88M
$5.15M – $6.86M
NOI $411,762 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.76M
$6.79M – $9.06M
NOI $543,402 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,189
Businesses Nearby
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Business Placement
Demographics for 46204, IN
9,086
Population
6,582
Households
1.4
Avg Household Size
31
Median Age
61%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
8,260
Density / Sq Mi
$88,081
Median Household Income
$69,226
Median Earnings
$1,686
Median Rent
$350,400
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
Frequently Asked Questions
What type of property is this?
Office building - Historic, early-century office building with four floors, a renovated interior, and LEED Gold certification.
Where is this office building located?
The property is located at 241 N Pennsylvania St Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 24,071 SF historic early‑century office building with 4 floors and a lower level; Built in 1902 and renovated in 2011; LEED Gold Certified building
