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 Market589
Property Features for 241 N Pennsylvania St
General Information
Standard status
Active
Size
31,187 SF
Total Parking Spaces
13
Property subtype
OFFICE
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: Sep 2
Last Checked: Sep 13 at 7:24AM
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
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 = 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
$411,762
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
8.32%
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%
$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
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
$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 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%
$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.
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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Market
Vacancy Rate% for Office in Indianapolis, IN
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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
