Historic Office Building with Fitness
241 N Pennsylvania St Indianapolis, IN 46204
For Sale
Contact for pricing
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 Market544
Property Features for 241 N Pennsylvania St
General Information
Standard status
Active
Size
31,187 SF
Property subtype
OFFICE
Listing Agency:
Colliers
(317) 410-5962
Listed By:
Aaron Snoddy
(317) 410-5962
Source:
Moodyscre
Added: Feb 1, 2025
Changed: Jul 28
Last Checked: Jul 29 at 12:11PM
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $673.6k | $21.60 |
| − Vacancy | −$124.6k | −$4.00 |
| EGI | $549.0k | $17.60 |
| − OpEx | −$137.3k | −$4.40 |
| NOI | $411.8k | $13.20 |
31,187 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%
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
Location Intelligence
Current Use
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
