2772 East 146th Street, Carmel, IN 46033

Building Details

Tenancy Multi More

Listing Agency: Veritas Realty

Listed By: Jon Bannister · License #IN RB19001231 Show Phone

Source: Crexi

Added: Oct 21 Changed: Nov 8 Last Checked: Nov 8 at 2:52PM

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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 Veritas Realty

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Investment Insights

Based on property information with market context.

Cool Creek Village is a 33,219-square-foot commercial center combining retail and office space. Its tenant roster spans national, regional, and local businesses, with representation from service, restaurant, health and wellness, medical, and office uses. Average tenant tenure exceeds 11 years.

The property is at 2772 East 146th Street in Carmel, along a corridor with reported daily traffic of 38,005 vehicles. More than 160,000 residents live within five miles of the center.

Key Highlights

• 33,219‑square‑foot mixed‑use retail and office center
• East 146th Street corridor with 38,005 vehicles per day
• Average tenant tenure exceeds 11 years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$448,457

Cap Rate

4.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,969,140 $9.0M

Cap Rate 7%

$6,406,529 $6.4M

Cap Rate 9%

$4,982,856 $5.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 33,219 SF

Gross rent

$797.3K $24.00/SF

− Vacancy

−$79.7K −$2.40/SF

EGI

$717.5K $21.60/SF

− OpEx

−$269.1K −$8.10/SF

NOI

$448.5K $13.50/SF

Area

Carmel, IN

Vacancy

10.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,969,140

Cap Rate 7%

$6,406,529

Cap Rate 9%

$4,982,856

Alternative Uses

Best Use

Mixed Use

$6.41M

$5.61M – $7.47M (±1% cap)

NOI $448,457 @ 7.0% cap · market cap 4.63%

Second Best

Retail

$5.47M

$4.79M – $6.38M (±1% cap)

NOI $382,982 @ 7.0% cap · market cap 3.96%

Theoretical Best

Office A

$8.71M

$7.62M – $10.17M (±1% cap)

NOI $609,901 @ 7.0% cap · market cap 6.30%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

European Wax Center Spa & Massage Center

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Law Firm Daycare Center Garden Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

38,005 VPD

Traffic count

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

218

Businesses Nearby

253k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 32% Groceries 25% Home Improvements & Furnishings 21% Shops & Services 12%

Menards Home Improvements & Furnishings

52,964 visits/mo 0.5 miles

Total Wine & More Groceries

34,946 visits/mo 0.3 miles

Regal Cinemas Village Park 17 Leisure

22,133 visits/mo 0.5 miles

GetGo Gas Station Shops & Services

20,377 visits/mo 0.3 miles

Freddy's Frozen Custard & Steakburgers Dining

16,502 visits/mo 0.1 miles

Demographics for 46033, IN

39,002

Population

14,725

Households

2.6

Avg Household Size

42

Median Age

72%

College-Educated

98%

High-School Grad

17.4 sq mi

ZIP Area

2,241

Density / Sq Mi

$150,529

Median Household Income

$75,667

Median Earnings

$1,597

Median Rent

$458,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The property fronts East 146th Street, a corridor carrying 38,005 vehicles per day.

Where is this mixed-use property located?

The property is located at 2772 East 146th Street Carmel, IN.

What is the asking price?

The asking price for this property is $9,681,448.

What are key features of this property?

This property features: 33,219‑square‑foot mixed‑use retail and office center; East 146th Street corridor with 38,005 vehicles per day; Average tenant tenure exceeds 11 years