Shopping Center with Road
For Sale
$1,850,000
2915 N German Church Rd, Indianapolis, IN 46229
Commercial footprint positioned near retail, dining, residential, and transportation amenities.
Property Size12,104 SF
Price / SF$152.84
Days on Market13
Property Features for 2915 N German Church Rd
General Information
Standard status
Active
Size
12,104 SF
Property subtype
Commercial
Building Details
Year Built
2005
Listing Agency:
Coldwell Banker Real Estate Group
(317) 721-2274
Listed By:
Streamlined Realty
(317) 721-2274
Source:
Streamlinedrealty
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 at 4:19PM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This 12,104-square-foot shopping center was built in 2005 and occupies a commercial site along N German Church Rd. The property offers a sizable footprint for retail-oriented operations, with visibility from the road and convenient access within the surrounding corridor.
The property is situated in Indianapolis’s established Far Eastside retail area, near retail, dining, residential, and transportation amenities. Its location provides direct exposure to an active commercial setting, while the building’s scale supports a range of retail and service-oriented configurations, subject to zoning and applicable approvals.
The property is situated in Indianapolis’s established Far Eastside retail area, near retail, dining, residential, and transportation amenities. Its location provides direct exposure to an active commercial setting, while the building’s scale supports a range of retail and service-oriented configurations, subject to zoning and applicable approvals.
Key Highlights
- 12,104‑square‑foot shopping center
- Built in 2005
- Located on N German Church Rd in Indianapolis, IN 46229
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
$130,244
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
7.04%
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%
$2,604,880
$2.6M
Cap Rate 7%
$1,860,629
$1.9M
Cap Rate 9%
$1,447,156
$1.4M
Market Conditions
NOI Build-Up for 12,104 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
$203.3K $16.80/SF
− Vacancy
−$17.3K −$1.43/SF
EGI
$186.1K $15.37/SF
− OpEx
−$55.8K −$4.61/SF
NOI
$130.2K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,604,880
Cap Rate 7%
$1,860,629
Cap Rate 9%
$1,447,156
Alternative Uses
Best Use
Retail
$1.86M
$1.63M – $2.17M
NOI $130,244 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.64M – $3.52M
NOI $210,900 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46229, IN
29,252
Population
12,046
Households
2.4
Avg Household Size
35
Median Age
26%
College-Educated
92%
High-School Grad
11.3 sq mi
ZIP Area
2,589
Density / Sq Mi
$62,982
Median Household Income
$40,407
Median Earnings
$1,020
Median Rent
$170,100
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Commercial footprint positioned near retail, dining, residential, and transportation amenities.
Where is this shopping center located?
The property is located at 2915 N German Church Rd Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 12,104‑square‑foot shopping center; Built in 2005; Located on N German Church Rd in Indianapolis, IN 46229
