Fenced-Lot Auto
For Sale
Contact for pricing
3216 S KEYSTONE AVE, Indianapolis, IN 46237
The property includes a fenced lot and improvements constructed in 1967.
Property Size1,400 SF
Price / SF$357.14
Days on Market8
Property Features for 3216 S KEYSTONE AVE
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Retail, Industrial
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1967
Buildings
1
Stories
1
Units
1
Listing Agency:
Keller Williams Indy Metro South
Listed By:
Josh Moss, SIOR · License #RB14039981
Source:
Crexi
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 6:37AM
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 Keller Williams Indy Metro South
Investment Insights
Based on property information with market context.
This former auto shop property includes a fenced lot and improvements constructed in 1967. The asset is located at 3216 S Keystone Ave in Indianapolis, Indiana 46237.
Key Highlights
- Former auto shop property
- Fenced lot
- Improvements constructed in 1967
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
$16,427
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
3.29%
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%
$328,540
$328.5K
Cap Rate 7%
$234,671
$234.7K
Cap Rate 9%
$182,522
$182.5K
Market Conditions
NOI Build-Up for 1,400 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
$25.7K $18.36/SF
− Vacancy
−$2.2K −$1.60/SF
EGI
$23.5K $16.76/SF
− OpEx
−$7.0K −$5.03/SF
NOI
$16.4K $11.73/SF
Area
ZIP 46237
Vacancy
8.70%
Lease Rate
$18.36 /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%
$328,540
Cap Rate 7%
$234,671
Cap Rate 9%
$182,522
Alternative Uses
Best Use
Industrial
$234.7K
$205.3K – $273.8K
NOI $16,427 @ 7.0% cap · market cap 3.29%
Second Best
Retail
$208.0K
$182.0K – $242.6K
NOI $14,558 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$329.8K
$288.6K – $384.8K
NOI $23,087 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
51k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 26%
Hotels & Casinos 4%
Beauty & Spa 2%
Speedway
Shops & Services
21,963 visits/mo
0.4 miles
Denny's
Dining
13,271 visits/mo
0.3 miles
BP
Shops & Services
7,342 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
4,637 visits/mo
0.3 miles
Comfort Inn
Hotels & Casinos
2,005 visits/mo
0.3 miles
Demographics for 46237, IN
44,378
Population
17,660
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
89%
High-School Grad
14.7 sq mi
ZIP Area
3,019
Density / Sq Mi
$76,676
Median Household Income
$47,742
Median Earnings
$1,272
Median Rent
$216,300
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - The property includes a fenced lot and improvements constructed in 1967.
Where is this auto shop located?
The property is located at 3216 S KEYSTONE AVE Indianapolis, IN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Former auto shop property; Fenced lot; Improvements constructed in 1967
