Freestanding Two-Bay Mixed-Use
For Sale
Contact for pricing
3220 SOUTHEASTERN AVE, Indianapolis, IN 46203
C-5-zoned commercial building with paved parking, dual curb cuts, and prominent signage along Southeastern Avenue.
Property Size1,597 SF
Price / SF$266.12
Days on Market8
Property Features for 3220 SOUTHEASTERN AVE
General Information
Standard status
Active
Size
1,597 SF
Total Parking Spaces
27
Property subtype
Retail, Office, Mixed Use
Zoning
C-5
Additional Details
Road Access
Yes
Building Details
Year Built
1958
Buildings
1
Stories
1
Units
1
Listing Agency:
KW Commercial / Keller Williams Indy Metro NE
(317) 607-0884
Listed By:
Sharon Thompson · License #IN #RB14044406
Source:
Crexi
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 10 at 9:34AM
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 KW Commercial / Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This freestanding mixed-use commercial property was built in 1958 and is configured as a two-bay building. The site includes paved parking, two curb cuts, and prominent signage, supporting straightforward access and identification from Southeastern Avenue. C-5 zoning is in place, and the property is positioned along a Compact Context corridor near the Marion County Community Justice Campus. The building’s configuration and location support consideration for retail, office, automotive, gas or convenience, and service-oriented applications described for the property.
Key Highlights
- C‑5 zoning
- Freestanding two‑bay commercial building
- Two curb cuts provide site access
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
$21,085
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
4.96%
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%
$421,700
$421.7K
Cap Rate 7%
$301,214
$301.2K
Cap Rate 9%
$234,278
$234.3K
Market Conditions
NOI Build-Up for 1,597 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
$34.5K $21.60/SF
− Vacancy
−$6.4K −$4.00/SF
EGI
$28.1K $17.60/SF
− OpEx
−$7.0K −$4.40/SF
NOI
$21.1K $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%
$421,700
Cap Rate 7%
$301,214
Cap Rate 9%
$234,278
Alternative Uses
Best Use
Office B
$301.2K
$263.6K – $351.4K
NOI $21,085 @ 7.0% cap · market cap 4.96%
Second Best
Mixed Use
$277.2K
$242.6K – $323.4K
NOI $19,404 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$397.5K
$347.8K – $463.8K
NOI $27,826 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - C-5-zoned commercial building with paved parking, dual curb cuts, and prominent signage along Southeastern Avenue.
Where is this mixed-use property located?
The property is located at 3220 SOUTHEASTERN AVE Indianapolis, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: C‑5 zoning; Freestanding two‑bay commercial building; Two curb cuts provide site access
