Office Warehouse with Fenced
For Sale
Contact for pricing
3235 N EMERSON AVE, Indianapolis, IN 46218
Office and warehouse space includes 15-foot clear height, a drive-in overhead door, and a secured fenced yard.
Property Size14,246 SF
Lot Size2.03 Acres
Price / SF$147.41
Days on Market69
Property Features for 3235 N EMERSON AVE
General Information
Standard status
Active
Size
14,246 SF
Lot size
2.03 Acres
Property subtype
Industrial
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
1
Building Details
Year Built
1958
Stories
1
Units
1
Listing Agency:
RP Lux Company
Listed By:
Stephen Flanagan · License #IN rb16001253
Source:
Crexi
Added: Jun 30
Changed: Aug 22
Last Checked: Sep 5 at 12:30AM
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 RP Lux Company
Investment Insights
Based on property information with market context.
This office/warehouse facility combines a finished office environment with functional warehouse space designed for light industrial and equipment-focused operations. The warehouse offers 15-foot clear height (18 feet to the deck) and includes a drive-in overhead door. A secured fenced yard supports outdoor storage, and an expansive paved site provides areas for parking and equipment or fleet vehicle storage. The office portion features 8.5-foot finished ceilings (9.5 feet to the deck) and includes a new HVAC system.
The property is located on Indianapolis’ east side with quick access to I-70, I-465, and Downtown Indianapolis, supporting regional connectivity for employees, customers, and logistics.
Immediate occupancy is available, making the space suitable for an owner-user or investor seeking a flexible office/warehouse configuration with outdoor storage capabilities.
The property is located on Indianapolis’ east side with quick access to I-70, I-465, and Downtown Indianapolis, supporting regional connectivity for employees, customers, and logistics.
Immediate occupancy is available, making the space suitable for an owner-user or investor seeking a flexible office/warehouse configuration with outdoor storage capabilities.
Key Highlights
- Office/warehouse facility built in 1958 with 14,246 SF on approx. 2.03 acres
- Warehouse offers 15‑foot clear height (18 feet to the deck) plus a drive‑in overhead door
- Secured fenced yard with outdoor storage capability for equipment and material staging
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
$140,010
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
6.67%
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%
$2,800,200
$2.8M
Cap Rate 7%
$2,000,143
$2.0M
Cap Rate 9%
$1,555,667
$1.6M
Market Conditions
NOI Build-Up for 14,246 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
$239.3K $16.80/SF
− Vacancy
−$23.9K −$1.68/SF
EGI
$215.4K $15.12/SF
− OpEx
−$75.4K −$5.29/SF
NOI
$140.0K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,800,200
Cap Rate 7%
$2,000,143
Cap Rate 9%
$1,555,667
Alternative Uses
Best Use
Flex RnD
$2.00M
$1.75M – $2.33M
NOI $140,010 @ 7.0% cap · market cap 6.67%
Second Best
Warehouse
$1.23M
$1.08M – $1.44M
NOI $86,234 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$3.55M
$3.10M – $4.14M
NOI $248,222 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46218, IN
30,400
Population
15,343
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
80%
High-School Grad
9.5 sq mi
ZIP Area
3,200
Density / Sq Mi
$34,635
Median Household Income
$29,745
Median Earnings
$1,056
Median Rent
$90,200
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse space includes 15-foot clear height, a drive-in overhead door, and a secured fenced yard.
Where is this flex space located?
The property is located at 3235 N EMERSON AVE Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Office/warehouse facility built in 1958 with 14,246 SF on approx. 2.03 acres; Warehouse offers 15‑foot clear height (18 feet to the deck) plus a drive‑in overhead door; Secured fenced yard with outdoor storage capability for equipment and material staging
