Remodeled Creative Office
For Sale
$2,100,000
330 N College Avenue, Indianapolis, IN 46202
Historic character, updated interiors, natural light, and on-site parking support a flexible workspace in a central urban setting.
Property Size9,131 SF
Lot Size0.24 Acres
Price / SF$226.51
Days on Market416
Property Features for 330 N College Avenue
General Information
Standard status
Active
Size
9,131 SF
Lot size
0.24 Acres
Property subtype
Office
Zoning
HP-1
Additional Details
Furnished
Yes
Highway Access
Yes
Amenities
exposed brick
abundant natural light
3
Building Details
Year Renovated
2024
Buildings
1
Building Size
9,131 SF
Construction
brick
Listing Agency:
New Quantum Realty Group
(317) 250-6088
Listed By:
Fletcher Daly · License #RB14032785
(317) 250-6088
Source:
Xome
Added: Jul 13, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:04PM
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 New Quantum Realty Group
Investment Insights
Based on property information with market context.
This creative office property combines a remodeled interior with original architectural character. The building contains 8,054 SF of advertised workspace, plus 527 SF of basement area and 550 SF of attic storage. Exposed brick, abundant natural light, on-site parking, and furniture availability add practical flexibility. Upgrades were completed in 2024, and the property occupies a 0.24-acre lot.
The building is located in the Lockerbie Historic District, approximately 0.5 miles from Mass Ave and the Bottleworks District. Access to I-65, I-70, and downtown Indianapolis supports convenient connectivity. Current zoning is HP-1. The existing configuration may also support exploration of a partial residential conversion or multiple condominium units, as described for the property.
The building is located in the Lockerbie Historic District, approximately 0.5 miles from Mass Ave and the Bottleworks District. Access to I-65, I-70, and downtown Indianapolis supports convenient connectivity. Current zoning is HP-1. The existing configuration may also support exploration of a partial residential conversion or multiple condominium units, as described for the property.
Key Highlights
- 8,054 SF creative office building with 527 SF of basement space and 550 SF of attic storage
- 2024 upgrades, including remodeled interiors with exposed brick and abundant natural light
- Situated on a 0.24‑acre lot with ample on‑site parking
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
$122,405
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
5.83%
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%
$2,448,100
$2.4M
Cap Rate 7%
$1,748,643
$1.7M
Cap Rate 9%
$1,360,056
$1.4M
Market Conditions
NOI Build-Up for 9,271 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
$200.3K $21.60/SF
− Vacancy
−$37.0K −$4.00/SF
EGI
$163.2K $17.60/SF
− OpEx
−$40.8K −$4.40/SF
NOI
$122.4K $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%
$2,448,100
Cap Rate 7%
$1,748,643
Cap Rate 9%
$1,360,056
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,405 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,538 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,761
Businesses Nearby
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Historic character, updated interiors, natural light, and on-site parking support a flexible workspace in a central urban setting.
Where is this creative space located?
The property is located at 330 N College Avenue 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: 8,054 SF creative office building with 527 SF of basement space and 550 SF of attic storage; 2024 upgrades, including remodeled interiors with exposed brick and abundant natural light; Situated on a 0.24‑acre lot with ample on‑site parking
