Flex Showroom Retail
For Sale
Contact for pricing
3301 S E ST, Indianapolis, IN 46228
Single-story flex, showroom, and retail building with Madison Avenue and S. East Street frontage in Indianapolis.
Property Size16,979 SF
Lot Size1.24 Acres
Price / SF$64.79
Days on Market96
Property Features for 3301 S E ST
General Information
Standard status
Active
Size
16,979 SF
Lot size
1.24 Acres
Property subtype
Retail, Industrial
Zoning
C5 (and parking lot is C7)
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1953
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Harshman Property Services LLC
Listed By:
Larry Harshman · License #RB14030305
Source:
Crexi
Added: May 29
Changed: Aug 24
Last Checked: Aug 29 at 9:19AM
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 Harshman Property Services LLC
Investment Insights
Based on property information with market context.
This property is a 16,979-square-foot, one-story flex/showroom/retail building positioned on 1.24 acres. The space is configured for a commercial showroom and retail use, supporting a straightforward layout for businesses that want a street-facing presentation.
The building has frontage along Madison Avenue and S. East Street and is located in the Gateway South District of Indianapolis. An existing lease is in place with First Cash Pawn (National tenant), providing an occupied arrangement for an investor or owner-operator seeking income potential tied to the current tenancy.
For tenants and buyers, the combination of flex-style space and storefront retail usage can support a range of retail and service concepts that benefit from direct access and visible street exposure. The one-story configuration may also simplify customer access and operations compared with multi-level formats. With the property already operating under an active lease, it may be best suited for an ownership transition that accommodates the current tenant’s presence while planning for future use or continued occupancy.
The building has frontage along Madison Avenue and S. East Street and is located in the Gateway South District of Indianapolis. An existing lease is in place with First Cash Pawn (National tenant), providing an occupied arrangement for an investor or owner-operator seeking income potential tied to the current tenancy.
For tenants and buyers, the combination of flex-style space and storefront retail usage can support a range of retail and service concepts that benefit from direct access and visible street exposure. The one-story configuration may also simplify customer access and operations compared with multi-level formats. With the property already operating under an active lease, it may be best suited for an ownership transition that accommodates the current tenant’s presence while planning for future use or continued occupancy.
Key Highlights
- 16,979 SF one‑story flex/showroom/retail building
- Located on 1.24 acres with frontage along Madison Avenue and S. East Street
- Gateway South District
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
$84,640
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
7.69%
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%
$1,692,800
$1.7M
Cap Rate 7%
$1,209,143
$1.2M
Cap Rate 9%
$940,444
$940.4K
Market Conditions
NOI Build-Up for 16,979 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
$132.4K $7.80/SF
− Vacancy
−$11.5K −$0.68/SF
EGI
$120.9K $7.12/SF
− OpEx
−$36.3K −$2.14/SF
NOI
$84.6K $4.98/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /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%
$1,692,800
Cap Rate 7%
$1,209,143
Cap Rate 9%
$940,444
Alternative Uses
Best Use
Retail
$2.61M
$2.28M – $3.05M
NOI $182,701 @ 7.0% cap · market cap 16.61%
Second Best
Flex RnD
$2.38M
$2.09M – $2.78M
NOI $166,870 @ 7.0% cap · market cap 15.17%
Theoretical Best
Office A
$4.23M
$3.70M – $4.93M
NOI $295,842 @ 7.0% cap · market cap 26.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46228, IN
15,824
Population
6,242
Households
2.5
Avg Household Size
40
Median Age
48%
College-Educated
93%
High-School Grad
7.9 sq mi
ZIP Area
2,003
Density / Sq Mi
$95,574
Median Household Income
$40,571
Median Earnings
$1,234
Median Rent
$241,400
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 - Single-story flex, showroom, and retail building with Madison Avenue and S. East Street frontage in Indianapolis.
Where is this flex space located?
The property is located at 3301 S E ST Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 16,979 SF one‑story flex/showroom/retail building; Located on 1.24 acres with frontage along Madison Avenue and S. East Street; Gateway South District
