C4 Mixed-Use
For Sale
Contact for pricing
3415 English Avenue, Indianapolis, IN 46201
Commercially zoned property with an existing building suited to occupancy, repositioning, or adaptive reuse.
Property Size32,000 SF
Lot Size3.32 Acres
Price / SF$62.50
Days on Market120
Property Features for 3415 English Avenue
General Information
Standard status
Active
Size
32,000 SF
Lot size
3.32 Acres
Property subtype
Retail, Mixed Use
Zoning
C4
Investment Type
Owner/User
Additional Details
Land Use
commercial
Building Details
Buildings
1
Building Size
32,000 SF
Listing Agency:
RP Lux Company
Listed By:
Stephen Flanagan · License #IN rb16001253
Source:
Crexi
Added: May 5
Changed: Aug 31
Last Checked: Aug 31 at 1:22AM
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 mixed-use property combines an existing 32,000-square-foot building with approximately 3.32 acres of land. The improvements provide a basis for immediate occupancy, phased repositioning, or adaptive reuse, while the site supports longer-term redevelopment planning. C4 zoning accommodates a broad range of commercial applications, including retail, medical, office, and mixed-use uses.
The property is located at 3415 English Avenue in Indianapolis, directly adjacent to the Community Justice Campus and near the Eskenazi Health expansion. It is also positioned near downtown Indianapolis, placing the site within a corridor experiencing institutional investment and public and private reinvestment. The combination of substantial building area, commercially zoned land, and proximity to major institutional facilities creates flexibility for owner-user, service-commercial, and redevelopment applications.
The property is located at 3415 English Avenue in Indianapolis, directly adjacent to the Community Justice Campus and near the Eskenazi Health expansion. It is also positioned near downtown Indianapolis, placing the site within a corridor experiencing institutional investment and public and private reinvestment. The combination of substantial building area, commercially zoned land, and proximity to major institutional facilities creates flexibility for owner-user, service-commercial, and redevelopment applications.
Key Highlights
- Approximately 3.32 acres of commercially zoned land
- Existing 32,000‑square‑foot building
- C4 zoning supports commercial, retail, medical, office, and mixed‑use applications
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
$159,519
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
7.98%
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%
$3,190,380
$3.2M
Cap Rate 7%
$2,278,843
$2.3M
Cap Rate 9%
$1,772,433
$1.8M
Market Conditions
NOI Build-Up for 32,000 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
$249.6K $7.80/SF
− Vacancy
−$21.7K −$0.68/SF
EGI
$227.9K $7.12/SF
− OpEx
−$68.4K −$2.14/SF
NOI
$159.5K $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%
$3,190,380
Cap Rate 7%
$2,278,843
Cap Rate 9%
$1,772,433
Alternative Uses
Best Use
Mixed Use
$5.55M
$4.86M – $6.48M
NOI $388,800 @ 7.0% cap · market cap 19.44%
Second Best
Flex RnD
$4.49M
$3.93M – $5.24M
NOI $314,496 @ 7.0% cap · market cap 15.72%
Theoretical Best
Office A
$7.97M
$6.97M – $9.29M
NOI $557,568 @ 7.0% cap · market cap 27.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
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?
Mixed-use property - Commercially zoned property with an existing building suited to occupancy, repositioning, or adaptive reuse.
Where is this mixed-use property located?
The property is located at 3415 English Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Approximately 3.32 acres of commercially zoned land; Existing 32,000‑square‑foot building; C4 zoning supports commercial, retail, medical, office, and mixed‑use applications
