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    Neighborhood Retail Center with Net Leases Title is generated by Realmo AI

    3643-3677 W 86th St, Indianapolis, IN 46268

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    Fully occupied neighborhood center anchored by Goodyear with net-leased storefronts and recent renovations.

    Type:Retail
    Property size:
    19,676 SF
    Price / SF:
    $198/SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 1:59 am

    Property Features for 3643-3677 W 86th St

    General Information

    Standard status
    Active
    Size
    19,676 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    Sean Sharko

    Listing agent Sean Sharko License #IL 471.010712

    Listing office Marcus & Millichap SWM Group

    Listing date May 28, 2026

    Source Crexi

    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 Marcus & Millichap SWM Group

    HighLights

    • College Park Shopping Center (built 1984) is 100% occupied neighborhood retail center anchored by Goodyear.
    • 7 of 8 tenants operate under net leases; half of tenants have annual rent escalations.
    • Key tenants have long‑tenured occupancy at this location, with some operating since 1999 and 2017.
    • New leasing momentum: tenants signed between 2023 and 2025.
    • Multiple spaces have recently undergone extensive renovations.
    • Located just off I‑465 with frontage on W 86th St (35,282 VPD) and near heavy traffic (I‑465 at 115,390 VPD).

    Overview

    College Park Shopping Center is a fully occupied neighborhood retail center anchored by Goodyear and supported by a service-oriented tenant mix. The center reflects long-tenured occupancy, including key tenants operating at the property since 1999 and 2017, alongside leasing activity from tenants signed between 2023 and 2025. Seven of eight tenants operate under net leases, with half featuring annual rent escalations. Multiple spaces have recently undergone extensive renovations, supporting an updated, operational retail environment.

    The center is positioned just off Interstate 465 and offers frontage along W 86th Street. Traffic volumes cited include 115,390 VPD for Interstate 465 and 35,282 VPD along W 86th Street, creating strong day-to-day retail visibility within a heavily traveled corridor.

    For investors and owner-operators seeking a stable neighborhood retail asset, the tenant structure and renovation activity are practical considerations. Retail demand is supported by retail synergy with College Park Plaza directly across the street, and by the property’s proximity to an 800-bed hospital and a dense industrial corridor to the west. The area also includes a strong daytime population base, with 113,706 employees within three miles and an average household income of $130,792 within five miles.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $330.6k $16.80
    − Vacancy −$28.1k −$1.43
    EGI $302.5k $15.37
    − OpEx −$90.7k −$4.61
    NOI $211.7k $10.76
    19,676 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $3.02M
    $2.65M – $3.53M (±1% cap)
    NOI $211,722 @ 7.0% cap · market cap 5.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $4.90M
    $4.29M – $5.71M (±1% cap)
    NOI $342,835 @ 7.0% cap · market cap 8.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • College Park Plaza Shopping Center — 3443-3535 W 86th St, Indianapolis, IN 46268
    • BMV Connect Kiosk — 8330 n michigan rd, indianapolis, in 46268
    • Quick-Tag — Walmart Supercenter, 3221 W 86th St, Indianapolis, IN 46268
    • Bent Tree Plaza — 8317 Michigan Rd, Indianapolis, IN 46268
    • Shein — 8401 N Michigan Rd, Indianapolis, IN 46268

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.2248081
    Latitude
    39.9108537

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    FAQs

    What type of property is this?
    Shopping center - Fully occupied neighborhood center anchored by Goodyear with net-leased storefronts and recent renovations.
    Where is this shopping center located?
    The property is located at 3643-3677 W 86th St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $3,899,000.
    What are key features of this property?
    This property features: College Park Shopping Center (built 1984) is 100% occupied neighborhood retail center anchored by Goodyear.; 7 of 8 tenants operate under net leases; half of tenants have annual rent escalations.; Key tenants have long‑tenured occupancy at this location, with some operating since 1999 and 2017.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sean Sharko
    Real Estate License ID: IL 471.010712
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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