Neighborhood Retail Center with Net
3643-3677 W 86th St Indianapolis, IN 46268
3643-3677 W 86th St, Indianapolis, IN, 46268
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For Sale
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Fully occupied neighborhood center anchored by Goodyear with net-leased storefronts and recent renovations.
Property Size19,676 SF
Price / SF$198.16
Days on Market55
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
Listing agency
Marcus & Millichap SWM Group
(630) 570-2261
Listed by
Sean Sharko · License #IL 471.010712
Source
Crexi
Added: May 28 Updated: Jul 10 at 1:49PM Checked: Jul 21 at 9:54AM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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.
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
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
NOI $342,835 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
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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.
