Neighborhood Retail Center with Net
For Sale
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3643-3677 W 86th St, Indianapolis, IN 46268
Fully occupied neighborhood center anchored by Goodyear with net-leased storefronts and recent renovations.
Property Size19,676 SF
Price / SF$198.16
Days on Market149
Property Features for 3643-3677 W 86th St
General Information
Standard status
Active
Size
19,676 SF
Total Parking Spaces
110
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Site & Location
Neighborhood
Augusta / New Augusta
Traffic Count
115,390 vehicles/day
Highway Access
Yes
Building Details
Year Built
1984
Buildings
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap SWM Group
Listed By:
Phoebe Klein · License #IL:475.208946
(630) 570-2261
Source:
Crexi
Added: May 28
Changed: Oct 23
Last Checked: Oct 23 at 6:51AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$211,722
Cap Rate
5.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,234,440
$4.2M
Cap Rate 7%
$3,024,600
$3.0M
Cap Rate 9%
$2,352,467
$2.4M
Market Conditions
NOI Build-Up for 19,676 SF
Gross rent
$330.6K $16.80/SF
− Vacancy
−$28.1K −$1.43/SF
EGI
$302.5K $15.37/SF
− OpEx
−$90.7K −$4.61/SF
NOI
$211.7K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,234,440
Cap Rate 7%
$3,024,600
Cap Rate 9%
$2,352,467
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 authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
115,390 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,361
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Comfort Inn & Suites North at the Pyramids
Hotels & Casinos
1,386 visits/mo
0.4 miles
Extended Stay America - Indianapolis - Northwest - College Parks
Hotels & Casinos
586 visits/mo
0.4 miles
Demographics for 46268, IN
26,353
Population
11,904
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
91%
High-School Grad
12.7 sq mi
ZIP Area
2,075
Density / Sq Mi
$63,322
Median Household Income
$41,596
Median Earnings
$1,171
Median Rent
$208,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Indianapolis, IN
Similar Off Market Nearby
- BMV Connect Kiosk — 8330 n michigan rd, indianapolis, in 46268
- Shein — 8401 N Michigan Rd, Indianapolis, IN 46268
- College Park Plaza Shopping Center — 3443-3535 W 86th St, Indianapolis, IN 46268
- Quick-Tag — Walmart Supercenter, 3221 W 86th St, Indianapolis, IN 46268
- Bent Tree Plaza — 8317 Michigan Rd, Indianapolis, IN 46268
Frequently Asked Questions
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.
