Freestanding Single-Tenant Animal
For Sale
Contact for pricing
Pending
3845 W 96th St, Indianapolis, IN 46268
Single-tenant animal hospital with lease term remaining and rent increases.
Property Size6,681 SF
Days on Market155
Property Features for 3845 W 96th St
General Information
Standard status
Pending
Size
6,681 SF
Property subtype
Retail, Special Purpose
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
2008
Tenancy
Single
Listing Agency:
JLL - Dallas | Cedar Springs, Texas
Listed By:
Brooke Hicks · License #RB25001925
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 26 at 4:54PM
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 JLL - Dallas | Cedar Springs, Texas
Investment Insights
Based on property information with market context.
The property at 3845 W 96th Street, Indianapolis, IN, is a freestanding single-tenant Michigan Road Animal Hospital. The tenant has approximately 2.6 years of term remaining on a NN lease structure. The lease includes annual CPI-based rent increases and two 5-year option periods. The property size is 6,681 square feet.
Key Highlights
- Freestanding single‑tenant property
- Located at 3845 W 96th Street, Indianapolis, IN
- Tenant is Michigan Road Animal Hospital
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
$71,890
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
2.81%
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%
$1,437,800
$1.4M
Cap Rate 7%
$1,027,000
$1.0M
Cap Rate 9%
$798,778
$798.8K
Market Conditions
NOI Build-Up for 6,681 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
$112.2K $16.80/SF
− Vacancy
−$9.5K −$1.43/SF
EGI
$102.7K $15.37/SF
− OpEx
−$30.8K −$4.61/SF
NOI
$71.9K $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 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%
$1,437,800
Cap Rate 7%
$1,027,000
Cap Rate 9%
$798,778
Alternative Uses
Best Use
Retail
$1.03M
$898.6K – $1.20M
NOI $71,890 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,410 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
222k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Apparel 16%
Home Improvements & Furnishings 15%
Shops & Services 12%
Kohl's
Apparel
36,328 visits/mo
0.4 miles
McDonald's
Dining
33,160 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
32,987 visits/mo
0.4 miles
Chick-fil-A
Dining
29,783 visits/mo
0.5 miles
Marathon
Shops & Services
14,162 visits/mo
0.2 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
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant animal hospital with lease term remaining and rent increases.
Where is this retail space located?
The property is located at 3845 W 96th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,560,000.
What are key features of this property?
This property features: Freestanding single‑tenant property; Located at 3845 W 96th Street, Indianapolis, IN; Tenant is Michigan Road Animal Hospital
