Building Details

Year Built 2005

Year Renovated 2021

Buildings 1

Building Size 12,695 SF

Listing Agency: F.C. Tucker Company

Listed By: Annie Scott · License #RB15000739 Show Phone

Source: Moodyscre

Added: Apr 30 Changed: Oct 1 Last Checked: Oct 7 at 1:28PM

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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 F.C. Tucker Company

Investment Insights

Based on property information with market context.

3893 W State Road 47 is a versatile flex facility totaling 12,695 square feet, built in 2005. The property was expanded and fully remodeled in 2021, with the office and building systems updated to support a modern operating environment.

Inside, the layout is designed to support both administrative and industrial needs, with 8,000 square feet of fully conditioned space. Approximately 2,000 square feet is dedicated office space, and about 4,000 square feet functions as warehouse space with 17-foot ceiling heights and three drive-in doors.

The site is directly on State Road 47 for high visibility and efficient logistics. It provides dedicated truck access, a fully fenced perimeter, and a specialized automated gate system for controlled entry and added security. The property is positioned near Interstate 65 and US Highway 31 for regional connectivity to the Indianapolis metropolitan area and beyond.

Key Highlights

• 12,695 SF flex facility built in 2005 with extensive addition and full remodel in 2021
• 8,000 SF fully conditioned space with approximately 2,000 SF office and 4,000 SF warehouse
• Warehouse features 17‑foot ceiling heights and three drive‑in doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$167,139

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,342,780 $3.3M

Cap Rate 7%

$2,387,700 $2.4M

Cap Rate 9%

$1,857,100 $1.9M

Market Conditions

NOI Build-Up for 12,695 SF

Gross rent

$246.8K $19.44/SF

− Vacancy

−$23.9K −$1.89/SF

EGI

$222.9K $17.55/SF

− OpEx

−$55.7K −$4.39/SF

NOI

$167.1K $13.17/SF

Area

Hamilton County, IN

Vacancy

9.70%

Lease Rate

$19.44 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,342,780

Cap Rate 7%

$2,387,700

Cap Rate 9%

$1,857,100

Alternative Uses

Best Use

Office B

$2.39M

$2.09M – $2.79M (±1% cap)

NOI $167,139 @ 7.0% cap · market cap 7.61%

Second Best

Warehouse

$836.0K

$731.5K – $975.3K (±1% cap)

NOI $58,518 @ 7.0% cap · market cap 2.67%

Theoretical Best

Office A

$2.93M

$2.56M – $3.41M (±1% cap)

NOI $204,823 @ 7.0% cap · market cap 9.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Dental Office HVAC Service Nail Salon Real Estate Agency Hair Salon Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

17 ft

Clear height

3

Drive-in doors

Yes

Fenced yard

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

177

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46069, IN

7,012

Population

3,054

Households

2.3

Avg Household Size

42

Median Age

26%

College-Educated

93%

High-School Grad

88.4 sq mi

ZIP Area

79

Density / Sq Mi

$70,784

Median Household Income

$46,042

Median Earnings

$861

Median Rent

$243,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• The Bountiful Board — 3901 IN-47 Suite 10, Sheridan, IN 46069
• Chef Karyn LLC — 415 S Main St, Sheridan, IN 46069

Frequently Asked Questions

What type of property is this?

Flex space - Fenced, gated flex space featuring 17-foot warehouse ceilings and three drive-in doors.

Where is this flex space located?

The property is located at 3893 W State Road 47 Sheridan, IN.

What is the asking price?

The asking price for this property is $2,195,000.

What are key features of this property?

This property features: 12,695 SF flex facility built in 2005 with extensive addition and full remodel in 2021; 8,000 SF fully conditioned space with approximately 2,000 SF office and 4,000 SF warehouse; Warehouse features 17‑foot ceiling heights and three drive‑in doors