Refinished Flex Space with Fenced
For Sale
$750,000
3910 E 21st St, Indianapolis, IN 46218
Updated flex property with renovated office areas, upgraded building systems, accessory storage, and secured outdoor space.
Property Size6,603 SF
Price / SF$113.58
Days on Market9
Property Features for 3910 E 21st St
General Information
Standard status
Active
Size
6,603 SF
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Amenities
fenced lot
detached garage
awnings
Building Details
Year Built
1947
Year Renovated
2026
Listing Agency:
Keller Williams Indy Metro NE
(317) 507-5599
Listed By:
Justin Griffith · License #RB14047020
Source:
Megandusing
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 12:23AM
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 Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
Built in 1947, this 6,603 SF flex property has undergone a comprehensive 2026 renovation. Improvements include a new roof, overhead doors, electrical system, windows, interior and exterior paint, lighting, gutters, awnings, and LVP flooring in the office areas. The building also contains 3 bathrooms, while a detached garage provides additional storage. A fenced lot adds secured exterior space for the property.
The property is within the 465 loop, with access to I-70 and downtown Indianapolis described as only minutes away. Its combination of updated building components, office improvements, accessory storage, and fenced outdoor area supports a range of flex-oriented commercial requirements.
The property is within the 465 loop, with access to I-70 and downtown Indianapolis described as only minutes away. Its combination of updated building components, office improvements, accessory storage, and fenced outdoor area supports a range of flex-oriented commercial requirements.
Key Highlights
- 6,603 SF flex property built in 1947
- 2026 improvements include roof, overhead doors, electrical, windows, lighting, and paint
- Office areas feature new LVP flooring; building includes 3 bathrooms
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
$64,894
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
8.65%
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%
$1,297,880
$1.3M
Cap Rate 7%
$927,057
$927.1K
Cap Rate 9%
$721,044
$721.0K
Market Conditions
NOI Build-Up for 6,603 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
$110.9K $16.80/SF
− Vacancy
−$11.1K −$1.68/SF
EGI
$99.8K $15.12/SF
− OpEx
−$34.9K −$5.29/SF
NOI
$64.9K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,297,880
Cap Rate 7%
$927,057
Cap Rate 9%
$721,044
Alternative Uses
Best Use
Flex RnD
$927.1K
$811.2K – $1.08M
NOI $64,894 @ 7.0% cap · market cap 8.65%
Second Best
Warehouse
$571.0K
$499.6K – $666.2K
NOI $39,969 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,051 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46218, IN
30,400
Population
15,343
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
80%
High-School Grad
9.5 sq mi
ZIP Area
3,200
Density / Sq Mi
$34,635
Median Household Income
$29,745
Median Earnings
$1,056
Median Rent
$90,200
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Updated flex property with renovated office areas, upgraded building systems, accessory storage, and secured outdoor space.
Where is this flex space located?
The property is located at 3910 E 21st St Indianapolis, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 6,603 SF flex property built in 1947; 2026 improvements include roof, overhead doors, electrical, windows, lighting, and paint; Office areas feature new LVP flooring; building includes 3 bathrooms
