Refrigerated Cold Storage
For Sale
Contact for pricing
4001 West Minnesota Street, Indianapolis, IN 46241
Refrigerated warehouse space includes dock access and flexible lease terms.
Property Size190,540 SF
Price / SF$141.70
Days on Market150
Property Features for 4001 West Minnesota Street
General Information
Standard status
Active
Size
190,540 SF
Total Parking Spaces
275
Property subtype
Industrial, Mixed Use
Zoning
Industrial
Occupancy
98%
Lease Type
NNN
Net Operating Income
$2,054,244
Additional Details
Cold Storage
Yes
Building Details
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Indianapolis
Listed By:
Joseph DiSalvo · License #IN RB14051407
Source:
Crexi
Added: Apr 11
Changed: Sep 4
Last Checked: Sep 7 at 7:57AM
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 - Indianapolis
Investment Insights
Based on property information with market context.
Located at 4001 W Minnesota St in Indianapolis, this refrigerated cold storage warehouse provides up to 10,000 square feet of temperature-controlled storage space. The facility includes up to six dock doors for loading and receiving operations.
The property is positioned near downtown Indianapolis and Indianapolis International Airport. Flexible lease terms are available, supporting a range of occupancy structures for users seeking cold storage capacity in the Indianapolis area.
The property is positioned near downtown Indianapolis and Indianapolis International Airport. Flexible lease terms are available, supporting a range of occupancy structures for users seeking cold storage capacity in the Indianapolis area.
Key Highlights
- Up to 10,000 Sqft of cold storage warehouse space
- Up to six dock doors
- Near downtown Indianapolis
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
$1,153,375
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
4.27%
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%
$23,067,500
$23.1M
Cap Rate 7%
$16,476,786
$16.5M
Cap Rate 9%
$12,815,278
$12.8M
Market Conditions
NOI Build-Up for 190,540 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
$1.49M $7.80/SF
− Vacancy
−$129.3K −$0.68/SF
EGI
$1.36M $7.12/SF
− OpEx
−$203.5K −$1.07/SF
NOI
$1.15M $6.05/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$23,067,500
Cap Rate 7%
$16,476,786
Cap Rate 9%
$12,815,278
Alternative Uses
Best Use
Warehouse
$16.48M
$14.42M – $19.22M
NOI $1,153,375 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$47.43M
$41.50M – $55.33M
NOI $3,319,969 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 46241, IN
33,568
Population
12,414
Households
2.7
Avg Household Size
33
Median Age
15%
College-Educated
73%
High-School Grad
23.9 sq mi
ZIP Area
1,405
Density / Sq Mi
$51,598
Median Household Income
$33,477
Median Earnings
$1,118
Median Rent
$111,500
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Refrigerated warehouse space includes dock access and flexible lease terms.
Where is this refrigerated & cold storage located?
The property is located at 4001 West Minnesota Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $27,000,000.
What are key features of this property?
This property features: Up to 10,000 Sqft of cold storage warehouse space; Up to six dock doors; Near downtown Indianapolis
