Standalone Mixed-Use
For Sale
Contact for pricing
4044 North Keystone Avenue, Indianapolis, IN 46205
Commercial structure positioned at the intersection of Keystone Avenue and Millersville Road.
Property Size4,000 SF
Price / SF$156.25
Days on Market52
Property Features for 4044 North Keystone Avenue
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Retail, Office, Mixed Use
Building Details
Buildings
1
Listing Agency:
Midland Atlantic Properties
Listed By:
Will Berens · License #IN
(317) 597-1721
Source:
Crexi
Added: Jul 30
Changed: Sep 5
Last Checked: Sep 18 at 7:22AM
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 Midland Atlantic Properties
Investment Insights
Based on property information with market context.
This standalone mixed-use building contains approximately 4,000 square feet of commercial space. The property is situated at the intersection of Keystone Avenue and Millersville Road in Indianapolis, providing a clearly identified urban location for a range of mixed-use applications.
Key Highlights
- 4,000‑square‑foot standalone mixed‑use building
- Located at Keystone Avenue and Millersville Road
- 4044 North Keystone Avenue, Indianapolis, IN 46205
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
$48,600
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
7.78%
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%
$972,000
$972.0K
Cap Rate 7%
$694,286
$694.3K
Cap Rate 9%
$540,000
$540.0K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$8.6K −$2.16/SF
EGI
$77.8K $19.44/SF
− OpEx
−$29.2K −$7.29/SF
NOI
$48.6K $12.15/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$972,000
Cap Rate 7%
$694,286
Cap Rate 9%
$540,000
Alternative Uses
Best Use
Mixed Use
$694.3K
$607.5K – $810.0K
NOI $48,600 @ 7.0% cap · market cap 7.78%
Second Best
Retail
$614.9K
$538.0K – $717.4K
NOI $43,042 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$995.7K
$871.2K – $1.16M
NOI $69,696 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
72k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 67%
Shops & Services 30%
Beauty & Spa 1%
Electronics 1%
Walmart Neighborhood Market
Groceries
48,271 visits/mo
0.3 miles
Speedway
Shops & Services
21,963 visits/mo
0.5 miles
Great Clips
Beauty & Spa
1,076 visits/mo
0.5 miles
Cricket Wireless Authorized Retailer
Electronics
891 visits/mo
0.4 miles
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial structure positioned at the intersection of Keystone Avenue and Millersville Road.
Where is this mixed-use property located?
The property is located at 4044 North Keystone Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 4,000‑square‑foot standalone mixed‑use building; Located at Keystone Avenue and Millersville Road; 4044 North Keystone Avenue, Indianapolis, IN 46205
