Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Office Space with Flexible Options Title is generated by Realmo AI

    4138-4150 N Keystone Ave, Indianapolis, IN

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Office spaces available for lease with great potential uses.

    Type:OFFICE
    Property size:
    42,903 SF
    Lot size:
    11.94 Acres
    Added:
    Nov 23, 2025
    Days on Market:
    193
    Last Refresh:
    May 20 at 9:20 pm

    Property Features for 4138-4150 N Keystone Ave

    General Information

    Standard status
    Active
    Size
    42,903 SF
    Lot size
    11.94 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 4138-4150 N Keystone Ave Contact us

    We can help!

    Listing Contact
    Rich Forslund
    Rich Forslund

    Listing agent Rich Forslund License #RB14046182

    Listing office Colliers

    Listing date Nov 23, 2025

    Source Moodyscre

    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 Colliers

    HighLights

    • Large leasable spaces available, offering flexibility with ± 4,615 SF and ± 28,168 SF options.
    • Abundant on‑site surface parking.
    • Easy access to I‑70 & I‑465, just 12 minutes to CBD.
    • Suitable for various uses including call centers, back‑offices, education, and general office.
    • Benefit from exterior signage potential.
    • Enjoy a nature‑focused exterior seating area with pergola.

    Overview

    Office spaces are available for lease, offering options of approximately 4,615 square feet and approximately 28,168 square feet. These spaces are suitable for various purposes, including call centers, back-office operations, education, and general office use. The property features abundant on-site surface parking and potential for exterior signage. It provides convenient access to I-70 and I-465, with a 12-minute commute to the Central Business District. Common and private entrances are available. The property includes a nature-focused exterior seating area with a pergola. Local property management is provided. The building has good ceiling height throughout. The Fall Creek Trail is adjacent to the building.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1233
    Latitude
    39.8311

    Nearby Similar for Lease

    • $19 SF/Yr
      13,315 SF

      Versatile Office Space Available

      High-quality office space for lease in Indianapolis.
      3834 S Emerson Avenue, Indianapolis, IN 46203
      View Details
    • $2,135/Mo
      17,250 SF

      Prime Indianapolis Office Suite

      2329 SF suite with excellent visibility and accessibility.
      336 Washington Pointe Drive, Indianapolis, IN 46229
      View Details
    • $4,000/Mo
      3,732 SF

      Indianapolis Restaurant/Bar Opportunity

      Restaurant/bar space with existing infrastructure and outdoor entertainment area.
      3131 Shelby Street, Indianapolis, IN 46227
      View Details
    • $1,500/Mo
      2,264 SF

      Historic Commercial Space on Main

      Unique commercial property with historic charm and modern functionality.
      2308 E Southport Road, Indianapolis, IN 46227
      View Details
    • $1,250/Mo
      800 SF

      Furnished Offices Near I-465

      Furnished offices in prime Indianapolis location, ready for occupancy.
      6302 Rucker Road, Indianapolis, IN 46220
      View Details
    • $4,000/Mo
      56,556 SF

      Highly Visible Retail Leasing Space

      Approximately 9,000 SF of flexible retail or service space with strong corridor visibility and parking access in a C-4 district.
      1107 N Arlington Avenue, Indianapolis, IN 46219
      View Details
    • $2,000/Mo
      5,467 SF

      Retail Space on Madison Avenue

      Retail space available in multi-tenant center on Madison Ave.
      7019 Madison Avenue, Indianapolis, IN 46227
      View Details
    • $6,900/Mo
      5,530 SF

      Broad Ripple Commercial Building Available

      High-visibility Indianapolis building for sale or lease in Broad Ripple.
      2131 E 54th Street, Indianapolis, IN 46220
      View Details
    • $3,500/Mo
      7,220 SF

      Versatile Indianapolis Commercial Space Available

      Multiple spaces available for lease, suitable for office, retail, and more.
      1915 Southeastern Avenue, Indianapolis, IN 46201
      View Details
    • $700/Mo
      1,300 SF

      Private Office Space For Lease

      Office space for lease in Perry Township, Indianapolis.
      8001 S Meridian Street, Indianapolis, IN 46217
      View Details
    • $2,200/Mo
      1,100 SF

      Indianapolis Retail Space For Lease

      High-visibility retail space in a busy Indianapolis plaza.
      2077 Emerson Avenue, Indianapolis, IN 46218
      View Details
    • $925/Mo
      51,420 SF

      Franklin Township Office Space Available

      Office space for lease in Franklin Township, Indianapolis.
      5128 E Stop 11 Road, Indianapolis, IN 46237
      View Details

    FAQs

    What type of property is this?
    Office units - Office spaces available for lease with great potential uses.
    Where is this office units located?
    The property is located at 4138-4150 N Keystone Ave Indianapolis, IN.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Large leasable spaces available, offering flexibility with ± 4,615 SF and ± 28,168 SF options.; Abundant on‑site surface parking.; Easy access to I‑70 & I‑465, just 12 minutes to CBD.
    (317) 507-8591 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Rich Forslund
    Rich Forslund
    Real Estate License ID: RB14046182
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4138-4150 N Keystone Ave, Indianapolis, IN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!