Commercial Land with Avenue
New
For Sale
$1,499,999
4498 N Keystone Ave, Indianapolis, IN 46205
A multi-parcel assemblage combines commercial and light industrial zoning, with most existing buildings vacant.
Property Size10,789 SF
Price / SF$139.03
Days on Market2
Property Features for 4498 N Keystone Ave
General Information
Standard status
Active
Size
10,789 SF
Listing Agency:
No Limit Real Estate, LLC
Listed By:
Charlene Gaard, Robert Gaard · License #RB17001433
(317) 445-1095
Source:
Eveloteam
Added: Oct 1
Last Checked: Oct 1 at 1:58PM
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 No Limit Real Estate, LLC
Investment Insights
Based on property information with market context.
This six-parcel commercial land offering spans approximately 1.63 acres across 4498 N Keystone Ave, 4460 N Keystone Ave, 2325 E 45th St, 2323 E 45th St, 2301 E 45th St, and 2219 E 45th St in Indianapolis. Keystone Avenue frontage and a mix of I1 Light Industrial and C3/D5 commercial zoning characterize the property. Most of the existing buildings are vacant, offering flexibility in planning for the site and its improvements.
The parcels sit beside the Nickel Plate Trail corridor. The seller is offering the properties together, though may consider separating parcels depending on the offer. Zoning, permitted uses, redevelopment potential, environmental conditions, and utility availability should be verified with the appropriate authorities.
The parcels sit beside the Nickel Plate Trail corridor. The seller is offering the properties together, though may consider separating parcels depending on the offer. Zoning, permitted uses, redevelopment potential, environmental conditions, and utility availability should be verified with the appropriate authorities.
Key Highlights
- Approximately 1.63 acres across six parcels
- Keystone Avenue frontage
- I1 Light Industrial and C3/D5 commercial zoning
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
$106,034
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
7.07%
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%
$2,120,680
$2.1M
Cap Rate 7%
$1,514,771
$1.5M
Cap Rate 9%
$1,178,156
$1.2M
Market Conditions
NOI Build-Up for 10,789 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
$181.3K $16.80/SF
− Vacancy
−$18.1K −$1.68/SF
EGI
$163.1K $15.12/SF
− OpEx
−$57.1K −$5.29/SF
NOI
$106.0K $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%
$2,120,680
Cap Rate 7%
$1,514,771
Cap Rate 9%
$1,178,156
Alternative Uses
Best Use
Flex RnD
$1.51M
$1.33M – $1.77M
NOI $106,034 @ 7.0% cap · market cap 7.07%
Second Best
Industrial
$768.3K
$672.3K – $896.4K
NOI $53,783 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$2.69M
$2.35M – $3.13M
NOI $187,988 @ 7.0% cap · market cap 12.53%
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
877
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Commercial land - A multi-parcel assemblage combines commercial and light industrial zoning, with most existing buildings vacant.
Where is this commercial land located?
The property is located at 4498 N Keystone Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Approximately 1.63 acres across six parcels; Keystone Avenue frontage; I1 Light Industrial and C3/D5 commercial zoning
