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    Indianapolis Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    4498 N Keystone Avenue, Indianapolis, IN 46205

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    Claim this Listing
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    For Sale
    $1,499,999

    Mixed Use - Indianapolis, IN

    Type:Mixed Use
    Property size:
    10,789 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $139/SF
    Added:
    May 23, 2026
    Days on Market:
    1
    Last Refresh:
    May 23 at 5:06 pm

    Property Features for 4498 N Keystone Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    C3,D5, I1
    Standard status
    Active
    APN
    490718103643000801
    Size
    10,789 SF
    Lot size
    0.30 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Charlene Gaard
    Charlene Gaard

    Listing agent Charlene Gaard License #RB14033327

    Listing office No Limit Real Estate, LLC East Carmel Drive Suite F400, Carmel, IN

    Listing date May 23, 2026

    MLS# 22103933 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1.63 acre assemblage with Keystone Avenue frontage
    • I1 Light Industrial and C3/D5 commercial zoning allows for flexible redevelopment or adaptive reuse
    • Located adjacent to the Nickel Plate Trail corridor in an evolving urban infill area
    • Potential uses include flex industrial, contractor bays, industrial condos, showroom/warehouse, creative office, and live/work concepts
    • Most buildings are currently vacant, providing immediate redevelopment flexibility
    • Opportunity for long‑term redevelopment

    Overview

    This offering comprises multiple contiguous parcels situated at 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, IN. The assemblage totals approximately 1.63 acres and features frontage on Keystone Avenue. The properties benefit from a combination of I1 Light Industrial zoning and C3/D5 commercial zoning, providing flexibility for redevelopment or adaptive reuse. The properties are adjacent to the Nickel Plate Trail corridor and are located within an evolving urban infill area that is experiencing increasing redevelopment and flex-industrial demand. Potential uses include flex industrial redevelopment, contractor service bays, industrial condominiums, showroom/warehouse concepts, adaptive reuse commercial space, creative office or studio space, maker-space/artisan industrial, live/work concepts, and storage/service facilities. The properties offer long-term redevelopment opportunities. The total property size is 10789 square feet. Most buildings are currently vacant, allowing flexibility for repositioning and redevelopment planning. The seller is offering the properties as a package sale only but may consider dividing parcels for the right offer. The properties are zoned C3, D5, and I1.
    Property Profile Location Intelligence

    Current Use by Public Records

    Indy's Mobile Mechanic Auto Repair Shop Carwash On Wheels Car Wash Durbins Auto Service ... Auto Repair Shop

    Suggested Use

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

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

    Similar Places Nearby

    • Real Taste Catering — 3960 Meadows Dr, Indianapolis, IN 46205
    • Thomas Caterers of Distinction — 4440 N Keystone Ave, Indianapolis, IN 46205
    • Black Plate Catering — 2025 E 46th St, Indianapolis, IN 46205
    • The Food Guys Catering — 1202 38th St, Indianapolis, IN 46205

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.122286
    Latitude
    39.838111

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    FAQs

    What type of property is this?
    Flex space - 1.63 acre assemblage with redevelopment potential in Indianapolis, IN.
    Where is this flex space located?
    The property is located at 4498 N Keystone Avenue 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: 1.63 acre assemblage with Keystone Avenue frontage; I1 Light Industrial and C3/D5 commercial zoning allows for flexible redevelopment or adaptive reuse; Located adjacent to the Nickel Plate Trail corridor in an evolving urban infill area
    (317) 440-2149
    We can help!
    Listing Contact
    Charlene Gaard
    Charlene Gaard
    Real Estate License ID: RB14033327
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    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.

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