Flex Space with
New
For Sale
$1,200,000
4508-4510 N Keystone Ave, Indianapolis, IN 46205
Adaptable commercial property combining showroom, office, retail, and warehouse areas with drive-in access and a secured fenced area.
Property Size4,730 SF
Lot Size0.32 Acres
Price / SF$253.70
Days on Market2
Property Features for 4508-4510 N Keystone Ave
General Information
Standard status
Active
Size
4,730 SF
Lot size
0.32 Acres
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Additional Details
Asking Price
$1,200,000
Amenities
Existing Oven Hood Installed
drive-in access
secured fenced area
Building Details
Building Size
4,730 SF
Year Built
1971
Buildings
1
Listing Agency:
Premier Commercial Real Estate Services, Inc.
Listed By:
Melissa Blackwell · License #RB15000222
(317) 384-9756
Source:
Tcnworldwide
Added: Sep 22
Last Checked: Sep 22 at 1:55PM
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 Premier Commercial Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
This 4,730 SF commercial property on 0.32 acres combines showroom, office, retail, and warehouse/flex areas within a versatile configuration. Flexible floorplans support either single-tenant or multi-tenant occupancy, and the building has received recent improvements. An existing oven hood expands the potential for restaurant and food-service operations. Drive-in access and a secured fenced area add practical functionality for commercial users.
The property is located at 4508-4510 N Keystone Ave in Indianapolis, with direct frontage on Keystone Avenue. Access to Fall Creek Parkway, I-70, Downtown Indianapolis, Broad Ripple, and the Indiana State Fairgrounds is identified in the property information. Availability is listed for 10/1/2026 +/-.
The property is located at 4508-4510 N Keystone Ave in Indianapolis, with direct frontage on Keystone Avenue. Access to Fall Creek Parkway, I-70, Downtown Indianapolis, Broad Ripple, and the Indiana State Fairgrounds is identified in the property information. Availability is listed for 10/1/2026 +/-.
Key Highlights
- 4,730 SF building on 0.32 acres
- Showroom, office, retail, and warehouse/flex areas
- Existing oven hood installed for restaurant or food‑service use
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
$50,897
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
4.24%
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%
$1,017,940
$1.0M
Cap Rate 7%
$727,100
$727.1K
Cap Rate 9%
$565,522
$565.5K
Market Conditions
NOI Build-Up for 4,730 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
$79.5K $16.80/SF
− Vacancy
−$6.8K −$1.43/SF
EGI
$72.7K $15.37/SF
− OpEx
−$21.8K −$4.61/SF
NOI
$50.9K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,017,940
Cap Rate 7%
$727,100
Cap Rate 9%
$565,522
Alternative Uses
Best Use
Retail
$727.1K
$636.2K – $848.3K
NOI $50,897 @ 7.0% cap · market cap 4.24%
Second Best
Flex RnD
$664.1K
$581.1K – $774.8K
NOI $46,486 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,416 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial property combining showroom, office, retail, and warehouse areas with drive-in access and a secured fenced area.
Where is this flex space located?
The property is located at 4508-4510 N Keystone Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,730 SF building on 0.32 acres; Showroom, office, retail, and warehouse/flex areas; Existing oven hood installed for restaurant or food‑service use
