Flex Space with
4508-4510 N Keystone Ave, Indianapolis, IN 46205
For Sale
$1,200,000
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 Market49
Property Features for 4508-4510 N Keystone Ave
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Highway Access
Road Access
Fenced Yard
Additional Details
Asking Price
Amenities
Existing Oven Hood Installed
drive-in access
secured fenced area
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Premier Commercial Real Estate Services, Inc.
Listed By:
Melissa Blackwell · License #RB15000222
(317) 384-9756
Source:
Tcnworldwide
Added: Sep 22
Changed: Oct 25
Last Checked: Nov 8 at 4:08AM
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.
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$50,897
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
$278,000
Median Home Value
Market
Average Price Trend$/SF for Flex space in Indianapolis, IN
Properties on Market for Flex space in Indianapolis
Vacancy Rate% for Industrial in Indianapolis, IN
Similar Off Market Nearby
- Real Taste Catering — 3960 Meadows Dr, Indianapolis, IN 46205
- The Food Guys Catering — 1202 38th St, Indianapolis, IN 46205
- Thomas Caterers of Distinction — 4440 N Keystone Ave, Indianapolis, IN 46205
- Black Plate Catering — 2025 E 46th St, Indianapolis, IN 46205
- Sahm's Catering — 2502 E 52nd St, Indianapolis, IN 46205
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
