Lakefront Standalone Office
For Sale
$2,950,000
4929 E 96th Street, Indianapolis, IN 46240
SINGLE_FAMILY - Indianapolis, IN
Property Size11,780 SF
Lot Size1.34 Acres
Price / SF$250.42
Days on Market49
Property Features for 4929 E 96th Street
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial General Office
View
Lake
Elementary school
Nora Elementary School
Middle school
Eastwood Middle School
High school
North Central High School
Elementary school district
MSD Washington Township
Middle school district
MSD Washington Township
High school district
MSD Washington Township
Directions
GPS Friendly
Subdivision
4903 - Marion - Washington
Standard status
Active
APN
490216009003000800
Lot size
1.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
49-02-16-109-003.000-800 AND 49-02-16-109-006.000-800 (Outlot #1 of the River Ridge Crossing Shopping Center
Legal Description
49-02-16-109-003.000-800 AND 49-02-16-109-006.000-800 (Outlot #1 of the River Ridge Crossing Shopping Center
Utilities
Utilities
Cable Available
Heating system
Forced Air, Natural Gas, Electric (Heating)
Cooling system
Central Air
Water front features
Lake Front
Water front
1
Amenities
lakefront lot
private offices
open work areas
built-in workstations
multiple conference rooms
front lobby
full kitchen
multiple entrances
excellent connectivity
Building Details
Year built
2004
Floors in Building
1
Roof type
Flat
Listing Agency:
CENTURY 21 Scheetz · Century 21 Real Estate
(317) 844-5111
Listed By:
Mick Scheetz · License #RB14035762
(317) 844-5111
Added: Jun 25
Changed: Aug 2
Last Checked: Aug 12 at 11:06PM
MLS# 22110521
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.
Investment Insights
Based on property information with market context.
Standalone office building on a 1.342-acre lakefront lot featuring a highly functional layout for immediate occupancy. Built in 2004 and remodeled in 2022, the 11,780 SF building is configured with 28 private offices, open work areas with built-in workstations, multiple conference rooms, a front lobby, and a full kitchen. Multiple entrances support flexible client access and departmental separation.
The exterior provides abundant natural light with windows on all sides, complemented by a sprinkler and alarm system. The building has forced air heating with natural gas and electric heating options and central air cooling. Water-facing positioning is reflected in the property’s lakefront feature, and connectivity is supported with cable available. Easy access to the interstate and major throughfares supports day-to-day commuting for employees and visitors.
Zoned Commercial General Office, this standalone office is designed for a professional, branding-focused workplace with multiple internal meeting spaces and a practical mix of private and collaborative areas.
The exterior provides abundant natural light with windows on all sides, complemented by a sprinkler and alarm system. The building has forced air heating with natural gas and electric heating options and central air cooling. Water-facing positioning is reflected in the property’s lakefront feature, and connectivity is supported with cable available. Easy access to the interstate and major throughfares supports day-to-day commuting for employees and visitors.
Zoned Commercial General Office, this standalone office is designed for a professional, branding-focused workplace with multiple internal meeting spaces and a practical mix of private and collaborative areas.
Key Highlights
- 11,780 SF standalone office building
- 1.342‑acre lakefront lot
- Built in 2004; remodeled in 2022
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
$155,531
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
5.27%
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%
$3,110,620
$3.1M
Cap Rate 7%
$2,221,871
$2.2M
Cap Rate 9%
$1,728,122
$1.7M
Market Conditions
NOI Build-Up for 11,780 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
$254.4K $21.60/SF
− Vacancy
−$47.1K −$4.00/SF
EGI
$207.4K $17.60/SF
− OpEx
−$51.8K −$4.40/SF
NOI
$155.5K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$3,110,620
Cap Rate 7%
$2,221,871
Cap Rate 9%
$1,728,122
Alternative Uses
Best Use
Office B
$2.22M
$1.94M – $2.59M
NOI $155,531 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,255 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 46240, IN
20,148
Population
11,673
Households
1.7
Avg Household Size
40
Median Age
59%
College-Educated
96%
High-School Grad
9.8 sq mi
ZIP Area
2,056
Density / Sq Mi
$70,728
Median Household Income
$51,822
Median Earnings
$1,255
Median Rent
$328,600
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Move-in ready standalone office building with lake frontage, windows on all sides, and central air.
Where is this office building located?
The property is located at 4929 E 96th Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 11,780 SF standalone office building; 1.342‑acre lakefront lot; Built in 2004; remodeled in 2022
