Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Free-Standing Retail Building Indianapolis Title is generated by Realmo AI

    505 E Thompson Rd., Indianapolis, IN 46227

    View on Map
    Claim this Listing
    For Sale
    $2,100,000

    10,125 SF retail building in thriving Indianapolis area.

    Type:Retail
    Property size:
    10,125 SF
    Price / SF:
    $207/SF
    Added:
    May 14, 2026
    Days on Market:
    18
    Last Refresh:
    May 14 at 8:14 pm

    Property Features for 505 E Thompson Rd.

    General Information

    Standard status
    Active
    Size
    10,125 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1999

    We can help!

    Listing Contact
    Matt Ferguson
    Matt Ferguson

    Listing agent Matt Ferguson License #RB17000936

    Listing office Premier Commercial TCN Worldwide Real Estate

    Listing date May 14, 2026

    Source Tcnworldwide

    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 TCN Worldwide Real Estate

    HighLights

    • High‑visibility location in the thriving Indianapolis area.
    • Spacious 10,125 SF free‑standing building with versatile layout.
    • Zoned ZO01, ideal for a wide range of retail uses or adaptive redevelopments.
    • Former CVS stand‑alone retail building with proven retail history.
    • Modern construction (built in 1999).
    • Pylon signage and drive‑thru available.

    Overview

    This 10,125 square foot free-standing building, constructed in 1999, is located in Indianapolis. The property is zoned ZO01, making it suitable for a range of retail uses or adaptive redevelopments. The building features a spacious interior with a versatile layout, high visibility, and a prominent facade. It has a proven retail history in an established area and includes pylon signage and a drive-thru. This property is suitable for retail investors.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $222.3k $21.96
    − Vacancy −$15.1k −$1.49
    EGI $207.2k $20.47
    − OpEx −$62.2k −$6.14
    NOI $145.1k $14.33
    10,125 SF · lease $21.96/SF/yr · vacancy 6.80% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $2.07M
    $1.81M – $2.42M (±1% cap)
    NOI $145,058 @ 7.0% cap · market cap 6.91%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.52M
    $2.20M – $2.94M (±1% cap)
    NOI $176,122 @ 7.0% cap · market cap 8.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    CVS Photo (Bike/Boat/Book/etc) Store Coinhub Bitcoin ATM ... Atm Tad Itamura Pharmacy UPS Access Point ... Courier Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.172106
    Latitude
    39.692303

    Nearby Similar for Sale

    • $550,000
      4,524 SF

      Indianapolis Retail/Office Value-Add Opportunity

      4,524 SF building ideal for retail, office, or service-based users.
      5243 Rockville Road, Indianapolis, IN 46224
      View Details
    • $685,000
      1,795 SF

      Restaurant Ready Space on Keystone

      High-visibility restaurant space with drive-thru potential on Keystone Avenue.
      5527 N Keystone Avenue, Indianapolis, IN 46220
      View Details
    • $400,000
      3,392 SF

      Versatile Mixed-Use Property, Indianapolis

      Spacious property suitable for event venue, office, or redevelopment.
      2431 Central Avenue, Indianapolis, IN 46205
      View Details
    • $560,000
      5,530 SF

      Broad Ripple Commercial Building Available

      5,530 SF building in Indianapolis with flexible layout.
      2131 E 54th Street, Indianapolis, IN 46220
      View Details
    • $399,000
      2,274 SF

      Freestanding Office Building on Shadeland

      Single-story office building with C-1 zoning in Indianapolis.
      1101 N Shadeland Avenue, Indianapolis, IN 46219
      View Details
    • $1,000,000
      3,828 SF

      Indianapolis Retail Corner Location

      Remodeled two-tenant retail building in Garfield Park neighborhood.
      1121 E Troy Avenue, Indianapolis, IN 46203
      View Details
    • $450,000
      6,644 SF

      East 10th Street Redevelopment Opportunity

      Prime commercial property in thriving Brookside/East 10th Street corridor.
      2828 E 10th Street, Indianapolis, IN 46201
      View Details
    • $1,400,000
      6,232 SF

      Fountain Square Redevelopment Opportunity

      Prime investment in Indianapolis's active growth corridor near downtown.
      1628 Bates Street, Indianapolis, IN 46201
      View Details
    • $750,000
      8,637 SF

      Indianapolis Office Building For Sale

      Commercial property in a vibrant business district with versatile space.
      1300 N Pennsylvania Street, Indianapolis, IN 46202
      View Details
    • $149,000
      6,022 SF

      Value-Add Commercial Opportunity in Indianapolis

      Four-unit commercial property for renovation and repositioning near downtown.
      3427 W Michigan Street, Indianapolis, IN 46222
      View Details
    • $1,200,000
      9,000 SF

      Established Auto Shop For Sale

      Long-standing auto shop with strong reputation and versatile facilities.
      7086 Southeastern Avenue, Indianapolis, IN 46239
      View Details
    • $639,000
      7,800 SF

      High-Visibility Commercial Site on Madison

      3-acre commercial site with warehouse and development potential.
      3604 Madison Avenue, Indianapolis, IN 46227
      View Details

    FAQs

    What type of property is this?
    Storefront property - 10,125 SF retail building in thriving Indianapolis area.
    Where is this storefront property located?
    The property is located at 505 E Thompson Rd. Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: High‑visibility location in the thriving Indianapolis area.; Spacious 10,125 SF free‑standing building with versatile layout.; Zoned ZO01, ideal for a wide range of retail uses or adaptive redevelopments.
    (317) 679-4046
    We can help!
    Listing Contact
    Matt Ferguson
    Matt Ferguson
    Real Estate License ID: RB17000936
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    505 E. Thompson Rd., Indianapolis, IN 46227
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!