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    505 E Thompson Rd. Indianapolis Indianapolis, IN 46227

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    For Sale
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    Spacious retail building with high visibility and drive-thru.

    Type:Retail
    Property size:
    10,125 SF
    Added:
    Sep 25, 2025
    Days on Market:
    192
    Last Refresh:
    Apr 2 at 1:00 am

    Property Features for 505 E Thompson Rd. Indianapolis

    General Information

    Standard status
    Active
    Size
    10,125 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1999

    Properties For Sale

    at 505 E Thompson Rd. Indianapolis Contact us

    We can help!

    Listing Contact
    Matt Ferguson
    Matt Ferguson

    Listing agent Matt Ferguson License #IN123455

    Listing office Premier Commercial Real Estate Services, Inc.

    Listing date Sep 25, 2025

    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 Real Estate Services, Inc.

    Overview

    Former CVS Stand-Alone Retail Building

    This stand-alone building, previously occupied by a renowned retail brand, offers a versatile and spacious interior suitable for various retail uses. The property features a prominent facade, ample parking, and high visibility, ensuring maximum business exposure. The well-designed layout and flexible floor space offer customization potential, allowing tenants to create a dynamic retail environment. The property benefits from a proven retail history in an established area. Pylon signage is available, along with a drive-thru. The property is situated on the south side of Indianapolis, IN, at the southwest corner of Thompson Rd. and East St./US31S, in a dynamic area with various amenities. It provides easy access to dining options, retail centers, and recreational attractions, including nearby Garfield Park. Multiple interstates and city thoroughfares, including I-465, I-65, I-69, and US31S, are nearby. The property size is 10125 square feet.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    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.

    Similar Places Nearby

    • Walgreens Pharmacy — 455 E Epler Ave, Indianapolis, IN 46227
    • Med Ex Inc — 5644 Suite B, S Meridian St, Indianapolis, IN 46217
    • Indy CBD Plus — 5144 Madison Ave SUITE 5, Indianapolis, IN 46227
    • Susan D. Hermann, RPH — 455 E Epler Ave, Indianapolis, IN 46227
    • Brian W. Richards, RPH — 455 E Epler Ave, Indianapolis, IN 46227

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1721
    Latitude
    39.6923

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    FAQs

    What type of property is this?
    Drug store - Spacious retail building with high visibility and drive-thru.
    Where is this drug store located?
    The property is located at 505 E Thompson Rd. Indianapolis Indianapolis, IN.
    What are key features of this property?
    This property features: Prime location on the SW corner of Thompson Rd. & East St./US31S in Indianapolis, IN, offering high visibility and accessibility.; Spacious interior with a versatile layout suitable for a wide range of retail uses and customization.; Former CVS stand‑alone building with a proven retail history in an established area.
    (317) 454-7171
    We can help!
    Listing Contact
    Matt Ferguson
    Matt Ferguson
    Real Estate License ID: IN123455
    Learn More
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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.

    More about this property
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