Automotive Dealership
For Sale
Contact for pricing
5155 W PIKE PLAZA RD, Indianapolis, IN 46254
Automotive dealership property with a large dealership facility, secondary building, and extensive vehicle display capacity.
Property Size15,084 SF
Price / SF$132.59
Days on Market51
Property Features for 5155 W PIKE PLAZA RD
General Information
Standard status
Active
Size
15,084 SF
Property subtype
Retail, Office, Industrial
Zoning
C5
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
2005
Stories
1
Units
1
Listing Agency:
eXp Commercial
Listed By:
Michael Marlin · License #RB18001271
(855) 441-0124
Source:
Crexi
Added: Jul 17
Changed: Sep 3
Last Checked: Sep 3 at 4:10AM
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 eXp Commercial
Investment Insights
Based on property information with market context.
This automotive property offers a mix of dealership and secondary-use space on 4.23 acres. The site includes an 11,709-square-foot dealership facility along with a 3,375-square-foot secondary building, supporting flexible operational layouts. The property is currently operating as a Mitsubishi dealership, and buyers may be able to purchase the real estate separately or acquire both the franchise and real estate, subject to manufacturer approval. If the franchise does relocate, the property is also available for lease.
The property provides showroom and service infrastructure, along with extensive vehicle display capacity. With additional room for expansion and the potential for complementary commercial uses, the site can support a range of automotive and related operating requirements.
The property provides showroom and service infrastructure, along with extensive vehicle display capacity. With additional room for expansion and the potential for complementary commercial uses, the site can support a range of automotive and related operating requirements.
Key Highlights
- 4.23‑acre automotive property with a 11,709 SF dealership facility and a 3,375 SF secondary building
- Year built 2005, currently operating as a Mitsubishi dealership
- Buy the real estate only or buy both the dealership franchise and real estate (subject to manufacturer approval)
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
$75,193
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
3.76%
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%
$1,503,860
$1.5M
Cap Rate 7%
$1,074,186
$1.1M
Cap Rate 9%
$835,478
$835.5K
Market Conditions
NOI Build-Up for 15,084 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
$117.7K $7.80/SF
− Vacancy
−$10.2K −$0.68/SF
EGI
$107.4K $7.12/SF
− OpEx
−$32.2K −$2.14/SF
NOI
$75.2K $4.98/SF
Area
ZIP 46254
Vacancy
8.70%
Lease Rate
$7.80 /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%
$1,503,860
Cap Rate 7%
$1,074,186
Cap Rate 9%
$835,478
Alternative Uses
Best Use
Retail
$2.74M
$2.40M – $3.20M
NOI $192,130 @ 7.0% cap · market cap 9.61%
Second Best
Industrial
$1.07M
$939.9K – $1.25M
NOI $75,193 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,207 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46254, IN
40,162
Population
17,955
Households
2.2
Avg Household Size
33
Median Age
32%
College-Educated
89%
High-School Grad
12.6 sq mi
ZIP Area
3,187
Density / Sq Mi
$57,825
Median Household Income
$36,883
Median Earnings
$1,021
Median Rent
$175,700
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - Automotive dealership property with a large dealership facility, secondary building, and extensive vehicle display capacity.
Where is this showroom located?
The property is located at 5155 W PIKE PLAZA RD Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 4.23‑acre automotive property with a 11,709 SF dealership facility and a 3,375 SF secondary building; Year built 2005, currently operating as a Mitsubishi dealership; Buy the real estate only or buy both the dealership franchise and real estate (subject to manufacturer approval)
