Indianapolis Office Building For
For Sale
$1,073,940
5222 S East St., Indianapolis, IN 46227
8,004 SF office building with customizable interiors and flexible floorplans.
Property Size7,671 SF
Days on Market293
Property Features for 5222 S East St.
General Information
Standard status
Active
Size
7,671 SF
Class
B
Property subtype
Office
Building Details
Building Size
7,671 SF
Year Built
1986
Listing Agency:
Premier Commercial Real Estate Services, Inc.
Listed By:
Will Conway
(317) 379-6334
Source:
Tcnworldwide
Added: Nov 24, 2025
Changed: Sep 10
Last Checked: Sep 13 at 5:03AM
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.
Investment Insights
Based on property information with market context.
This 8,004 square foot building located at 5222 S. East St. in Indianapolis is an office building suitable for investors. The property offers spaces ranging from 727 to 1,254 square feet. The location is just off of US 31 and in close proximity to I-465. The building features customizable interiors and flexible floor plans. The property offers long-term equity building and control over workspace. Current rents are below-market, allowing investors to capitalize on this asset and tailor it to their specific needs.
Key Highlights
- Prime location just off US 31 and close to I‑465.
- 8,004 SF building offering a prime investment opportunity.
- Below‑market rents provide immediate potential for increased revenue.
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
$94,311
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
8.78%
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%
$1,886,220
$1.9M
Cap Rate 7%
$1,347,300
$1.3M
Cap Rate 9%
$1,047,900
$1.0M
Market Conditions
NOI Build-Up for 7,671 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
$153.7K $20.04/SF
− Vacancy
−$28.0K −$3.65/SF
EGI
$125.7K $16.39/SF
− OpEx
−$31.4K −$4.10/SF
NOI
$94.3K $12.29/SF
Area
ZIP 46227
Vacancy
18.20%
Lease Rate
$20.04 /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%
$1,886,220
Cap Rate 7%
$1,347,300
Cap Rate 9%
$1,047,900
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,311 @ 7.0% cap · market cap 8.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.22M
NOI $133,435 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 46227, IN
62,126
Population
26,411
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
83%
High-School Grad
16.7 sq mi
ZIP Area
3,720
Density / Sq Mi
$50,993
Median Household Income
$35,591
Median Earnings
$994
Median Rent
$192,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - 8,004 SF office building with customizable interiors and flexible floorplans.
Where is this office building located?
The property is located at 5222 S East St. Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,073,940.
What are key features of this property?
This property features: Prime location just off US 31 and close to I‑465.; 8,004 SF building offering a prime investment opportunity.; Below‑market rents provide immediate potential for increased revenue.
