Industrial Flex Building with Drive-In
For Sale
Contact for pricing
5251 W 81st St, Indianapolis, IN 46268
Former secure record storage facility offering office space and warehouse potential with two 12-by-12 drive-in doors.
Property Size20,530 SF
Lot Size1.29 Acres
Price / SF$120.02
Days on Market56
Property Features for 5251 W 81st St
General Information
Standard status
Active
Size
20,530 SF
Class
B
Total Parking Spaces
21
Lot size
1.29 Acres
Property subtype
Office, Industrial
Zoning
I-3
Lease Type
NNN
Warehouse & Industrial
Clear Height
22 ft
Drive-In Doors
2
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1997
Buildings
1
Stories
1
Listing Agency:
Reliant Commercial Realty
(317) 513-7790
Listed By:
Thomas Willey · License #IN RB14037602
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 8:07PM
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 Reliant Commercial Realty
Investment Insights
Based on property information with market context.
This industrial flex building totals 20,530± SF and sits on 1.29± acres within Park 100. The property includes 9,310± SF of office space that can support warehouse potential up to 14,400± SF. The building features two 12’ x 12’ overhead drive-in doors and a 22’ clear height that may be increased to 20’ with changes to the existing drop ceiling. Interior lighting includes recessed fluorescent and incandescent fixtures, with auto sprinkler and smoke detectors throughout. Mechanical and power are in place with HVAC throughout all spaces, and the electrical service is 600 amp; 208/120 volt; 3 phase.
Located on the northwest side of Indianapolis, the site is less than 2 miles to I-465 at the 86th Street interchange, providing straightforward access to regional interstate systems and nearby amenities.
The combination of office space and warehouse-ready infrastructure makes the building well suited for tenants or buyers seeking a medium-industrial operation that can balance front-office functionality with light warehouse use. The secured record storage origin and existing fire protection systems support businesses that need a controlled, functional interior while leveraging drive-in loading for efficient day-to-day operations. With 21 surface parking spaces and zoning of I-3 medium industrial, the property provides a practical platform for a range of industrial flex needs.
Located on the northwest side of Indianapolis, the site is less than 2 miles to I-465 at the 86th Street interchange, providing straightforward access to regional interstate systems and nearby amenities.
The combination of office space and warehouse-ready infrastructure makes the building well suited for tenants or buyers seeking a medium-industrial operation that can balance front-office functionality with light warehouse use. The secured record storage origin and existing fire protection systems support businesses that need a controlled, functional interior while leveraging drive-in loading for efficient day-to-day operations. With 21 surface parking spaces and zoning of I-3 medium industrial, the property provides a practical platform for a range of industrial flex needs.
Key Highlights
- 20,530± SF total in Building 133, including 9,310± SF office with warehouse potential up to 14,400± SF
- Former secure record storage facility with 1.29± acres and 21 surface parking spaces
- Zoned I‑3 medium industrial with two 12’ x 12’ overhead drive‑in doors for warehouse access
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
$201,769
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
8.19%
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%
$4,035,380
$4.0M
Cap Rate 7%
$2,882,414
$2.9M
Cap Rate 9%
$2,241,878
$2.2M
Market Conditions
NOI Build-Up for 20,530 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
$344.9K $16.80/SF
− Vacancy
−$34.5K −$1.68/SF
EGI
$310.4K $15.12/SF
− OpEx
−$108.6K −$5.29/SF
NOI
$201.8K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$4,035,380
Cap Rate 7%
$2,882,414
Cap Rate 9%
$2,241,878
Alternative Uses
Best Use
Office B
$3.87M
$3.39M – $4.52M
NOI $271,058 @ 7.0% cap · market cap 11.00%
Second Best
Flex RnD
$2.88M
$2.52M – $3.36M
NOI $201,769 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$5.11M
$4.47M – $5.96M
NOI $357,715 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46268, IN
26,353
Population
11,904
Households
2.2
Avg Household Size
38
Median Age
40%
College-Educated
91%
High-School Grad
12.7 sq mi
ZIP Area
2,075
Density / Sq Mi
$63,322
Median Household Income
$41,596
Median Earnings
$1,171
Median Rent
$208,500
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Flex space - Former secure record storage facility offering office space and warehouse potential with two 12-by-12 drive-in doors.
Where is this flex space located?
The property is located at 5251 W 81st St Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,464,000.
What are key features of this property?
This property features: 20,530± SF total in Building 133, including 9,310± SF office with warehouse potential up to 14,400± SF; Former secure record storage facility with 1.29± acres and 21 surface parking spaces; Zoned I‑3 medium industrial with two 12’ x 12’ overhead drive‑in doors for warehouse access
