Automotive Dealership
For Sale
Contact for pricing
5309 W PIKE PLAZA RD, Indianapolis, IN 46254
Former franchise dealership with showroom, offices, service area, customer waiting spaces, and extensive paved parking and vehicle display.
Property Size14,989 SF
Lot Size3.42 Acres
Price / SF$153.45
Days on Market51
Property Features for 5309 W PIKE PLAZA RD
General Information
Standard status
Active
Size
14,989 SF
Lot size
3.42 Acres
Property subtype
Retail, Office, Industrial
Zoning
C5
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1985
Stories
1
Units
1
Listing Agency:
eXp Commercial
Listed By:
Michael Marlin · License #RB18001271
(855) 441-0124
Source:
Crexi
Added: Jul 17
Changed: Aug 23
Last Checked: Sep 4 at 10:36PM
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 professionally maintained former franchise dealership includes an attractive showroom, professional office space, a service department, and customer waiting areas. The site is supported by ample paved parking and dedicated vehicle display areas, designed for automotive-focused operations.
The property sits along the Pike Plaza Road corridor on Indianapolis’ west side, offering visibility and access for commercial users. Following the relocation of the existing franchise dealership in late 2026/early 2027, the facility is expected to be available for immediate occupancy.
The overall site configuration includes both building improvements for sales and service and exterior paved areas intended for vehicle display, making it well-suited to automotive dealerships, fleet operations, equipment sales, powersports, RV dealers, contractors, or other adaptive commercial redevelopment.
The property sits along the Pike Plaza Road corridor on Indianapolis’ west side, offering visibility and access for commercial users. Following the relocation of the existing franchise dealership in late 2026/early 2027, the facility is expected to be available for immediate occupancy.
The overall site configuration includes both building improvements for sales and service and exterior paved areas intended for vehicle display, making it well-suited to automotive dealerships, fleet operations, equipment sales, powersports, RV dealers, contractors, or other adaptive commercial redevelopment.
Key Highlights
- 1985‑built former franchise dealership with approx. 14,989 SF of building space on 3.42 acres
- Showroom plus professional offices and customer waiting areas
- On‑site service department with space designed for automotive operations
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
$190,920
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
8.30%
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%
$3,818,400
$3.8M
Cap Rate 7%
$2,727,429
$2.7M
Cap Rate 9%
$2,121,333
$2.1M
Market Conditions
NOI Build-Up for 14,989 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
$296.8K $19.80/SF
− Vacancy
−$24.0K −$1.60/SF
EGI
$272.7K $18.20/SF
− OpEx
−$81.8K −$5.46/SF
NOI
$190.9K $12.74/SF
Area
ZIP 46254
Vacancy
8.10%
Lease Rate
$19.80 /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%
$3,818,400
Cap Rate 7%
$2,727,429
Cap Rate 9%
$2,121,333
Alternative Uses
Best Use
Retail
$2.73M
$2.39M – $3.18M
NOI $190,920 @ 7.0% cap · market cap 8.30%
Second Best
Industrial
$1.07M
$934.0K – $1.25M
NOI $74,720 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$4.12M
$3.60M – $4.81M
NOI $288,379 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Under-served
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 - Former franchise dealership with showroom, offices, service area, customer waiting spaces, and extensive paved parking and vehicle display.
Where is this showroom located?
The property is located at 5309 W PIKE PLAZA RD Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 1985‑built former franchise dealership with approx. 14,989 SF of building space on 3.42 acres; Showroom plus professional offices and customer waiting areas; On‑site service department with space designed for automotive operations
