Flex Building With Office
New
For Sale
Contact for pricing
5311 COMMERCE CIR, Indianapolis, IN 46237
Heated and air-conditioned facility with office space and additional second-floor area.
Property Size9,600 SF
Price / SF$140.63
Days on Market6
Property Features for 5311 COMMERCE CIR
General Information
Standard status
Active
Size
9,600 SF
Class
C
Total Parking Spaces
40
Property subtype
Industrial, Mixed Use
Zoning
CS
Lease Type
NNN
Warehouse & Industrial
Clear Height
16 ft
Office Build-Out
1,800 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1990
Year Renovated
2018
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Dury Investment Group
Listed By:
George Dury · License #RB14016263
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 5:21AM
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 Dury Investment Group
Investment Insights
Based on property information with market context.
This 9,600-square-foot flex property was built in 1990 and converted for use as a Camp Bow Wow dog daycare, boarding, and grooming facility. The building includes approximately 1,800 square feet of office space, additional area on the second floor, and ceilings approximately 16 feet high. Heating and air conditioning serve the entire facility, while the current parking layout provides 40 spaces. The existing Camp Bow Wow franchisee may remain under a new lease or relocate for an owner occupant.
The property is located at 5311 Commerce Circle in Indianapolis, near the Southport Road and County Line Road exits from I-65. Franciscan Hospital is approximately one-quarter mile away. The site is zoned CS, and the current layout has room for 2-3 additional drive-in doors if required.
The property is located at 5311 Commerce Circle in Indianapolis, near the Southport Road and County Line Road exits from I-65. Franciscan Hospital is approximately one-quarter mile away. The site is zoned CS, and the current layout has room for 2-3 additional drive-in doors if required.
Key Highlights
- 9,600 SF flex property built in 1990
- Approximately 1,800/s.f. of office space plus additional 2nd‑floor area
- Approximately 16' ceilings
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
$112,645
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
8.34%
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%
$2,252,900
$2.3M
Cap Rate 7%
$1,609,214
$1.6M
Cap Rate 9%
$1,251,611
$1.3M
Market Conditions
NOI Build-Up for 9,600 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
$176.3K $18.36/SF
− Vacancy
−$15.3K −$1.60/SF
EGI
$160.9K $16.76/SF
− OpEx
−$48.3K −$5.03/SF
NOI
$112.6K $11.73/SF
Area
ZIP 46237
Vacancy
8.70%
Lease Rate
$18.36 /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%
$2,252,900
Cap Rate 7%
$1,609,214
Cap Rate 9%
$1,251,611
Alternative Uses
Best Use
Industrial
$1.61M
$1.41M – $1.88M
NOI $112,645 @ 7.0% cap · market cap 8.34%
Second Best
Office B
$1.58M
$1.38M – $1.84M
NOI $110,484 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,312 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46237, IN
44,378
Population
17,660
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
89%
High-School Grad
14.7 sq mi
ZIP Area
3,019
Density / Sq Mi
$76,676
Median Household Income
$47,742
Median Earnings
$1,272
Median Rent
$216,300
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated and air-conditioned facility with office space and additional second-floor area.
Where is this flex space located?
The property is located at 5311 COMMERCE CIR Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 9,600 SF flex property built in 1990; Approximately 1,800/s.f. of office space plus additional 2nd‑floor area; Approximately 16' ceilings
