Mixed-Use Building with
For Sale
Contact for pricing
6406 Cornell Ave, Indianapolis, IN 46220
Architecturally distinctive mixed-use building with above-grade space on two floors plus a full basement.
Property Size6,977 SF
Price / SF$329.65
Days on Market159
Property Features for 6406 Cornell Ave
General Information
Standard status
Active
Size
6,977 SF
Class
A
Property subtype
Hospitality, Office, Retail, Special Purpose
Zoning
C4
Investment Type
Owner/User
Building Details
Year Built
2018
Buildings
1
Stories
2
Listing Agency:
Assemble Real Estate
Listed By:
Lily Smith · License #RB14044176
Source:
Crexi
Added: Apr 3
Changed: Sep 2
Last Checked: Sep 7 at 7:22AM
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 Assemble Real Estate
Investment Insights
Based on property information with market context.
This architecturally distinctive mixed-use building offers space designed for flexible use. The property includes 4,437 square feet above grade across two floors, along with a full basement that expands usable area. Dedicated outdoor patio and balcony areas overlook the Monon Trail, creating an outdoor component that can support both customer-facing and tenant-facing programming.
The building is served by eight dedicated on-site parking spaces. It is described as highly visible and positioned with strong surrounding foot traffic in the heart of Broad Ripple.
As configured, the building supports multiple occupancy formats, including office, retail, restaurant, creative studio, or event space use, making it suitable for a variety of owner-occupants and investors.
The building is served by eight dedicated on-site parking spaces. It is described as highly visible and positioned with strong surrounding foot traffic in the heart of Broad Ripple.
As configured, the building supports multiple occupancy formats, including office, retail, restaurant, creative studio, or event space use, making it suitable for a variety of owner-occupants and investors.
Key Highlights
- 2018‑built architecturally distinctive mixed‑use building at 6406 Cornell Ave
- 6,977 SF total space including a full basement; 4,437 SF above grade across two floors
- Flexible layout for office, retail, restaurant, creative studio, or event space users
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
$92,117
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
4.01%
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%
$1,842,340
$1.8M
Cap Rate 7%
$1,315,957
$1.3M
Cap Rate 9%
$1,023,522
$1.0M
Market Conditions
NOI Build-Up for 6,977 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
$150.7K $21.60/SF
− Vacancy
−$27.9K −$4.00/SF
EGI
$122.8K $17.60/SF
− OpEx
−$30.7K −$4.40/SF
NOI
$92.1K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /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%
$1,842,340
Cap Rate 7%
$1,315,957
Cap Rate 9%
$1,023,522
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.54M
NOI $92,117 @ 7.0% cap · market cap 4.01%
Second Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $87,125 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,567 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,419
Businesses Nearby
Explore this area
Business Placement
Demographics for 46220, IN
36,078
Population
17,524
Households
2.1
Avg Household Size
37
Median Age
67%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,084
Density / Sq Mi
$103,735
Median Household Income
$58,867
Median Earnings
$1,330
Median Rent
$329,700
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?
Mixed-use property - Architecturally distinctive mixed-use building with above-grade space on two floors plus a full basement.
Where is this mixed-use property located?
The property is located at 6406 Cornell Ave 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: 2018‑built architecturally distinctive mixed‑use building at 6406 Cornell Ave; 6,977 SF total space including a full basement; 4,437 SF above grade across two floors; Flexible layout for office, retail, restaurant, creative studio, or event space users
