Avis-Anchored Auto Shop
For Sale
$1,603,000
6445 E 82nd St, Castleton, IN 46250
Three-building automotive property with full occupancy and frontage on East 82nd Street.
Property Size7,300 SF
Price / SF$219.59
Days on Market56
Property Features for 6445 E 82nd St
General Information
Standard status
Active
Size
7,300 SF
Property subtype
Shopping Auto Center
Occupancy
100%
Site & Location
Traffic Count
49,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8.5%
Amenities
Avis Anchored Three-Building Auto Assemblage | Long-Operating History
Tons of Tires Executed an Early Five-Year Renewal with 5 Percent Annual Rent Increases
Avis and Vivid Automotive Recently Executed Lease Extensions, both Featuring 3 Percent Annual Rent Escalations
Avis has been Operating at this Location Since 1986 | Co-branded Location Operated by Avis Rent a Car and Budget Rent a Car | Roof was Replaced in May of 2026
Situated just off the Interchange of Interstates 465 and 69 | Frontage Along E 82nd Street, which Sees 49,029 Vehicles per Day
Directly in Front of an Indianapolis Castleton Office Park
Major Retail, Office and Industrial Hub | Close Proximity to a Large Hospital
52,096 Residents and 114,813 Employees within a Three-Mile Radius
Building Details
Building Size
7,300 SF
Year Built
1986
Buildings
3
Tenancy
Multi
Listing Agency:
Chicago Oak Brook Office
(630) 570-2261
Listed By:
Phoebe Klein · License #License(s): IL: 475.208946
(630) 570-2261
Source:
Marcusmillichap
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 31 at 12:33PM
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 Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
This 7,300-square-foot automotive assemblage includes three buildings constructed in 1986. The property is 100 percent occupied by Avis, Vivid Automotive, and Tons of Tires, providing a concentrated roster of automotive users. Avis has operated at the site since 1986. Avis and Vivid Automotive have 3 percent annual rental increases, while Tons of Tires completed an early five-year renewal with 5 percent annual rent increases.
The property is located at 6445 E 82nd St in Castleton, Indiana, with frontage along East 82nd Street and access near the interchange of Interstates 465 and 69. The surrounding retail corridor includes Castleton Square Mall, national retailers, Community Hospital North, and Lawrence North High School. The site is positioned within a trade area containing over 114,000 employees within three miles and average household income near $120,000.
The property is located at 6445 E 82nd St in Castleton, Indiana, with frontage along East 82nd Street and access near the interchange of Interstates 465 and 69. The surrounding retail corridor includes Castleton Square Mall, national retailers, Community Hospital North, and Lawrence North High School. The site is positioned within a trade area containing over 114,000 employees within three miles and average household income near $120,000.
Key Highlights
- 7,300 SF automotive assemblage with three buildings, constructed in 1986
- 100 percent occupied by Avis, Vivid Automotive, and Tons of Tires
- Avis and Vivid Automotive leases include 3 percent annual rental increases
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
$78,551
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
4.90%
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%
$1,571,020
$1.6M
Cap Rate 7%
$1,122,157
$1.1M
Cap Rate 9%
$872,789
$872.8K
Market Conditions
NOI Build-Up for 7,300 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
$122.6K $16.80/SF
− Vacancy
−$10.4K −$1.43/SF
EGI
$112.2K $15.37/SF
− OpEx
−$33.7K −$4.61/SF
NOI
$78.6K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /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%
$1,571,020
Cap Rate 7%
$1,122,157
Cap Rate 9%
$872,789
Alternative Uses
Best Use
Retail
$1.12M
$981.9K – $1.31M
NOI $78,551 @ 7.0% cap · market cap 4.90%
Second Best
Industrial
$519.9K
$454.9K – $606.5K
NOI $36,390 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,195 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
49,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,596
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46250, IN
19,156
Population
9,815
Households
2
Avg Household Size
35
Median Age
53%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
2,488
Density / Sq Mi
$69,591
Median Household Income
$45,696
Median Earnings
$1,293
Median Rent
$288,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Three-building automotive property with full occupancy and frontage on East 82nd Street.
Where is this auto shop located?
The property is located at 6445 E 82nd St Castleton, IN.
What is the asking price?
The asking price for this property is $1,603,000.
What are key features of this property?
This property features: 7,300 SF automotive assemblage with three buildings, constructed in 1986; 100 percent occupied by Avis, Vivid Automotive, and Tons of Tires; Avis and Vivid Automotive leases include 3 percent annual rental increases
