Freestanding Retail/Flex Building on
For Sale
$2,100,000
6609 E 82nd St, Indianapolis, IN 46250
18,500 SF retail/flex building with visibility on 82nd Street.
Property Size19,600 SF
Lot Size1.34 Acres
Price / SF$113.51
Days on Market157
Property Features for 6609 E 82nd St
General Information
Standard status
Active
Size
19,600 SF
Lot size
1.34 Acres
Property subtype
Retail
Building Details
Building Size
19,600 SF
Year Built
1994
Listing Agency:
SVN | Northern Commercial
(317) 863-9271
Listed By:
Wade Wilson · License #IN #RB20000720
(317) 863-9271
Source:
Svn
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:20AM
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 SVN | Northern Commercial
Investment Insights
Based on property information with market context.
This 18,500 square foot freestanding retail/flex building is located in the heart of Castleton, directly off 82nd Street. The property offers connectivity to the I-69/I-465 interchange and visibility to 82nd Street, which sees 50,000 vehicles per day. The 1.34-acre site includes approximately 50 parking spaces. The building has undergone extensive renovations in the past three years, including a new roof on the south portion, exterior paint, an extensive interior buildout, and LED lighting throughout. The property includes two drive-in doors and a loading dock.
Key Highlights
- Prime location directly off 82nd Street in Castleton with high visibility (50,000 vehicles per day).
- Excellent connectivity to the I‑69/I‑465 interchange.
- Extensive renovations completed in the past three years, including a new roof on the south portion.
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
$181,818
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
8.66%
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%
$3,636,360
$3.6M
Cap Rate 7%
$2,597,400
$2.6M
Cap Rate 9%
$2,020,200
$2.0M
Market Conditions
NOI Build-Up for 18,500 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
$310.8K $16.80/SF
− Vacancy
−$31.1K −$1.68/SF
EGI
$279.7K $15.12/SF
− OpEx
−$97.9K −$5.29/SF
NOI
$181.8K $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%
$3,636,360
Cap Rate 7%
$2,597,400
Cap Rate 9%
$2,020,200
Alternative Uses
Best Use
Retail
$2.84M
$2.49M – $3.32M
NOI $199,067 @ 7.0% cap · market cap 9.48%
Second Best
Flex RnD
$2.60M
$2.27M – $3.03M
NOI $181,818 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$4.60M
$4.03M – $5.37M
NOI $322,344 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,596
Businesses Nearby
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 Industrial in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - 18,500 SF retail/flex building with visibility on 82nd Street.
Where is this retail space located?
The property is located at 6609 E 82nd St Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime location directly off 82nd Street in Castleton with high visibility (50,000 vehicles per day).; Excellent connectivity to the I‑69/I‑465 interchange.; Extensive renovations completed in the past three years, including a new roof on the south portion.
