Two-Story Office
New
For Sale
$3,500,000
6610 Shadeland Avenue, Indianapolis, IN 46220
C1-zoned property with executive offices, open work areas, conference space, and on-site parking.
Property Size22,944 SF
Price / SF$152.55
Days on Market6
Property Features for 6610 Shadeland Avenue
General Information
Standard status
Active
Size
22,944 SF
Class
B
Total Parking Spaces
102
Property subtype
OFC
Zoning
C1
Additional Details
Highway Access
Yes
Amenities
conference and training space
kitchen/breakroom areas
Building Details
Building Size
22,944 SF
Year Built
1973
Buildings
1
Stories
2
Listing Agency:
Merrill Property Group
Listed By:
John Merrill · License #RB14036883
(317) 590-3046
Source:
Realnex
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 24 at 6:31AM
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 Merrill Property Group
Investment Insights
Based on property information with market context.
Located at 6610 Shadeland Avenue in Indianapolis, this 22,944 SF office property was built in 1973 and spans two stories. The layout includes executive and private offices, open work areas, conference rooms, training space, and multiple kitchen and breakroom areas. Its configuration supports corporate headquarters, owner-user occupancy, or multiple tenants.
On-site parking serves the building, while access to I-465 connects the property with the Indianapolis metropolitan area. The property is zoned C1 and offers a combination of enclosed offices, collaborative work areas, meeting facilities, and staff support spaces within one commercial building.
On-site parking serves the building, while access to I-465 connects the property with the Indianapolis metropolitan area. The property is zoned C1 and offers a combination of enclosed offices, collaborative work areas, meeting facilities, and staff support spaces within one commercial building.
Key Highlights
- 22,944 SF two‑story office property
- Executive and private offices with open work areas
- Conference and training areas included
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
$302,930
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%
$6,058,600
$6.1M
Cap Rate 7%
$4,327,571
$4.3M
Cap Rate 9%
$3,365,889
$3.4M
Market Conditions
NOI Build-Up for 22,944 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
$495.6K $21.60/SF
− Vacancy
−$91.7K −$4.00/SF
EGI
$403.9K $17.60/SF
− OpEx
−$101.0K −$4.40/SF
NOI
$302.9K $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%
$6,058,600
Cap Rate 7%
$4,327,571
Cap Rate 9%
$3,365,889
Alternative Uses
Best Use
Office B
$4.33M
$3.79M – $5.05M
NOI $302,930 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.71M
$5.00M – $6.66M
NOI $399,776 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
281
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - C1-zoned property with executive offices, open work areas, conference space, and on-site parking.
Where is this office building located?
The property is located at 6610 Shadeland Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 22,944 SF two‑story office property; Executive and private offices with open work areas; Conference and training areas included
