Two-Story Office
6610 Shadeland Avenue, Indianapolis, IN 46220
For Sale
$3,500,000
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 Market51
Property Features for 6610 Shadeland Avenue
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Amenities
conference and training space
kitchen/breakroom areas
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Merrill Property Group
Listed By:
John Merrill · License IN RB14036883
(317) 590-3046
Source:
Realnex
Added: Sep 21
Changed: Sep 22
Last Checked: Nov 8 at 2:07AM
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
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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 / Yr
$302,930
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Office buildings in Indianapolis
Vacancy Rate% for Office in Indianapolis, IN
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
