Carmel Office Building For
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695 Pro-Med Ln, Carmel, IN 46032
18,138 SqFt office building in Carmel, Indiana.
Property Size18,138 SF
Price / SF$234.31
Days on Market141
Property Features for 695 Pro-Med Ln
General Information
Standard status
Active
Size
18,138 SF
Class
B
Property subtype
Office
Zoning
B6
Building Details
Year Built
2003
Year Renovated
2005
Buildings
1
Stories
3
Listing Agency:
SVN⎮Northern Commercial
(317) 849-8001
Listed By:
Jess Lawhead · License #IN RB14047741
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 9 at 3:59PM
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 commercial property features an office building with 18,138 square feet of space. The property is located in Carmel, Indiana.
Key Highlights
- Office property
- 18,138 SqFt of space
- Built in 2003
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
$234,252
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
5.51%
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%
$4,685,040
$4.7M
Cap Rate 7%
$3,346,457
$3.3M
Cap Rate 9%
$2,602,800
$2.6M
Market Conditions
NOI Build-Up for 18,138 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
$380.9K $21.00/SF
− Vacancy
−$68.6K −$3.78/SF
EGI
$312.3K $17.22/SF
− OpEx
−$78.1K −$4.31/SF
NOI
$234.3K $12.92/SF
Area
Carmel, IN
Vacancy
18.00%
Lease Rate
$21.00 /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%
$4,685,040
Cap Rate 7%
$3,346,457
Cap Rate 9%
$2,602,800
Alternative Uses
Best Use
Office B
$3.35M
$2.93M – $3.90M
NOI $234,252 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.76M
$4.16M – $5.55M
NOI $333,014 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,632
Businesses Nearby
Explore this area
Business Placement
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 18,138 SqFt office building in Carmel, Indiana.
Where is this office building located?
The property is located at 695 Pro-Med Ln Carmel, IN.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Office property; 18,138 SqFt of space; Built in 2003
