Single-Story Office
For Sale
Contact for pricing
704 Adams St, Carmel, IN 46032
Efficient professional space with a dedicated entrance for staff and visitors.
Property Size3,383 SF
Price / SF$234
Days on Market97
Property Features for 704 Adams St
General Information
Standard status
Active
Size
3,383 SF
Property subtype
OFFICE
Additional Details
Asking Price
$795,000
Building Details
Stories
1
Listing Agency:
Cushman & Wakefield | Indianapolis
(317) 590-8490
Listed By:
Darrin L. Boyd, SIOR, CCIM
(317) 590-8490
Source:
Moodyscre
Added: May 27
Changed: Aug 31
Last Checked: Aug 31 at 2:24AM
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 Cushman & Wakefield | Indianapolis
Investment Insights
Based on property information with market context.
Located at 704 Adams St in Carmel, this 3,383-square-foot office unit offers a single-story configuration for professional or medical operations. The suite includes its own entrance, providing direct access for employees and clients without relying on shared entry points.
The efficient layout is suited to businesses seeking a dedicated workplace for long-term occupancy. Its office format supports users who want control of their operating space in a professional setting.
The efficient layout is suited to businesses seeking a dedicated workplace for long-term occupancy. Its office format supports users who want control of their operating space in a professional setting.
Key Highlights
- 3,383 square feet of office space
- Single‑story configuration
- Private suite entrance with direct employee and client access
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
$43,691
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
5.50%
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%
$873,820
$873.8K
Cap Rate 7%
$624,157
$624.2K
Cap Rate 9%
$485,456
$485.5K
Market Conditions
NOI Build-Up for 3,383 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
$71.0K $21.00/SF
− Vacancy
−$12.8K −$3.78/SF
EGI
$58.3K $17.22/SF
− OpEx
−$14.6K −$4.31/SF
NOI
$43.7K $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%
$873,820
Cap Rate 7%
$624,157
Cap Rate 9%
$485,456
Alternative Uses
Best Use
Office B
$624.2K
$546.1K – $728.2K
NOI $43,691 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$887.3K
$776.4K – $1.04M
NOI $62,112 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,197
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 units - Efficient professional space with a dedicated entrance for staff and visitors.
Where is this office units located?
The property is located at 704 Adams St Carmel, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,383 square feet of office space; Single‑story configuration; Private suite entrance with direct employee and client access
