Leased Flex Property with Drive-In
For Sale
Contact for pricing
7141 E 46th St, Indianapolis, IN 46226
Fully leased flex property with multiple tenants, varied suite sizes, and a mix of NNN and modified gross leases.
Property Size16,000 SF
Lot Size1.29 Acres
Price / SF$81.25
Days on Market14
Property Features for 7141 E 46th St
General Information
Standard status
Active
Size
16,000 SF
Lot size
1.29 Acres
Property subtype
FLEX_R_AND_D
Zoning
C-4
Occupancy
100%
Net Operating Income
$110,251
Financials
Asking Price
$1,300,000
Cap Rate
8.48%
Additional Details
Drive-In Doors
8
Building Details
Buildings
1
Building Size
16,000 SF
Tenancy
Multi
Listing Agency:
Allies Commercial Realty
(317) 361-4787
Listed By:
Mitchell Ayers
Source:
Moodyscre
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 31 at 7:55PM
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 Allies Commercial Realty
Investment Insights
Based on property information with market context.
This 16,000-square-foot flex property is fully leased to five tenants in suites ranging from 1,280 to 4,480 square feet. The building includes eight drive-in doors and is zoned C-4, supporting its industrial and flex-space configuration. The 1.29-acre property combines multi-tenant occupancy with practical loading access.
Lease terms include four triple net agreements and one modified gross lease. Each lease provides for 3 percent annual rent increases, with a reported weighted average lease term of 2.48 years. The property produces an 8.48% capitalization rate.
Lease terms include four triple net agreements and one modified gross lease. Each lease provides for 3 percent annual rent increases, with a reported weighted average lease term of 2.48 years. The property produces an 8.48% capitalization rate.
Key Highlights
- 16,000‑square‑foot flex and industrial building on 1.29 acres
- Fully leased to five tenants across suites from 1,280 to 4,480 square feet
- Eight drive‑in doors provide at‑grade loading 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
$99,393
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
7.65%
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%
$1,987,860
$2.0M
Cap Rate 7%
$1,419,900
$1.4M
Cap Rate 9%
$1,104,367
$1.1M
Market Conditions
NOI Build-Up for 16,000 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
$155.5K $9.72/SF
− Vacancy
−$13.5K −$0.85/SF
EGI
$142.0K $8.87/SF
− OpEx
−$42.6K −$2.66/SF
NOI
$99.4K $6.21/SF
Area
ZIP 46226
Vacancy
8.70%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$1,987,860
Cap Rate 7%
$1,419,900
Cap Rate 9%
$1,104,367
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,289 @ 7.0% cap · market cap 13.25%
Second Best
Flex RnD
$2.03M
$1.77M – $2.37M
NOI $141,960 @ 7.0% cap · market cap 10.92%
Theoretical Best
Office A
$4.20M
$3.67M – $4.90M
NOI $293,760 @ 7.0% cap · market cap 22.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46226, IN
43,997
Population
21,380
Households
2.1
Avg Household Size
35
Median Age
24%
College-Educated
81%
High-School Grad
14.8 sq mi
ZIP Area
2,973
Density / Sq Mi
$47,086
Median Household Income
$34,225
Median Earnings
$1,045
Median Rent
$148,900
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased flex property with multiple tenants, varied suite sizes, and a mix of NNN and modified gross leases.
Where is this flex space located?
The property is located at 7141 E 46th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 16,000‑square‑foot flex and industrial building on 1.29 acres; Fully leased to five tenants across suites from 1,280 to 4,480 square feet; Eight drive‑in doors provide at‑grade loading access
