Multi-Tenant Office
For Sale
Contact for pricing
7353-7373 E 21st St, Indianapolis, IN 46219
Remodeled professional office property with convenient access to major east Indianapolis routes.
Property Size12,140 SF
Price / SF$187.07
Days on Market1018
Property Features for 7353-7373 E 21st St
General Information
Standard status
Active
Size
12,140 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
CornerStone Companies Inc
(317) 288-9006
Listed By:
Charles Yeo
(317) 288-9006
Source:
Moodyscre
Added: Nov 16, 2023
Changed: Aug 30
Last Checked: Aug 30 at 4:47AM
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 CornerStone Companies Inc
Investment Insights
Based on property information with market context.
This multi-tenant professional office building contains 12,140 square feet and has undergone substantial updates. The roof was replaced in 2018, followed by interior remodeling completed during 2019-2020, providing a refreshed setting for office occupancy.
The property is positioned on Indianapolis’s east side at 7353-7373 E 21st St. Access is available to I-70, I-465, and North Shadeland Ave., while the building benefits from exposure along E. 21st Street. The configuration supports multiple professional office occupants within a single commercial property.
The property is positioned on Indianapolis’s east side at 7353-7373 E 21st St. Access is available to I-70, I-465, and North Shadeland Ave., while the building benefits from exposure along E. 21st Street. The configuration supports multiple professional office occupants within a single commercial property.
Key Highlights
- 12,140‑square‑foot multi‑tenant professional office building
- New roof completed in 2018
- Interior remodeling completed in 2019‑2020
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
$160,284
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
7.06%
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%
$3,205,680
$3.2M
Cap Rate 7%
$2,289,771
$2.3M
Cap Rate 9%
$1,780,933
$1.8M
Market Conditions
NOI Build-Up for 12,140 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
$262.2K $21.60/SF
− Vacancy
−$48.5K −$4.00/SF
EGI
$213.7K $17.60/SF
− OpEx
−$53.4K −$4.40/SF
NOI
$160.3K $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%
$3,205,680
Cap Rate 7%
$2,289,771
Cap Rate 9%
$1,780,933
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,284 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.64M – $3.53M
NOI $211,527 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 46219, IN
36,556
Population
17,028
Households
2.1
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
13.0 sq mi
ZIP Area
2,812
Density / Sq Mi
$57,811
Median Household Income
$38,995
Median Earnings
$991
Median Rent
$177,000
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled professional office property with convenient access to major east Indianapolis routes.
Where is this office building located?
The property is located at 7353-7373 E 21st St Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,271,000.
What are key features of this property?
This property features: 12,140‑square‑foot multi‑tenant professional office building; New roof completed in 2018; Interior remodeling completed in 2019‑2020
