Flex-Industrial Space with Drive-In
For Sale
$1,285,000
8004-8008 Castleway Drive, Indianapolis, IN 46250
Flexible commercial building with clear-span interiors, parking, and access to major northeast Indianapolis transportation routes.
Property Size8,044 SF
Days on Market194
Property Features for 8004-8008 Castleway Drive
General Information
Standard status
Active
Size
8,044 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Clear Span
Yes
Building Details
Building Size
8,044 SF
Year Built
1969
Properties For Sale
at 8004-8008 Castleway Drive Contact us- Size
- 5,272 SF
- Lease Type
- NNN
8004 Castleway Drive
- Size
- 2,772 SF
- Lease Type
- NNN
8008 Castleway Drive
Listing Agency:
SVN | Northern Commercial
(317) 843-8448
Listed By:
Jess Lawhead · License #IN RB14047741
(317) 843-8448
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 7:05PM
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 8,044-square-foot flex-industrial property, built in 1969, combines adaptable interior space with features suited to warehouse, light manufacturing, distribution support, showroom, and office-related operations. Clear-span layouts, drive-in doors, and on-site parking support a range of commercial configurations. The building can be occupied as a combined facility or divided into 5,272-square-foot and 2,772-square-foot spaces.
Located at 8004-8008 Castleway Drive in northeast Indianapolis, the property is near East 82nd Street and offers access to Interstate 69 and Interstate 465. Castleton Square Mall and a broad selection of retail, dining, and service amenities are nearby, while downtown Indianapolis and surrounding suburbs are accessible from the site.
Located at 8004-8008 Castleway Drive in northeast Indianapolis, the property is near East 82nd Street and offers access to Interstate 69 and Interstate 465. Castleton Square Mall and a broad selection of retail, dining, and service amenities are nearby, while downtown Indianapolis and surrounding suburbs are accessible from the site.
Key Highlights
- 8,044 SF flex‑industrial building
- Can be configured as 5,272 SF and 2,772 SF spaces or used together
- Clear‑span interior layouts
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
$79,056
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
6.15%
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%
$1,581,120
$1.6M
Cap Rate 7%
$1,129,371
$1.1M
Cap Rate 9%
$878,400
$878.4K
Market Conditions
NOI Build-Up for 8,044 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
$135.1K $16.80/SF
− Vacancy
−$13.5K −$1.68/SF
EGI
$121.6K $15.12/SF
− OpEx
−$42.6K −$5.29/SF
NOI
$79.1K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,581,120
Cap Rate 7%
$1,129,371
Cap Rate 9%
$878,400
Alternative Uses
Best Use
Flex RnD
$1.13M
$988.2K – $1.32M
NOI $79,056 @ 7.0% cap · market cap 6.15%
Second Best
Warehouse
$695.6K
$608.7K – $811.5K
NOI $48,692 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,159 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,611
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46250, IN
19,156
Population
9,815
Households
2
Avg Household Size
35
Median Age
53%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
2,488
Density / Sq Mi
$69,591
Median Household Income
$45,696
Median Earnings
$1,293
Median Rent
$288,900
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial building with clear-span interiors, parking, and access to major northeast Indianapolis transportation routes.
Where is this flex space located?
The property is located at 8004-8008 Castleway Drive Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,285,000.
What are key features of this property?
This property features: 8,044 SF flex‑industrial building; Can be configured as 5,272 SF and 2,772 SF spaces or used together; Clear‑span interior layouts
