Flex Space With Drive-In
For Sale
Contact for pricing
8004 Castleway Dr, Indianapolis, IN 46250
Multi-tenant commercial space supports warehouse, showroom, office, and light manufacturing functions.
Property Size8,044 SF
Price / SF$159.75
Days on Market198
Property Features for 8004 Castleway Dr
General Information
Standard status
Active
Size
8,044 SF
Property subtype
FLEX_R_AND_D
Listing Agency:
SVN | Northern Commercial
(317) 454-2241
Listed By:
Jess Lawhead, CCIM · License #IN RB14047741
(317) 454-2241
Source:
Moodyscre
Added: Feb 13
Changed: Aug 30
Last Checked: Aug 30 at 12:08AM
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 multi-tenant flex-industrial property offers 8,044 SF configured as two spaces of 5,272 SF and 2,772 SF, with the option to use them together. The clear-span layout supports adaptable occupancy, while drive-in doors and on-site parking add practical functionality. The building can accommodate light manufacturing, warehousing, showroom operations, or office areas integrated with warehouse space.
Located on Castleway Dr in Indianapolis, the property provides access to East 82nd Street, I-69, and I-465. Its configuration supports users seeking a combination of industrial utility and customer-facing or administrative space within one building.
Located on Castleway Dr in Indianapolis, the property provides access to East 82nd Street, I-69, and I-465. Its configuration supports users seeking a combination of industrial utility and customer-facing or administrative space within one building.
Key Highlights
- 8,044 SF multi‑tenant flex‑industrial building
- Two available configurations: 5,272 SF and 2,772 SF, with combined use available
- Clear‑span interior design supports flexible space planning
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
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- International Food Catering Service — 6816 E 82nd St, Indianapolis, IN 46250
- Paco's Taqueria - Food Truck — 6816 E 82nd St, Indianapolis, IN 46250
- Asian Chao — 6020 82nd St #1010, Indianapolis, IN 46250
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant commercial space supports warehouse, showroom, office, and light manufacturing functions.
Where is this flex space located?
The property is located at 8004 Castleway Dr 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 multi‑tenant flex‑industrial building; Two available configurations: 5,272 SF and 2,772 SF, with combined use available; Clear‑span interior design supports flexible space planning
