Listing Agency: SVN | Northern Commercial Show Phone

Listed By: Jess Lawhead, CCIM · License #IN RB14047741 Show Phone

Source: Moodyscre

Added: Feb 13 Changed: Oct 8 Last Checked: Oct 15 at 1:01AM

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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.

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 / Yr

$79,056

Cap Rate

6.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,581,120 $1.6M

Cap Rate 7%

$1,129,371 $1.1M

Cap Rate 9%

$878,400 $878.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,044 SF

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 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 (±1% cap)

NOI $79,056 @ 7.0% cap · market cap 6.15%

Second Best

Warehouse

$695.6K

$608.7K – $811.5K (±1% cap)

NOI $48,692 @ 7.0% cap · market cap 3.79%

Theoretical Best

Office A

$2.00M

$1.75M – $2.34M (±1% cap)

NOI $140,159 @ 7.0% cap · market cap 10.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Purple Guys - Managed ... Tech Support Center Desktop Resources Tech Support Center

Suggested Use

Top Pick Garden Center (Bike/Boat/Book/etc) Store Electrical Service Real Estate Agency Wine and Liquor Store Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.3% 2019

5.4% 2020

4.1% 2021

5.3% 2022

9.9% 2023

10.5% 2024

7.6% 2025

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Similar Off Market Nearby

• International Food Catering Service — 6816 E 82nd St, Indianapolis, IN 46250
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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