Building Details

Year Built 1973

Buildings 1

Stories 1

Listing Agency: Avison Young - Indianapolis

Listed By: Peter Seoane · License #IN RB15000975 Show Phone

Source: Crexi

Added: Mar 13 Changed: Oct 8 Last Checked: Oct 23 at 6:39AM

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Investment Insights

Based on property information with market context.

This 3,135± square foot commercial building was built in 1973 and sits on a 0.29-acre lot. The property is zoned C-1 and includes ample parking intended for convenient, close-to-the-door access.

The building is approximately a seven-minute drive from Community Hospital South. Average daily traffic is listed at 30,698 vehicles (2024), and the property is located adjacent to Perry Meridian’s Middle and High School.

For-sale presentation includes the existing building size and zoning configuration for retail and office use considerations under C-1.

Key Highlights

• 3,135± SF building on a 0.29‑acre lot
• Built in 1973
• C‑1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,391

Cap Rate

8.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$827,820 $827.8K

Cap Rate 7%

$591,300 $591.3K

Cap Rate 9%

$459,900 $459.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,135 SF

Gross rent

$67.7K $21.60/SF

− Vacancy

−$12.5K −$4.00/SF

EGI

$55.2K $17.60/SF

− OpEx

−$13.8K −$4.40/SF

NOI

$41.4K $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 Rate 5%

$827,820

Cap Rate 7%

$591,300

Cap Rate 9%

$459,900

Alternative Uses

Best Use

Office B

$591.3K

$517.4K – $689.9K (±1% cap)

NOI $41,391 @ 7.0% cap · market cap 8.29%

Second Best

Retail

$481.9K

$421.7K – $562.2K (±1% cap)

NOI $33,734 @ 7.0% cap · market cap 6.76%

Theoretical Best

Office A

$780.3K

$682.8K – $910.4K (±1% cap)

NOI $54,624 @ 7.0% cap · market cap 10.95%

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

Property Analytics

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Current Use

Steckbeck Family Dentistry Dental Office Schreckengast & Helm Law Firm Anesthesia Patient Safety Medical Clinic Leo IT Services ... IT Consulting Firm Santis Environmental Environmental Consultant

Suggested Use

Top Pick Real Estate Agency Spa & Massage Center Hair Salon Building Supply Law Firm Auto Repair Shop

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

Lease Details

30,698 VPD

Traffic count

Location Intelligence

Trade Area within ½ mile

192

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 46217, IN

34,725

Population

14,078

Households

2.5

Avg Household Size

35

Median Age

33%

College-Educated

89%

High-School Grad

21.2 sq mi

ZIP Area

1,638

Density / Sq Mi

$88,326

Median Household Income

$46,909

Median Earnings

$1,370

Median Rent

$226,100

Median Home Value

Market

Vacancy Rate% for Office in Indianapolis, IN

17.4% 2019

17.8% 2020

19.1% 2021

19.3% 2022

22.2% 2023

22.8% 2024

21.4% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - 1973 building on a 0.29-acre lot with ample on-site parking and C-1 zoning.

Where is this storefront property located?

The property is located at 8007 S Meridian St Indianapolis, IN.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: 3,135± SF building on a 0.29‑acre lot; Built in 1973; C‑1 zoning