Monon 16 Freestanding Automotive
For Sale
Contact for pricing
1132 E 16th St, Indianapolis, IN 46202
Freestanding building in Monon 16 district, ideal for redevelopment.
Property Size1,536 SF
Lot Size0.25 Acres
Price / SF$322.27
Days on Market2225
Property Features for 1132 E 16th St
General Information
Standard status
Active
Size
1,536 SF
Lot size
0.25 Acres
Property subtype
Retail
Zoning
C5
Listing Agency:
Radar Commercial Real Estate
Listed By:
John Byrne · License #IN rb14042204
(317) 639-0515
Source:
Crexi
Added: Sep 3, 2020
Changed: Sep 24
Last Checked: Oct 5 at 5:42PM
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 Radar Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding, approximately 1,536 square foot former automotive building is situated on a 1/4 acre lot in the Monon 16 district, located one block east of the Monon Trail and near the Bottleworks/Mass Ave/NorthMassBoulder district. The property is zoned C5 and suitable for restaurant, retail, automotive, and other uses, as well as residential redevelopment. It is adjacent to the recent $20 million Monon Lofts development. The Indianapolis Department of Metropolitan Development considers the site to be located on a "transportationally significant thoroughfare," which allows for less stringent parking ratios. An approximately 1,836 square foot stand-alone parcel at the northwest corner of Yandes and 16th Street could be acquired to square up the property. The Community Development Corporation (Renew Indy, Inc), which owns the parcel, is willing to sell it. The owner is willing to redevelop the property to suit a qualified operator and project. Up to 3,000 square feet of retail space is available for a long-term build-to-suit credit lease.
Key Highlights
- Prime location in the Monon 16 district, one block from the Monon Trail and near Bottleworks/Mass Ave/NorthMassBoulder.
- Zoned C5, suitable for restaurant, retail, automotive, or residential redevelopment.
- Located on a 'transportationally significant thoroughfare,' allowing for less stringent parking ratios.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,528
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,560
$330.6K
Cap Rate 7%
$236,114
$236.1K
Cap Rate 9%
$183,644
$183.6K
Market Conditions
NOI Build-Up for 1,536 SF
Gross rent
$25.8K $16.80/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$23.6K $15.37/SF
− OpEx
−$7.1K −$4.61/SF
NOI
$16.5K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,560
Cap Rate 7%
$236,114
Cap Rate 9%
$183,644
Alternative Uses
Best Use
Retail
$236.1K
$206.6K – $275.5K
NOI $16,528 @ 7.0% cap · market cap 3.34%
Second Best
Industrial
$109.4K
$95.7K – $127.6K
NOI $7,657 @ 7.0% cap · market cap 1.55%
Theoretical Best
Office A
$382.3K
$334.5K – $446.1K
NOI $26,763 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
492
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Indianapolis, IN
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Similar Off Market Nearby
- Penske Truck Rental — 1810 W 16th St, Indianapolis, IN 46202
- U-Haul Neighborhood Dealer — 1233 W 18th St, Indianapolis, IN 46202
Frequently Asked Questions
What type of property is this?
Automotive property - Freestanding building in Monon 16 district, ideal for redevelopment.
Where is this automotive property located?
The property is located at 1132 E 16th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Prime location in the Monon 16 district, one block from the Monon Trail and near Bottleworks/Mass Ave/NorthMassBoulder.; Zoned C5, suitable for restaurant, retail, automotive, or residential redevelopment.; Located on a 'transportationally significant thoroughfare,' allowing for less stringent parking ratios.
