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    The Largest CRE Database in the US with Over 1 Million Listings

    1717 116Th St Carmel, IN 46032

    Sponsored
    For Lease
    $30 SF/Yr ($18,732 /Mo)

    Modern Office Suites in Prime Carmel Location

    Lot size:
    7,493 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    427
    This exceptional two-story, 7,493 square foot Class B office building, located at 1717 E 116th St in Carmel, Indiana, presents a fantastic opportunity for businesses seeking versatile and well-maintained office space. The Woodland Business Center sits on a 0.52-acre lot and boasts a recent 2023 renovation, ensuring modern amenities and a comfortable work environment. The building is zoned B-5 and features a single building with two stories. Multiple tenancy options are available, with four individual suites ranging from 187 to 299 square feet. This prime location offers easy access to major thoroughfares, providing excellent visibility and convenient commuting for employees and clients. The property's traditional, executive, and creative office subtypes cater to a wide range of business needs. The Hamilton County address (APN: 29-14-06-101-003.000-018) and convenient Carmel, IN 46032 zip code make this an ideal location for businesses seeking a thriving and accessible environment. The building's recent renovation ensures modern infrastructure and a professional image for your business. Contact us today to learn more about the available spaces and lease terms.

    Property Features for 1717 116Th St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,493 SF
    Class
    B
    Total Rate
    18732.5

    Building Details

    Year Renovated
    2023
    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 1717 116Th St, Carmel, IN 46032 Contact us
    Unit 113

    $38 /Mo

    Size
    187 SF
    Contact us
    Unit 110

    $30 /Mo

    Size
    254 SF
    Contact us
    Unit 103

    $9,600 /Mo

    Size
    299 SF
    Contact us
    Unit 112

    $7,200 /Mo

    Size
    187 SF
    Contact us

    We can help!

    Listing Contact
    Jess Lawhead
    Jess Lawhead

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    EMI Fundraising Advertising Agency Pictures to Digital Photography Service SVN | Northern Commercial Real Estate Agency NAIFA-Indiana Charitable Organization Indy Pocket Pass Consultant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1254217
    Latitude
    39.9562703

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    FAQs

    What type of property is this?
    Office space - Modern Office Suites in Prime Carmel Location
    Where is this office space located?
    The property is located at 1717 116Th St Carmel, IN.
    What is the lease rate?
    The lease rate is $30-$9,600 SF/Yr.
    Request Owner's contact information
    1717 116Th St Carmel, IN 46032
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    Carmel, IN 46032
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1717 116Th St Carmel, IN 46032
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    We can help!
    Listing Contact
    Jess Lawhead
    Jess Lawhead
    Real Estate License ID: RB14047741
    Learn more
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