Renovated Multi-Tenant Flex
For Sale
$2,475,000
9130 Otis Ave, Indianapolis, IN 46216
Renovated commercial property offers divisible suites and shared parking near major Indianapolis routes.
Property Size25,000 SF
Price / SF$99
Days on Market24
Property Features for 9130 Otis Ave
General Information
Standard status
Active
Size
25,000 SF
Occupancy
23%
Additional Details
Highway Access
Yes
Building Details
Year Built
1908
Buildings
1
Building Size
25,000 SF
Tenancy
Multi
Listing Agency:
Keller Williams Indy Metro NE
(317) 509-7943
Listed By:
Robert Sorrell · License #RB14042253
Source:
Mcwatersrealestate
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 8:38PM
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 Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This 25,000 SF flex property contains multiple office and commercial suites within a renovated complex originally built in 1908. Approximately 23% of the building is tenant-occupied, while five suites totaling roughly 13,848 SF of non-common area are being offered for lease. The available spaces may be leased separately or combined, providing flexibility for different requirements.
The property occupies over an acre in Lawrence Village at Fort Harrison, with common parking serving the complex. Access to I-465 is approximately 2 miles away, with connections to I-69, I-74, I-70, and I-65. Dining options are located within walking distance, and Fort Harrison State Park is less than a mile from the property. The site has previously operated as a horse stable and army barracks before its current multi-use configuration.
The property occupies over an acre in Lawrence Village at Fort Harrison, with common parking serving the complex. Access to I-465 is approximately 2 miles away, with connections to I-69, I-74, I-70, and I-65. Dining options are located within walking distance, and Fort Harrison State Park is less than a mile from the property. The site has previously operated as a horse stable and army barracks before its current multi-use configuration.
Key Highlights
- Approximately 25,000 SF of renovated multi‑tenant office/flex space
- Five available suites total roughly 13,848 SF of non‑common area
- Available suites can be leased individually or combined
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
$124,624
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
5.04%
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%
$2,492,480
$2.5M
Cap Rate 7%
$1,780,343
$1.8M
Cap Rate 9%
$1,384,711
$1.4M
Market Conditions
NOI Build-Up for 25,000 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
$195.0K $7.80/SF
− Vacancy
−$17.0K −$0.68/SF
EGI
$178.0K $7.12/SF
− OpEx
−$53.4K −$2.14/SF
NOI
$124.6K $4.98/SF
Area
Indianapolis, IN
Vacancy
8.70%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,492,480
Cap Rate 7%
$1,780,343
Cap Rate 9%
$1,384,711
Alternative Uses
Best Use
Office B
$4.72M
$4.13M – $5.50M
NOI $330,075 @ 7.0% cap · market cap 13.34%
Second Best
Flex RnD
$3.51M
$3.07M – $4.10M
NOI $245,700 @ 7.0% cap · market cap 9.93%
Theoretical Best
Office A
$6.22M
$5.45M – $7.26M
NOI $435,600 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46216, IN
2,343
Population
1,509
Households
1.6
Avg Household Size
47
Median Age
52%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
756
Density / Sq Mi
$56,838
Median Household Income
$44,399
Median Earnings
$1,282
Median Rent
$253,800
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial property offers divisible suites and shared parking near major Indianapolis routes.
Where is this flex space located?
The property is located at 9130 Otis Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Approximately 25,000 SF of renovated multi‑tenant office/flex space; Five available suites total roughly 13,848 SF of non‑common area; Available suites can be leased individually or combined
