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    Mixed-Use Expansion Near Fishers District Title is generated by Realmo AI

    9229 Ikea Wy & Gritstone Dr, Fishers, IN

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    For Lease
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    Retail, restaurant, and entertainment spaces available in vibrant community.

    Type:RETAIL
    Property size:
    1,500 SF
    Lot size:
    10.95 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    179
    Last Refresh:
    Apr 5 at 9:16 pm

    Property Features for 9229 Ikea Wy & Gritstone Dr

    General Information

    Standard status
    Active
    Size
    1,500 SF
    Lot size
    10.95 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 9229 Ikea Wy & Gritstone Dr Contact us

    We can help!

    Listing Contact
    Ryan Menard
    Ryan Menard

    Listing agent Ryan Menard

    Listing office Thompson Thrift Retail Group

    Listing date Nov 24, 2025

    Source Moodyscre

    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 Thompson Thrift Retail Group

    HighLights

    • Located in The Union, a premier mixed‑use expansion of Fishers District.
    • Available lease spaces range from 1,200 to 3,200 SF.
    • Features a walkable and vibrant community setting with retail, restaurant, entertainment, hospitality, and residential options.
    • Excellent connectivity to I‑69 & 116th St, providing access to I‑465 and downtown Indianapolis.
    • Adjacent to IKEA and Fishers District.
    • Close proximity to numerous local and national retailers and restaurants.

    Overview

    Available for lease are retail spaces ranging from 1,200 to 3,200 square feet within The Union, a mixed-use expansion adjacent to Fishers District and IKEA. This development will feature approximately 60,000 square feet of retail, restaurant, and entertainment space, along with 251 luxury apartment homes, 135 AC Hotel rooms, and 70,000 square feet of Class A office space. The Union is designed as an expansion of Fishers District, located just south of it and adjacent to IKEA, and will offer new retail, restaurant, entertainment, hospitality, and residential options within a walkable and vibrant community setting. The design of The Union will complement the existing Fishers District design, creating a cohesive and lively atmosphere across the master-planned development. The location offers connectivity to I-69 and 116th Street, providing access to the I-465 loop and downtown Indianapolis. The property is near local and national retailers and restaurants, including 1933 Lounge, Topgolf, IKEA, Kinkaid’s Meat Market, LA Fitness, Lifetime Fitness, Portillo’s, Target, The Fresh Market, and Starbucks.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Fishers
    County
    Hancock
    State
    Indiana
    Longitude
    -85.9407
    Latitude
    39.9617

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    FAQs

    What type of property is this?
    Retail space - Retail, restaurant, and entertainment spaces available in vibrant community.
    Where is this retail space located?
    The property is located at 9229 Ikea Wy & Gritstone Dr Fishers, IN.
    What are key features of this property?
    This property features: Located in The Union, a premier mixed‑use expansion of Fishers District.; Available lease spaces range from 1,200 to 3,200 SF.; Features a walkable and vibrant community setting with retail, restaurant, entertainment, hospitality, and residential options.
    (317) 418-9687 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ryan Menard
    Ryan Menard
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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
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