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101-115 Washington St Indianapolis, IN 46204
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For Lease
$16 SF/Yr
27,516 SF Office Space Available
Lot size:
634,058 SF
Description
Added:
Dec 11, 2024
Days on Market:
408
This exceptional sublease opportunity presents 27,516 square feet of premium office space within the prestigious PNC Center, located in the heart of the CBD submarket. The space boasts a sophisticated layout, perfectly suited for a variety of business needs. Features include a welcoming reception area, multiple conference rooms, dedicated training rooms, collaborative huddle rooms, private offices, and expansive open work areas with workstations. Additional amenities include a well-equipped break room, a convenient workroom/copy/storage area, a coffee bar, and a copy/print area. A restroom with a shower adds to the convenience. The space showcases high-end finishes throughout, reflecting a commitment to quality and style. Tenants benefit from access to the newly renovated Nexus Tenant Lounge, offering various seating options, a kitchen, healthy vending (Farmer's Fridge), shoeshine services, lockers, dry cleaning pick-up, and an Amazon Drop Box. The PNC Center also provides a state-of-the-art conference facility with a lounge area, adaptable to accommodate meetings of any size, from boardroom settings to large training sessions or collaborative workspaces. The building's central location offers unparalleled connectivity to Circle Centre Mall, Lucas Oil Stadium, the Convention Center, and a vibrant array of 52 restaurants and 9 hotels. The building itself is a 16-story, 634,058 square foot single-tenant structure, built in 1977 and extensively renovated in 2022. The property is zoned CBD1, ensuring a prime location within the central business district.
Property Features for 101-115 Washington St
General Information
Property type
Office Properties & Spaces
Lease Type
Gross Lease
RSF (Rentable sq. ft)
634,058 SF
Total Rate
845410.67
Building Details
Year Built/Renovated
1977/2022
Buildings
1
Stories
16
Unit(s) available at that property
Space
Size
27,516 SF
Rate per SF
$16
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Listing Contact
Rich Forslund
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HighLights
±27,516 SF available for sublease in a single‑tenant space.
High‑end finishes throughout, including reception, conference rooms, training rooms, private offices, and open workstations.
Premium amenities include a new tenant lounge with kitchen, vending, lockers, and dry cleaning services.
Access to a large on‑site conference facility suitable for various meeting sizes.
Convenient location connected to Circle Centre Mall, Lucas Oil Stadium, and the Convention Center, with numerous nearby restaurants and hotels.
Office Property Space - 27,516 SF Office Space Available
Where is this office property space located?
The property is located at 101-115 Washington St Indianapolis, IN.
What is the lease rate?
The lease rate is $16 SF/Yr.
What are key features of this property?
This property features: ±27,516 SF available for sublease in a single-tenant space.; High-end finishes throughout, including reception, conference rooms, training rooms, private offices, and open workstations.; Premium amenities include a new tenant lounge with kitchen, vending, lockers, and dry cleaning services.
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101-115 Washington St Indianapolis, IN 46204
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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
101-115 Washington St Indianapolis, IN 46204
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101-115 Washington St, Indianapolis, IN
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101-115 Washington St, Indianapolis, IN
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Listing Contact
Rich Forslund
Real Estate License ID: IN RB14040892
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