Residential Income Property with
New
For Sale
$279,900
9485 Bay Vista West, Indianapolis, IN 46250
Two-story condominium with two bedrooms, two full bathrooms, and a built-in garage.
Property Size2,056 SF
Price / SF$136.14
Days on Market3
Property Features for 9485 Bay Vista West
General Information
Standard status
Active
Size
2,056 SF
Property subtype
Commercial
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
built-in garage
Building Details
Year Built
1981
Stories
2
Listing Agency:
Bif Ward Real Estate Group
Listed By:
Bif Ward
(317) 580-7871
Source:
Bifward
Added: Sep 2
Last Checked: Sep 4 at 2:06AM
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 Bif Ward Real Estate Group
Investment Insights
Based on property information with market context.
Located at 9485 Bay Vista West in Indianapolis, this two-story condominium contains 2056 sq ft of living area and was built in 1981. The residence includes two dedicated bedrooms and two full bathrooms, with one bath featuring a double vanity and walk-in shower.
A built-in garage provides dedicated vehicle storage and direct convenience for occupants. The condominium’s layout offers separate bedroom space along with flexibility for private or work-from-home use. The property is identified as a residential income property and is situated in Indianapolis, IN 46250.
A built-in garage provides dedicated vehicle storage and direct convenience for occupants. The condominium’s layout offers separate bedroom space along with flexibility for private or work-from-home use. The property is identified as a residential income property and is situated in Indianapolis, IN 46250.
Key Highlights
- 2056 sq ft condominium built in 1981
- Two‑story layout with two dedicated bedrooms
- Two full bathrooms, including one with a double vanity and walk‑in shower
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
$18,869
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
6.74%
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%
$377,380
$377.4K
Cap Rate 7%
$269,557
$269.6K
Cap Rate 9%
$209,656
$209.7K
Market Conditions
NOI Build-Up for 2,056 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
$37.0K $18.00/SF
− Vacancy
−$2.7K −$1.31/SF
EGI
$34.3K $16.69/SF
− OpEx
−$15.4K −$7.51/SF
NOI
$18.9K $9.18/SF
Area
Indianapolis, IN
Vacancy
7.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$377,380
Cap Rate 7%
$269,557
Cap Rate 9%
$209,656
Alternative Uses
Best Use
Apartment 5plus
$269.6K
$235.9K – $314.5K
NOI $18,869 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$511.8K
$447.8K – $597.1K
NOI $35,824 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 46250, IN
19,156
Population
9,815
Households
2
Avg Household Size
35
Median Age
53%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
2,488
Density / Sq Mi
$69,591
Median Household Income
$45,696
Median Earnings
$1,293
Median Rent
$288,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story condominium with two bedrooms, two full bathrooms, and a built-in garage.
Where is this residential income property located?
The property is located at 9485 Bay Vista West Indianapolis, IN.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2056 sq ft condominium built in 1981; Two‑story layout with two dedicated bedrooms; Two full bathrooms, including one with a double vanity and walk‑in shower
