Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1203 Indy Way Indianapolis, IN 46214

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Multi-tenant industrial/flex property with easy highway access.

    Property Features for 1203 Indy Way

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Keith Dedrick
    Keith Dedrick
    Source: Crexi

    Listing Agency: Corporate Commercial Group Listing Agent: Keith Dedrick

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Industrial/Flex Space Available For Lease

    The property at 1203 Indy Way/Place is a multi-tenant industrial/flex property comprising approximately 44,164 square feet. It is situated on a fully improved 1.93-acre site. The location provides convenient access to I-65, I-70, and I-74 via the western portion of the I-465 Indianapolis loop. This well-maintained property is suitable for a variety of users seeking quality industrial/flex space.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.3055584
    Latitude
    39.7815359

    Nearby Similar for Lease

    • $18 SF/Yr
      16,840 SF

      Multi-Tenant Flex Space Available

      Industrial/office/flex space in Lawrence Village near Fort Harrison.
      9130 Otis Ave, Indianapolis, IN 46216
      View Details
    • $2,750 /Mo
      1,708 SF

      Refurbished Commercial Space on Main Road

      Refurbished commercial space suitable for office, retail, or wellness businesses.
      7601 Michigan Rd, Indianapolis, IN 46268
      View Details
    • $3,500 /Mo
      27,500 SF

      Turnkey Restaurant Opportunity in Indianapolis

      Freestanding, fully equipped restaurant space for lease in Indianapolis.
      2105 N Mitthoefer Rd, Indianapolis, IN 46229
      View Details
    • $6,500 /Mo
      4,249 SF

      Indianapolis Office or Flex Space

      Prime office/flex space near I-465 and Small Claims Court.
      4521 Independence Sq, Indianapolis, IN 46203
      View Details
    • $3,500 /Mo
      7,220 SF

      Versatile Indianapolis Commercial Space Available

      Multiple spaces available for lease, suitable for office, retail, and more.
      1915 Southeastern Ave, Indianapolis, IN 46201
      View Details
    • $790 /Mo
      12,209 SF

      Indianapolis Office with Flexible Terms

      Office space with utilities included and flexible lease terms.
      6767 E Washington St, Indianapolis, IN 46219
      View Details
    • New
      $700 /Mo
      1,300 SF

      Private Office Space For Lease

      Office space for lease in Perry Township, Indianapolis.
      8001 S Meridian St, Indianapolis, IN 46217
      View Details
    • $925 /Mo
      51,420 SF

      Franklin Township Office Space Available

      Office space for lease in Franklin Township, Indianapolis.
      5128 E Stop 11 Rd, Indianapolis, IN 46237
      View Details
    • $2,600 /Mo
      1,100 SF

      Prime Retail Space Available

      High-visibility retail space in a busy Indianapolis plaza.
      2077 Emerson Ave, Indianapolis, IN 46218
      View Details
    • $3,000 /Mo
      500 SF

      Indianapolis Retail Auto Sales Lot

      Strategically located auto sales lot near Elanco development site.
      911 Oliver Ave, Indianapolis, IN 46221
      View Details
    • $4,500 /Mo
      10,800 SF

      Pendleton Pike Retail Space Available

      Versatile retail space in high-traffic area with flexible layout.
      7027 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • $5,385 /Mo
      51,420 SF

      Professional Office Space Near I-65

      3,800 SF office space near Franciscan Health and I-65.
      5136 E Stop 11 Rd, Indianapolis, IN 46237
      View Details

    FAQs

    What type of property is this?
    Flex space - Multi-tenant industrial/flex property with easy highway access.
    Where is this flex space located?
    The property is located at 1203 Indy Way Indianapolis, IN.
    What are key features of this property?
    This property features: - Multi-tenant industrial/flex property with +/- 44,164 square feet.; - Easy access to I-65, I-70, and I-74 via I-465.; - Situated on a fully improved 1.93-acre site.
    (317) 502-3622
    Request Owner's contact information
    1203 Indy Way Indianapolis, IN 46214
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1203 Indy Way
    Indianapolis, IN 46214
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1203 Indy Way Indianapolis, IN 46214
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Keith Dedrick
    Keith Dedrick
    Real Estate License ID: RB14029789
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!