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    10303 Illinois St Indianapolis, IN 46290
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    10303 Illinois St Indianapolis, IN 46290

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    Property Details for 10303 Illinois St

    Property type
    Land
    Property subtype
    Industrial properties

    Description

    This exceptional 7-acre paved lot presents a unique investment opportunity in Indianapolis's thriving Carmel submarket. Strategically located at the highly trafficked intersection of Illinois Street and West 103rd Street, near the I-465 and Meridian interchange, this property offers unparalleled visibility and accessibility. Its versatile zoning (Commercial) allows for a variety of uses, including vehicle/truck/boat parking or sales, industrial outdoor storage, recreational or fitness facilities, event spaces, or retail pad sites along Illinois Street. The site's expansive paved surface is ready for immediate development. In addition to the substantial paved lot, the property also includes well-appointed indoor storage, showroom, and office space on upper floors. A ground lease option is available for those interested in developing retail or medical pad buildings. This prime location at the gateway to Indianapolis's premier northern suburbs ensures high traffic volume and strong potential for return on investment. The property is situated in Hamilton County, Indiana, with a zip code of 46290. The address is 10303 Illinois St, Indianapolis, IN.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1605
    Latitude
    39.9377

    Comparable in this City

    • Value Estimation by Request
      1.35 Acres

      Illinois St

      VACANT COMMERCIAL LAND • 1.35 Acres
      Illinois St, Carmel, IN 46290
      View Details
    • Value Estimation
      $1,435,000
      1.57 Acres

      10202 Meridian St

      VACANT COMMERCIAL LAND • 15,027 SF
      10202 Meridian St, Carmel, IN 46290-1022
      View Details
    • Value Estimation by Request
      0.60 Acres

      10001 Spg Ml Rd

      VACANT COMMERCIAL LAND • 0.60 Acres
      10001 Spg Ml Rd, Carmel, IN 46290-1037
      View Details
    • Value Estimation by Request
      1.13 Acres

      Superior St

      VACANT COMMERCIAL LAND • 1.13 Acres
      Superior St, Carmel, IN 46290
      View Details
    • Value Estimation
      $670,000
      5.70 Acres

      220 106th St

      VACANT COMMERCIAL LAND • 4,088 SF
      220 106th St, Carmel, IN 46290-1006
      View Details
    • Value Estimation
      $590,000
      12.57 Acres

      10580 Meridian St

      COMMERCIAL (GENERAL) • 12.57 Acres
      10580 Meridian St, Carmel, IN 46290-1028
      View Details

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    Similar Nearby for Lease

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      Renovated Retail and Office Space

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    Indianapolis, IN 46290
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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.

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