Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    128 Delaware St Indianapolis, IN 46204
    Back to Search
    Property profile & analytics

    128 Delaware St, Indianapolis, IN 46204

    View on Map
    • Office Spaces
    • 9,607 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Young and Young / Law Firm
    • John P. Young - Young and Young Personal Injury Attorneys / Law Firm
    • James H. Young - Young and Young Personal Injury Attorneys / Law Firm
    • Frederick W. Crow / Law Firm
    • Mauricio's Pizzeria LC / Restaurant

    Property Details for 128 Delaware St

    Year built
    1918
    Property type
    Office Spaces

    Description

    This exceptional 3,633-square-foot executive office suite, located at 128 N Delaware Street in Indianapolis, Indiana, presents a unique opportunity. Situated in a three-story, 9,607-square-foot building constructed in 1918, this single-tenant space boasts the historic charm of exposed brick throughout. The building is classified as Class C and features an elevator. The suite is part of a small building with only three total suites, offering a sense of exclusivity and privacy. The property sits on a 0.09-acre lot in the heart of downtown Indianapolis, within Marion County. Its prime location offers unparalleled convenience, with easy walking access to City Market, the City County Building, Monument Circle, Bankers Life Fieldhouse, and Circle Centre Mall. A wealth of nearby hotels and restaurants cater to both business and personal needs. Numerous parking options are readily available in the surrounding area, and the property benefits from its proximity to the IndyGo bus line, enhancing accessibility for employees and clients. This is an exceptional opportunity to secure a prestigious office space in a vibrant and highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1547
    Latitude
    39.769

    Comparable in this City

    • Value Estimation by Request
      12,531 SF

      12 Delaware St

      Retail properties & Spaces
      12 Delaware St, Indianapolis, IN 46204
      View Details
    • Value Estimation by Request
      634,058 SF

      101-115 Washington St

      Office Spaces
      101-115 Washington St, Indianapolis, IN 46204
      View Details
    • Value Estimation
      $3,540,000
      39,203 SF

      111 Monument Cir

      OFFICE (GENERAL)
      111 Monument Cir, Indianapolis, IN 46204-5100
      View Details
    • Value Estimation
      $6,120,000
      69,630 SF

      1 Monument Cir

      OFFICE (GENERAL)
      1 Monument Cir, Indianapolis, IN 46204-2901
      View Details
    • Value Estimation
      $6,975,000
      79,989 SF

      433 Capitol Ave

      OFFICE (GENERAL)
      433 Capitol Ave, Indianapolis, IN 46204-1234
      View Details
    • Value Estimation
      $935,000
      10,200 SF

      145 St

      OFFICE (GENERAL)
      145 St, Indianapolis, IN 46204-2626
      View Details

    Similar Nearby for Sale

    • $1,700,000
      10,000 SF

      Prime Indy CBD Office Building

      10,000 SF Office, $170/SF, 4-Story
      152 Washington St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      61,248 SF

      Office Space in Indianapolis

      56,400 SF office space available for rent.
      222 E Ohio St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      31,187 SF

      Historic Office Building with Fitness Center

      Renovated, LEED GOLD certified office building with on-site fitness center.
      241 N Pennsylvania St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      116,504 SF

      Downtown Indianapolis Office Building For Sale

      116,504 SF office building in downtown Indianapolis.
      150 W Market St, Indianapolis, IN 46204
      View Details
    • Contact for pricing

      Monument Circle Mixed-Use Trophy Asset

      Premier mixed-use office and retail asset on Monument Circle.
      40 Monument Cir, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      8,130 SF

      Indianapolis Office Building For Sale

      8,130 SF office building available for sale or lease.
      619 N Pennsylvania St, Indianapolis, IN 46204
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      634,058 SF

      PNC Center Sublease Opportunity

      27,516 SF Office Space Available
      101-115 Washington St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      179,100 SF

      Indianapolis Office Space Available

      179,100 sqft office space for rent in Indianapolis.
      1099 N Meridian St, Indianapolis, IN 46204
      View Details
    • Sponsored
      Contact for pricing

      IN, Indianapolis - Massachusetts Ave

      Workspaces, services and support to help you grow your business in IN, Indianapolis - Massachusetts Ave
      863 Massachusetts Ave, Indianapolis, IN 46204
      View Details
    • $18 SF/Yr
      5,547 SF

      Indianapolis Office Space For Lease

      Up to 5,547± SF office space available for lease.
      602 N Capitol Ave, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      22,064 SF

      Class A Office Space Available

      Divisible Class A office space for lease in Indianapolis.
      36 S Pennsylvania St, Indianapolis, IN 46204
      View Details
    • $16 SF/Yr
      67,000 SF

      Downtown Indy Office Space

      Historic Indy Office Building, Flexible Suites
      22 Washington St, Indianapolis, IN 46204
      View Details
    Request Owner's contact information
    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.
    128 Delaware St
    Indianapolis, IN 46204
    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
    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

    Thank You for Inquiry
    128 Delaware St, Indianapolis, IN, 46204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!