211 Main StCarmel, IN 46032

Property Details for 211 Main St

Year built

2017

Construction

TYPE NOT SPECIFIED

Lot size

0.27 AC

Property size (Sq ft)

35,414 SF

Property type

Office properties

Property subtype

Other office properties

APN

29-09-25-161-004.001-018

APU

290925161004001018

Description

This exceptional investment opportunity presents a Class A, mixed-use property located at 211 W Main St, Carmel, IN 46032, in the heart of Hamilton County. The property, known as Monon & Main, is a four-story building totaling 34,406 square feet, offering a blend of creative office and storefront spaces. Built in 2018, the building boasts a 100% occupancy rate as of October 5, 2023, generating a substantial net operating income (NOI) of $1,000,000 and a compelling 7.14% cap rate. The asking price is $14,000,000, translating to $406.91 per square foot. This core investment presents significant potential for long-term growth, with the possibility of increasing cash flow through a market-to-market program. Situated in Carmel, Indiana, consistently ranked among the nation's best small cities, this property benefits from an extremely healthy submarket location within the Arts & Design District. The property's strong performance and prime location make it an attractive investment for both passive investors and owner-users seeking a high-quality asset in a thriving community. The building's mixed-use nature provides flexibility and diversification, catering to a variety of tenants. This is a rare opportunity to acquire a fully leased, high-performing asset in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $4,824,049

  6.5%

  $4,452,968

  7%

  $4,134,899

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,398,064

  Geo Method

  $4,398,064

• Alternative Use

  Use

  Valuation

  Residential

  $5,521,681

  Hospitality

  $5,057,830

  Educational

  $4,208,055

  Medical

  $4,352,776

  Retail

  $6,545,864

Location Insight

City

Carmel

County

Hamilton

State

Indiana

Latitude

39.9781

Longitude

-86.1306

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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