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Property profile & analytics
OFF-MARKET
Estimated value
$555,000
Turn key restaurants
10220 Washington St, Indianapolis, IN 46229-2628
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US31-3523804
Property summary
AI-generated overview
This exceptional retail opportunity presents two available spaces totaling 3,000 to 4,185 square feet within the newly redeveloped Washington Square Outlots in Indianapolis, Indiana. Located at 10220 E Washington St, zip code 46229, this property offers high visibility and accessibility at a signalized entrance to the Washington Square Mall, anchored by a Target and AMC Theatre. The 13,835 square foot development provides flexible leasing options to suit a variety of businesses. Potential tenants could include small shop endcaps, endcaps with drive-thru capabilities, medical offices, free-standing quick-service restaurants (QSRs), casual dining restaurants, car washes, or automotive-related businesses. The property is situated in Marion County and offers ground lease or build-to-suit options. Early 2023 delivery is anticipated. This is an ideal location for businesses seeking high traffic and strong brand visibility in a thriving retail environment. The available space ranges from 3,000 to 4,185 square feet, with a total of 3,000 square feet currently vacant. This prime location offers significant potential for growth and success. Contact us today to learn more about this exciting opportunity.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1999
Construction
WOOD
Total area
10,205 SF
Lot
1.92 ac (83,635 SF)
APN
49-09-04-123-001.000-700
UPID
US31-3523804
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$555k
Owner & transaction history
Indy Ws40 LLC · 4 yrs held
Indy Ws40 LLC
since 2022
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$54 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$40,264
Tax year 2023
Assessed value
$1,401,700
Assessed 2023
Previous assessed
$1,401,700
+0.0% YoY
Effective rate
2.87%
On assessed value
Assessed land
$620,000
Assessed improvement
$781,700
Land market value
$620,000
Improvement market value
$781,700
Total market value
$1,401,700
Applied tax rate
700.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1999
Construction
WOOD
Heating
NONE
Stories
1
Total area
10,205 SF
Lot
1.92 ac (83,635 SF)
APN
49-09-04-123-001.000-700
UPID
US31-3523804
Jurisdiction
MARION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1999
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.92 ac
Current owner
From public records · entity-resolved
Indy Ws40 LLC
Entity
Mailing address
3000 DUNDEE RD STE #408, NORTHBROOK, IL 60062-2436
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 7, 2022
—
Indy Ws40 LLC
Hillsboro Sun West LLC
Special Warranty Deed
$6,647,800 · Radar Capital Partners LLC
May 21, 2015
—
Hillsboro Sun West LLC
Store Master Funding II LLC
Special Warranty Deed
$1,600,000 · Bank Of The Cascades
Mar 26, 2013
—
Cpb Foods LLC
—
Deed Of Trust
related
$6,000,000 · Wells Fargo Bank
Jan 30, 2013
—
Store Master Funding II LLC
Corral Group LP
Grant Deed
related
$2,420,000 · Citibank NA
Jul 21, 2005
—
Corral Group
C & M Steaks INC
Warranty Deed
—
—
—
Corral Group LP
—
Deed Of Trust
related
$28,582,952 · Sovereign Bank
—
—
Corral Group
—
Deed Of Trust
related
$9,000,000 · Sovereign Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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