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    10609 Park Ave Indianapolis, IN 46280

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    Property profile & analytics

    10609 Park Ave Indianapolis, IN 46280

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    • Office Units
    • 4,000 SF
    Off-Market
    Property ID
    US31-0114446
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Units

    Property Details for 10609 Park Ave

    Property size
    4,000 SF
    Property type
    Office Units

    Description

    This exceptional 4,000-square-foot creative office building is ideally situated in the vibrant Carmel Meridian Street Corridor, boasting a prime location at 10609 Park Avenue, Carmel, Indiana, 46280. The property offers a single-tenant occupancy opportunity, perfect for a company seeking a unique and inspiring workspace. The building's total square footage is 4,000 square feet, all of which is currently vacant and ready for immediate occupancy. Ample parking is available with 17 spaces provided for tenants and their guests. The building's classification as a "Creative Office" suggests a flexible and adaptable layout, potentially suited to a variety of businesses. Located in Hamilton County, Indiana, this property benefits from the area's strong infrastructure and thriving business community. The address is easily accessible, offering convenient access to major roadways and amenities. This is a rare opportunity to secure a substantial, move-in ready office space in a highly desirable location. The building's size and parking capacity make it suitable for a range of businesses, from small startups to established companies. Interested parties are encouraged to inquire further to explore the possibilities this property presents.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1480691
    Latitude
    39.9422354

    Comparable in this City

    • Contact for pricing

      Class A Office Park Location

      Class A office park with high visibility and ample parking.
      301 Pennsylvania Pkwy, Indianapolis, IN 46280
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      11,812 SF

      Class A Office Park Space

      Class A office park with high visibility and modern amenities.
      501 Pennsylvania Pkwy, Indianapolis, IN 46280
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      4,577 SF

      Class A Office Park

      Class A office park with high visibility and ample parking.
      301 Pennsylvania Pkwy, Indianapolis, IN 46280
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      3,000 SF

      Retail Space on Lakeshore Drive

      7,500 SF retail space with high traffic exposure.
      9700 Lake Shore Dr E, Indianapolis, IN 46280
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    • Contact for pricing

      Retail Space with Prominent Signage

      Retail space with excellent visibility and prominent street signage.
      10567 N College Ave, Indianapolis, IN 46280
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    • $18 SF/Yr

      Retail Space on College Avenue

      Retail space with high visibility and street signage opportunities.
      10567 North College Ave, Carmel, IN 46280
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Class A Office Park Location

      Class A office park with high visibility and ample parking.
      301 Pennsylvania Pkwy, Indianapolis, IN 46280
      View Details
    • Contact for pricing
      11,812 SF

      Class A Office Park Space

      Class A office park with high visibility and modern amenities.
      501 Pennsylvania Pkwy, Indianapolis, IN 46280
      View Details
    • Contact for pricing
      4,577 SF

      Class A Office Park

      Class A office park with high visibility and ample parking.
      301 Pennsylvania Pkwy, Indianapolis, IN 46280
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space on Lakeshore Drive

      7,500 SF retail space with high traffic exposure.
      9700 Lake Shore Dr E, Indianapolis, IN 46280
      View Details
    • Contact for pricing

      Retail Space with Prominent Signage

      Retail space with excellent visibility and prominent street signage.
      10567 N College Ave, Indianapolis, IN 46280
      View Details
    • $18 SF/Yr

      Retail Space on College Avenue

      Retail space with high visibility and street signage opportunities.
      10567 North College Ave, Carmel, IN 46280
      View Details
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    10609 Park Ave
    Indianapolis, IN 46280
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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.

    More about this property
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