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    Property profile & analytics

    11 Municipal Dr Fishers, IN 46038

    • Office Properties & Spaces
    • 50,112 SF
    • 1.89 lot acres
    For Lease
    View listing
    $33 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3201880
    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.

    Current Use by Public Records

    • Edify Labs Inc / (Bike/Boat/Book/etc) Store / Corporate Office
    • Therapeutic Hands Wellness Studio LLC / Alternative Medicine Practice / Spa & Massage Center
    • Honor Yoga Fishers / Gym & Fitness Center
    • Office Pride Commercial Cleaning Services of Fishers-Zionsville / Commercial Cleaning Service / Janitorial Service
    • Office Evolution - Fishers, IN / Coworking & Hybrid Office

    Property Details for 11 Municipal Dr

    Year built
    2019
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.89 lot acres
    Property size
    50,112 SF
    Property type
    Office Properties & Spaces
    APN
    29-10-36-402-017.009-006
    APU
    291036402017009006

    Description

    This exceptional 11,945-square-foot office space at 11 Municipal Drive in Fishers, Indiana, 46038, offers a unique blend of modern design and convenient location. The property features a high-end, progressive design incorporating strong glass lines and high-quality materials. Its efficient layout and floor plates maximize usability. Situated in a desirable infill location, the building benefits from a walkable amenity base, including retail shops, residential areas, public parks, and the Fishers Municipal Complex. Excellent access to all parts of Indianapolis is ensured via easy access to I-69 and I-465. This property boasts a prestigious Fishers address, just steps from City Hall. The building is part of one of the few "new urbanism" project areas in the city and state, offering a unique and sought-after environment. Limited land availability creates a high barrier to entry for new office development in this area. The location is also adjacent to controlled surface parking with additional parking options available. The entire top floor is available for lease, and existing furniture is available for a seamless "plug and play" setup. This property is ideally situated near executive and millennial housing, making it an attractive option for businesses seeking a vibrant and convenient location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,770,000
      6.5%
      $9,940,000
      7%
      $9,230,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $12,239,000
      Market price range: $3.03M - $14.0M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $16,475,000
      Current use
      RETAIL STORES
      $16,635,000
      Change: +1% Conversion: Easy
      AUTO REPAIR, GARAGE
      $14,485,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fishers
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.0164
    Latitude
    39.9611
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $41,676
    $1,890,000
    $6,214,400
    $8,104,400
    -
    $1,890,000
    $6,214,400
    $8,104,400

    Comparable in this City

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    • Value Estimation by Request
      40.34 Acres

      11550 131st St

      OFFICE (GENERAL) • 40.34 Acres
      11550 131st St, Fishers, IN 46038-6618
      View Details
    • Value Estimation
      $2,660,000
      12,697 SF

      11902 Lakeside Dr

      OFFICE (GENERAL) • 12,697 SF
      11902 Lakeside Dr, Fishers, IN 46038-1308
      View Details
    • Value Estimation
      $6,960,000
      27,409 SF

      12756 Promise Rd

      OFFICE (GENERAL) • 27,409 SF
      12756 Promise Rd, Fishers, IN 46038-9606
      View Details
    • Value Estimation
      $2,990,000
      11,674 SF

      7348 Riv Gln Dr

      OFFICE (GENERAL) • 11,674 SF
      7348 Riv Gln Dr, Fishers, IN 46038-2744
      View Details
    • Value Estimation
      $2,260,000
      8,930 SF

      12933 Frd Dr

      OFFICE (GENERAL) • 8,930 SF
      12933 Frd Dr, Fishers, IN 46038-2899
      View Details

    Similar Nearby for Sale

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      Prime Fishers location, 7,710 SF office suite, excellent investment.
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      Residential lots in a tranquil custom neighborhood with mature trees.
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    Similar Nearby for Lease

    • $33 SF/Yr
      11,945 SF

      Fishers Office Space: 11,945 SF

      Prime Fishers office, single tenant, 11,945 sq ft.
      11 Municipal Dr, Fishers, IN 46038
      View Details
    • $34 SF/Yr
      15,000 SF

      District South Retail Space

      Prime Fishers location, flexible suites.
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      View Details
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      764 SF

      Turnkey Medical Office Suite

      764 RSF medical office suite in Fishers, Indiana.
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      Flexible Space in Nickel Plate

      Open-concept space in amenity-rich Nickel Plate District.
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      Medical Office Space Available

      Medical office spaces for lease in Fishers, Indiana.
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      Fishers Office Space: Prime Location

      Modern office space, flexible layouts, ample parking.
      9084 Technology Dr, Fishers, IN 46038
      View Details
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    11 Municipal Dr
    Fishers, IN 46038
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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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