Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    123 Michigan St Indianapolis, IN 46204

    • Parking lots & garages
    • 3,550 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    May 29, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3499816
    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

    • 123 E Michigan St Parking / Parking Lot & Garage

    Property Details for 123 Michigan St

    Year built
    1980
    Lot size
    0.08 lot acres
    Property size
    3,550 SF
    Zone code
    ZO01
    Property type
    Parking lots & garages
    APN
    49-11-01-137-004.000-101
    APU
    491101137004000101

    Description

    This exceptional 0.08-acre commercial land parcel, located at 123 E Michigan St in Indianapolis, Indiana (zip code 46204), presents a lucrative investment opportunity. Zoned CBD3, this property boasts 24 parking spaces and offers unparalleled flexibility. Currently without existing contracts, the site allows for immediate implementation of customized parking arrangements, catering to monthly rentals, short-term needs, or special event parking. The possibilities are vast, allowing for the creation of a highly profitable venture. Its prime downtown location provides exceptional accessibility to key Indianapolis attractions. Just three blocks from Mass Ave, Old National Centre, and The Rathskeller, and four blocks from Monument Circle, this property benefits from high foot and vehicle traffic. The asking price for this exceptional investment is $650,000. This is a rare chance to acquire a highly desirable, centrally located parking lot in a thriving urban environment. The property's potential for significant return on investment is undeniable.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.155
    Latitude
    39.7738
    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
    $5,478
    $195,200
    $2,300
    $197,500
    -
    $195,200
    $2,300
    $197,500

    Comparable in this City

    • Value Estimation
      $1,105,000
      46,061 SF

      231 Pennsylvania St

      PARKING GARAGE, PARKING STRUCTURE • 46,061 SF
      231 Pennsylvania St, Indianapolis, IN 46204-2183
      View Details
    • Value Estimation
      $1,015,000
      51,196 SF

      20 Pennsylvania St

      PARKING GARAGE, PARKING STRUCTURE • 51,196 SF
      20 Pennsylvania St, Indianapolis, IN 46204-3103
      View Details
    • Value Estimation
      $745,000
      46,050 SF

      301 New York St

      PARKING GARAGE, PARKING STRUCTURE • 46,050 SF
      301 New York St, Indianapolis, IN 46204-2116
      View Details
    • Value Estimation by Request
      19,700 SF

      330 Meridian St

      PARKING LOT • 19,700 SF
      330 Meridian St, Indianapolis, IN 46204-1709
      View Details
    • Value Estimation
      $7,495,000
      385,761 SF

      120 Virginia Ave

      PARKING GARAGE, PARKING STRUCTURE • 385,761 SF
      120 Virginia Ave, Indianapolis, IN 46204
      View Details
    • Value Estimation
      $3,065,000
      157,760 SF

      225 Washington St

      PARKING GARAGE, PARKING STRUCTURE • 157,760 SF
      225 Washington St, Indianapolis, IN 46204-3435
      View Details

    Similar Nearby for Sale

    • $3,000,000

      Downtown Parking Lot For Sale

      Downtown Indianapolis parking lot available for purchase.
      408 Delaware St, Indianapolis, IN 46204
      View Details
    • $3,100,000
      14,038 SF

      Two-Story Building on Meridian Street

      Two-story building with drive-through and development opportunity.
      930-940 N Meridian St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      10,944 SF

      Downtown Restaurant/Retail Opportunity

      Two-story restaurant/retail building near Lucas Oil Stadium.
      42 W South St, Indianapolis, IN 46204
      View Details
    • $13,000,000
      182,588 SF

      Retail Property For Sale

      Retail property available for purchase in Indianapolis, Indiana.
      3700 South St East, Indianapolis, IN 46204
      View Details
    • $1,450,000
      12,531 SF

      Downtown Indy Office Building Investment

      Historic CBD Office, Retail Opportunity
      12 Delaware St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      4,068 SF

      Retail and Residential Income Property

      Retail space with residential income potential near downtown Indianapolis.
      612 N Delaware St, Indianapolis, IN 46204
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1 SF

      Indianapolis Ghost Kitchen for Lease

      250 sq ft Commercial Kitchen - Prime Location
      1021 Pennsylvania St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      8,063 SF

      Downtown Indy Office Space

      Prime Mass Ave location, 2750 sq ft available
      323 Delaware St, Indianapolis, IN 46204
      View Details
    • $25 SF/Yr
      440,000 SF

      The Stutz: Indy's Creative Hub

      Iconic Indianapolis Office & Retail Space
      1060 Capitol Ave, Indianapolis, IN 46204
      View Details
    • $11 SF/Yr
      22,440 SF

      Downtown Indy Commercial Space

      Prime location, flexible spaces, immediate occupancy.
      140 Washington St, Indianapolis, IN 46204
      View Details
    • $26 SF/Yr
      2,970 SF

      Prime Downtown Retail/Office Space

      Street-level space in Penn Street Tower, downtown Indianapolis.
      115 N Pennsylvania St, Indianapolis, IN 46204
      View Details
    • Contact for pricing
      3,126 SF

      Retail Space in Downtown Indianapolis

      First floor retail space near Mass Ave and Bottleworks District.
      428 N East 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.
    123 Michigan 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

    Google sign-in failed. Please try again or use another login method.