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

    135 Spg St Indianapolis, IN 46202

    • Warehouses
    • 28,336 SF
    • 1.69 lot acres
    OFF-MARKET
    Value Estimations
    $1,430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0648031
    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

    • Warehouses

    Property Details for 135 Spg St

    Year built
    1958
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.69 lot acres
    Property size
    28,336 SF
    Zone code
    ZO01
    Property type
    Warehouses
    APN
    49-11-01-122-004.000-101
    APU
    491101122004000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,624,000
      Market price range: $634k - $1.80M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,150,000
      Current use
      AUTO REPAIR, GARAGE
      $2,255,000
      Change: +97% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,125,000
      Change: +85% Conversion: Difficult
      RETAIL STORES
      $2,120,000
      Change: +84% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,770,000
      Change: +54% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1446
    Latitude
    39.7691
    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
    $26,315
    $646,300
    $302,400
    $948,700
    -
    $646,300
    $302,400
    $948,700

    Comparable in this City

    • Value Estimation by Request
      0.19 Acres

      468 16th Pl

      WAREHOUSE, STORAGE • 0.19 Acres
      468 16th Pl, Indianapolis, IN 46202
      View Details
    • Value Estimation
      $4,240,000
      84,308 SF

      711 Washington St

      WAREHOUSE, STORAGE • 84,308 SF
      711 Washington St, Indianapolis, IN 46202-3915
      View Details
    • Value Estimation
      $1,850,000
      27,937 SF

      25 Mclean Pl

      MINI-WAREHOUSE, STORAGE • 27,937 SF
      25 Mclean Pl, Indianapolis, IN 46202-1322
      View Details
    • Value Estimation by Request
      11,100 SF

      1100 Senate Ave

      WAREHOUSE, STORAGE • 11,100 SF
      1100 Senate Ave, Indianapolis, IN 46202
      View Details
    • Value Estimation by Request
      660 SF

      2073 Dr Andrew J Brown Ave

      STORAGE YARD, OPEN STORAGE • 660 SF
      2073 Dr Andrew J Brown Ave, Indianapolis, IN 46202-1932
      View Details
    • Value Estimation
      $595,000
      34,835 SF

      450 16th Pl

      WAREHOUSE, STORAGE • 34,835 SF
      450 16th Pl, Indianapolis, IN 46202-1167
      View Details

    Similar Nearby for Sale

    • $1,895,000
      15,900 SF

      Warehouse Space Near 16 Tech

      15,900 SF warehouse adjacent to the 16 Tech District.
      1175 W 16Th St, Indianapolis, IN 46202
      View Details
    • $2,200,000
      35,900 SF

      Cocoa Warehouse with Yard

      Industrial Space, 1,132 sq ft, Great Location
      2000 Doctor M.l.k. Jr St, Indianapolis, IN 46202
      View Details
    • $1,895,000
      15,900 SF

      16th Street Flex Space Redevelopment

      15,900 SF Industrial Flex Space, $1.895M
      1175 16Th St, Indianapolis, IN 46202
      View Details
    • $1,221,000
      8,140 SF

      Renovated Flex Space with Variance

      8,140 SF flex space renovated in 2021 on 0.36 acres.
      1718 W 15Th St, Indianapolis, IN 46202
      View Details
    • $2,200,000

      Industrial Lot with Three Buildings

      Large industrial lot with three buildings, suitable for industrial or commercial.
      2000 Dr Martin Luther King Jr St, Indianapolis, IN 46202
      View Details
    • $889,000

      Freestanding Commercial Building Near I-65

      Renovated commercial building with C-5 zoning and proximity to I-65.
      1722 W 16Th St, Indianapolis, IN 46202
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,400 SF

      Office Building with Warehouse Space

      Office building with warehouse, high-end finishes, and on-site parking.
      220 N Davidson St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      67,200 SF

      Indianapolis Warehouse Space Available

      67,200 SF warehouse space for lease in Indianapolis.
      1255 Roosevelt Ave, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      60,000 SF

      Industrial Warehouse Space Available

      60000 SF warehouse space for rent in Indianapolis.
      1256 Roosevelt Ave, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      17,520 SF

      Industrial Space with Secured Parking

      Divisible industrial building with highway access and secured parking.
      1774-1814 W 16Th St, Indianapolis, IN 46202
      View Details
    • $7 SF/Yr
      7,140 SF

      Indianapolis Flex Space - 7140 SF

      7,140 SF Flex Building, Great Power
      912 21St St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      4,733 SF

      Iconic Lockerbie Square Retail Space

      Prime Indianapolis retail, 4,733 SF, 40 parking spaces.
      631 Michigan St, Indianapolis, IN 46202
      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.
    135 Spg St
    Indianapolis, IN 46202
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.