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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1506 Illinois St Indianapolis, IN 46202

    • Parking lots & garages
    • 3,600 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2020
    Value Estimations
    $175,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1125653
    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

    • Parking lots & garages

    Property Details for 1506 Illinois St

    Year built
    1981
    Lot size
    0.08 lot acres
    Property size
    3,600 SF
    Property type
    Parking lots & garages
    APN
    49-06-35-246-200.000-101
    APU
    490635246200000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $175,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $235,000
      AUTO REPAIR, GARAGE
      $215,000
      OFFICE BUILDING
      $180,000
      MEDICAL BUILDING
      $145,000
      COMMERCIAL (GENERAL)
      $120,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1598
    Latitude
    39.7873
    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
    $0.00
    $39,600
    $2,200
    $41,800
    -
    $39,600
    $2,200
    $41,800

    Comparable in this City

    • Value Estimation
      $200,000
      0.11 Acres

      2178 Talbott St

      PARKING LOT • 0.11 Acres
      2178 Talbott St, Indianapolis, IN 46202
      View Details
    • Value Estimation
      $210,000
      0.07 Acres

      126 Dickson St

      PARKING LOT • 0.07 Acres
      126 Dickson St, Indianapolis, IN 46202-3817
      View Details
    • Value Estimation
      $225,000
      3,200 SF

      1310 Roosevelt Ave

      PARKING LOT • 3,200 SF
      1310 Roosevelt Ave, Indianapolis, IN 46202
      View Details
    • Value Estimation
      $175,000
      6,500 SF

      2101 Talbott St

      PARKING LOT • 6,500 SF
      2101 Talbott St, Indianapolis, IN 46202
      View Details
    • Value Estimation
      $175,000
      3,600 SF

      1510 Illinois St

      PARKING LOT • 3,600 SF
      1510 Illinois St, Indianapolis, IN 46202
      View Details
    • Value Estimation
      $190,000
      2,500 SF

      1600 Meridian St

      PARKING LOT • 2,500 SF
      1600 Meridian St, Indianapolis, IN 46202
      View Details

    Similar Nearby for Sale

    • $6,900,000
      84,000 SF

      Office Buildings and Parking Assets

      Two office buildings, parking garage, and lot near IU Health.
      1800-1812 N Meridian St, Indianapolis, IN 46202
      View Details
    • $6,900,000

      Two Office Buildings and Parking

      Two office buildings, parking garage, and parking lot for sale.
      1800 And 1812 N Meridian, Indianapolis, IN 46202
      View Details
    • $5,000,000

      Prime Indianapolis Storefront

      High-visibility retail space, excellent location.
      1101 16Th St, Indianapolis, IN 46202
      View Details
    • $916,000

      Retail Property For Sale

      Retail property available for purchase in Indianapolis, Indiana.
      2131 Central Ave, Indianapolis, IN 46202
      View Details
    • $2,500,000
      9,400 SF

      Versatile Building in Chatham Arch

      Two-story building in Indianapolis' thriving Chatham Arch neighborhood.
      517 E Walnut St, Indianapolis, IN 46202
      View Details
    • $495,000
      1,536 SF

      Prime Indy Restaurant Redevelopment

      1,536 SF Restaurant, Monon 16 District
      1132 16Th St, Indianapolis, IN 46202
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,200 SF

      Retail Space in Power Center

      Highly visible retail space in west Indianapolis with high traffic.
      7315-7457 W 10Th St, Indianapolis, IN 46202
      View Details
    • $27 SF/Yr
      4,205 SF

      The Avenue Retail Space

      Prime IUPUI Campus Retail Opportunity
      930 10Th 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
    • Contact for pricing
      1,495 SF

      Retail Space on Washington Street

      Retail space available for lease in Indianapolis, Indiana.
      1002 E Washington St, Indianapolis, IN 46202
      View Details
    • $30 SF/Yr
      1,536 SF

      Monon 16 Retail Redevelopment Opportunity

      Prime Monon Trail location, build-to-suit retail space.
      1132 16Th St, Indianapolis, IN 46202
      View Details
    • $25 SF/Yr
      20,650 SF

      Tinker Building: Indy Office Space

      Historic Indy Office, 6,752 SF Available
      1101 16Th 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.
    1506 Illinois 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.