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

    1717 Prospect St Indianapolis, IN 46203

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3170647
    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

    • Commercial real estate

    Property Details for 1717 Prospect St

    Property type
    Commercial real estate

    Description

    This exceptional 1,400,000 USD property located at 1717 Prospect St, Indianapolis, IN 46203, presents a rare development opportunity in the vibrant Fountain Square neighborhood. The land is zoned D8, permitting both commercial and residential uses. Currently, the property is ready for townhouse development, with existing plans available for 17 condo/townhome style units. These plans, included in the sale, project a price point between 500,000 USD and 700,000 USD per unit. Alternatively, buyers are free to design their own development project, tailoring it to their specific vision. The property's location in Marion County offers excellent access to amenities and transportation. No showings are required; prospective buyers are encouraged to visit the site independently to assess its potential. This is a unique chance to capitalize on the growing demand for housing in this desirable Indianapolis neighborhood. The latitude and longitude coordinates are 39.75240745324262, -86.13008882407306 respectively.

    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
    -86.130088824073
    Latitude
    39.752407453243

    Comparable in this City

    • $400,000
      23.00 Acres

      Prime 23-Acre Indianapolis Land

      Residential land, wooded acreage, city proximity.
      1820 Arlington Ave, Indianapolis, IN 46203
      View Details
    • $899,999
      5.79 Acres

      Hanna Ave Industrial Land Opportunity

      5.79 Acres, I-2 Zoning, High Potential
      6401 Hanna Ave, Indianapolis, IN 46203
      View Details
    • $419,000

      Renovated Mixed-Use Property Near Garfield Park

      Turnkey investment property with residential and commercial possibilities.
      2329 Shelby St, Indianapolis, IN 46203
      View Details
    • $500,000
      0.09 Acres

      Renovated Triplex with Studio Apartment

      Completely renovated triplex with a studio apartment in Indianapolis.
      2018 Prospect St, Indianapolis, IN 46203
      View Details
    • $445,000
      0.12 Acres

      Indianapolis Triplex with Rental Income

      Move-in ready triplex in Garfield Park, ideal for rental income.
      2455 Shelby St, Indianapolis, IN 46203
      View Details
    • $649,900
      0.16 Acres

      Remodeled Duplex in Fountain Square

      Move-in ready duplex near downtown Indianapolis with dedicated garage spaces.
      1622-1624 Prospect St, Indianapolis, IN 46203
      View Details

    Similar Nearby for Sale

    • $400,000
      23.00 Acres

      Prime 23-Acre Indianapolis Land

      Residential land, wooded acreage, city proximity.
      1820 Arlington Ave, Indianapolis, IN 46203
      View Details
    • $899,999
      5.79 Acres

      Hanna Ave Industrial Land Opportunity

      5.79 Acres, I-2 Zoning, High Potential
      6401 Hanna Ave, Indianapolis, IN 46203
      View Details
    • $419,000

      Renovated Mixed-Use Property Near Garfield Park

      Turnkey investment property with residential and commercial possibilities.
      2329 Shelby St, Indianapolis, IN 46203
      View Details
    • $500,000
      0.09 Acres

      Renovated Triplex with Studio Apartment

      Completely renovated triplex with a studio apartment in Indianapolis.
      2018 Prospect St, Indianapolis, IN 46203
      View Details
    • $445,000
      0.12 Acres

      Indianapolis Triplex with Rental Income

      Move-in ready triplex in Garfield Park, ideal for rental income.
      2455 Shelby St, Indianapolis, IN 46203
      View Details
    • $649,900
      0.16 Acres

      Remodeled Duplex in Fountain Square

      Move-in ready duplex near downtown Indianapolis with dedicated garage spaces.
      1622-1624 Prospect St, Indianapolis, IN 46203
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      1.07 Acre Redevelopment Parcel

      1.07 acre parcel for lease and redevelopment.
      2550 N Emerson Ave, Indianapolis, IN 46203
      View Details
    • $15,000 /Mo
      4,242 SF

      Indianapolis Industrial Space on Large Lot

      Versatile industrial space on 13.76 acres near I-465 and I-70.
      1000 S Arlington Ave, Indianapolis, IN 46203
      View Details
    • $2,380 /Mo
      360 SF

      Fountain Square Retail/Office Space

      Retail or office space in the heart of Fountain Square.
      1135 Shelby St, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      5,580 SF

      Prospect St. Executive Suites

      Indianapolis Retail & Office Space. Prime Location.
      1441 Prospect St, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      1,300 SF

      Retail Space Near Kroger Marketplace

      Retail space available near major retailers with high traffic.
      4911-4983 S Emerson Ave, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      754 SF

      Retail Space in Fountain Square

      Retail space in a popular cultural district with high foot traffic.
      1218 Prospect St, Indianapolis, IN 46203
      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.
    1717 Prospect St
    Indianapolis, IN 46203
    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.