1828 Central Ave Indianapolis, IN 46202

Property Details for 1828 Central Ave

Year built

1920

Construction

WOOD

Lot size

0.26 lot acres

Property size

10,490 SF

Zone code

ZO01

Property type

Office Properties & Spaces

APN

49-06-36-158-240.000-101

APU

490636158240000101

Description

This exceptional mixed-use investment opportunity presents a 7,918-square-foot creative office building located at 1828 Central Avenue in Indianapolis, Indiana. The property, built in 1999 and extensively renovated in 2020, boasts a Class B designation and features a desirable C3 zoning. Currently occupied by a credit-rated tenant under a modified gross lease, the property offers a stable income stream with a 6.80% cap rate and a pro-forma cap rate of 7.56%. The existing lease, commencing June 1, 2023, and expiring June 29, 2029, has five years remaining, with a built-in 4% annual rent increase. The 100% occupancy provides a current NOI of $170,000, projected to increase to $189,000. The property includes 15 parking spaces and sits on a 0.26-acre lot. The open floor plan with exposed brick walls offers significant flexibility for future use. The strong tenant and lease terms, combined with the prime location in a redeveloping area of Indianapolis, make this a compelling investment opportunity. The property's location offers heavy daytime traffic and benefits from the recent revitalization of the surrounding neighborhood. The lease includes a renewal option, providing long-term stability and potential for future upside. This is a rare chance to acquire a well-maintained, income-producing asset in a rapidly growing market.

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Longitude

-86.1499

Latitude

39.7918

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments