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

    1915 State Ave Indianapolis, IN 46203-4184

    • Manufacturing properties
    • 9,306 SF
    • 0.49 lot acres
    OFF-MARKET
    Value Estimations
    $210,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0720515
    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

    • Clark's Sheet Metal / Sheet Metal Contractor

    Property Details for 1915 State Ave

    Year built
    1976
    Construction
    METAL FRAME
    Lot size
    0.49 lot acres
    Property size
    9,306 SF
    Zone code
    ZO01
    Property type
    Manufacturing properties
    APN
    49-10-18-152-001.000-101
    APU
    491018152001000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $184,000
      Market price range: $170k - $920k
      AI Estimate
      $174,000
      Market price range: $174k - $900k

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1301
    Latitude
    39.742
    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
    $3,872
    $23,600
    $116,000
    $139,600
    -
    $23,600
    $116,000
    $139,600

    Comparable in this City

    • Value Estimation
      $290,000
      920 SF

      6107 Churchman Byp

      MANUFACTURING (LIGHT) • 920 SF
      6107 Churchman Byp, Indianapolis, IN 46203-6116
      View Details
    • Value Estimation
      $155,000
      1,536 SF

      1422 Sherman Dr

      MANUFACTURING (LIGHT) • 1,536 SF
      1422 Sherman Dr, Indianapolis, IN 46203
      View Details
    • Value Estimation
      $640,000
      39,939 SF

      1130 Nelson Ave

      MANUFACTURING (LIGHT) • 39,939 SF
      1130 Nelson Ave, Indianapolis, IN 46203
      View Details
    • Value Estimation
      $320,000
      17,180 SF

      3312 Prospect St

      MANUFACTURING (LIGHT) • 17,180 SF
      3312 Prospect St, Indianapolis, IN 46203
      View Details
    • Value Estimation
      $145,000
      1,440 SF

      5858 Churchman Ave

      MANUFACTURING (LIGHT) • 1,440 SF
      5858 Churchman Ave, Indianapolis, IN 46203-6011
      View Details
    • Value Estimation
      $595,000
      26,650 SF

      5650 Elmwood Ave

      MANUFACTURING (LIGHT) • 26,650 SF
      5650 Elmwood Ave, Indianapolis, IN 46203-6029
      View Details

    Similar Nearby for Sale

    • $8,499,000
      214,650 SF

      Indianapolis Industrial Warehouse - $8.5M

      214,650 SF Warehouse/Manufacturing, Vacant
      1800 Churchman Ave, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      20,000 SF

      Flex Space Build-to-Suit Opportunity

      20,000 SF build-to-suit flex space available for purchase.
      5460 Victory Dr, 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
    • Contact for pricing
      133,200 SF

      Indianapolis Industrial Portfolio For Sale

      Four-building industrial portfolio with value-add potential in Indianapolis.
      5602 Elmwood Ave, Indianapolis, IN 46203
      View Details
    • $5,750,000
      40,204 SF

      Indianapolis Industrial Property For Sale

      Industrial property in Indianapolis, backed by the State of Indiana.
      4550 Victory Ln, Indianapolis, IN 46203
      View Details
    • $279,000
      20,423 SF

      Prime Indy Auto Shop Opportunity

      Vacant 20,423 SF Auto Shop - $279K
      5990 Raymond St, Indianapolis, IN 46203
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      24,000 SF

      Industrial Space with Crane

      Renovated industrial space featuring crane and outdoor storage.
      3000 Shelby St, 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
    • Contact for pricing
      139,364 SF

      Industrial Facility with Cold Storage

      Lease opportunity: cold storage near I-65 and I-70.
      1401 S Keystone Ave, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      4,000 SF

      Industrial Space Available For Lease

      4,000 square feet of warehouse/industrial space for lease.
      5201 Park Emerson Dr, Indianapolis, IN 46203
      View Details
    • $10 SF/Yr
      29,103 SF

      Griffin Buildings: Indy Industrial Space

      Prime Indy Flex/Office/Warehouse Space
      5342 Elmwood Ave, Indianapolis, IN 46203
      View Details
    • $1.00 SF/Yr
      345,047 SF

      Indianapolis Warehouse Space Available

      345,047 square foot warehouse space for lease in Indianapolis.
      Victory Dr, 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.
    1915 State Ave
    Indianapolis, IN 46203-4184
    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.