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

    2108 Michigan St Indianapolis, IN 46222-3863

    • Retail space
    • 5,622 SF
    • 0.48 lot acres
    OFF-MARKET
    Last Sale
    Apr 15, 2022
    $50,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0696021
    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

    • Haughville Shared Kitchen / Shared-Use Commercial Kitchen
    • The Nest Event Center / Event Venue

    Property Details for 2108 Michigan St

    Year built
    1936
    Construction
    WOOD
    Lot size
    0.48 lot acres
    Property size
    5,622 SF
    Property type
    Retail space
    APN
    49-11-04-160-007.000-901
    APU
    491104160007000901

    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
    -86.1973
    Latitude
    39.775
    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
    $1,419
    $11,800
    $39,700
    $51,500
    -
    $11,800
    $39,700
    $51,500

    Comparable in this City

    • Value Estimation
      $225,000
      0.09 Acres

      2621 Michigan St

      RETAIL STORES (PERSONAL SERVICES) • 0.09 Acres
      2621 Michigan St, Indianapolis, IN 46222-3726
      View Details
    • Value Estimation
      $220,000
      0.13 Acres

      2546 Michigan St

      RETAIL STORES (PERSONAL SERVICES) • 0.13 Acres
      2546 Michigan St, Indianapolis, IN 46222-3725
      View Details
    • Value Estimation
      $225,000
      0.14 Acres

      2806 16th St

      RETAIL STORES (PERSONAL SERVICES) • 0.14 Acres
      2806 16th St, Indianapolis, IN 46222
      View Details
    • Value Estimation
      $225,000
      576 SF

      2002 10th St

      RETAIL STORES (PERSONAL SERVICES) • 576 SF
      2002 10th St, Indianapolis, IN 46222-3104
      View Details
    • Value Estimation
      $350,000
      9,048 SF

      2305 Michigan St

      RETAIL STORES (PERSONAL SERVICES) • 9,048 SF
      2305 Michigan St, Indianapolis, IN 46222-3774
      View Details
    • Value Estimation
      $200,000
      4,502 SF

      3750 Cold Spg Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,502 SF
      3750 Cold Spg Rd, Indianapolis, IN 46222-1966
      View Details

    Similar Nearby for Sale

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      Residential Lots in Indianapolis, IN

      Residential lots available for building a home in Indianapolis.
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      Indianapolis Multi-Family Investment Opportunity

      Multi-family property suitable for residential or commercial use.
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    • $125,555
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      Updated Duplex in Indianapolis

      Fully updated duplex with potential for immediate rental income.
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      Residential Lot Ready For Development

      Land available for residential construction in Indianapolis.
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    Similar Nearby for Lease

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      3,450 SF

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      14,167 SF

      Retail Space on 38th Street

      Retail space with high visibility and access on 38th.
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      Prime Lafayette Rd Retail Space

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      2,901 SF

      Turn-Key Office Space Available

      Office space with kitchen, roof deck, and flexible terms.
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    • $7 SF/Yr
      7,346 SF

      Indianapolis Flex / Industrial Space

      Flex / Industrial space available for lease in Indianapolis.
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    • $6 SF/Yr
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      Downtown Indy Warehouse Space

      14,014 SF Industrial Space Available
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    2108 Michigan St
    Indianapolis, IN 46222-3863
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    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
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