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

    222 Michigan St Indianapolis, IN 46204-1254

    • Retail space
    • 4,090 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0493253
    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

    • Carpenter Apartments / Apartment Building / Apartment Rental Agency
    • Joshua D. Chambers, PA-C - IU Health Urgent Care - Downtown Indianapolis / Doctor / Urgent Care Center
    • Tyler B. Simonton, PA - IU Health Urgent Care - Downtown Indianapolis / Urgent Care Center / Physician Assistant
    • Joshua Chambers / Physician Assistant
    • IU Health Urgent Care - Downtown Indianapolis / Urgent Care Center / Emergency Room

    Property Details for 222 Michigan St

    Year built
    1932
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.21 lot acres
    Property size
    4,090 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    49-11-02-219-001.000-101
    APU
    491102219001000101

    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
    -86.1627
    Latitude
    39.7744
    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
    $8,796
    $212,500
    $104,600
    $317,100
    -
    $212,500
    $104,600
    $317,100

    Comparable in this City

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      $3,430,000
      39,436 SF

      401 Delaware St

      RETAIL STORES (PERSONAL SERVICES) • 39,436 SF
      401 Delaware St, Indianapolis, IN 46204-1802
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    • Value Estimation
      $620,000
      8,836 SF

      433 Illinois St

      RETAIL STORES (PERSONAL SERVICES) • 8,836 SF
      433 Illinois St, Indianapolis, IN 46204-1250
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    • Value Estimation by Request
      0.07 Acres

      328 Capitol Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      328 Capitol Ave, Indianapolis, IN 46204
      View Details
    • Value Estimation by Request
      7,173 SF

      940 Pennsylvania St

      RETAIL STORES (PERSONAL SERVICES) • 7,173 SF
      940 Pennsylvania St, Indianapolis, IN 46204-1021
      View Details
    • Value Estimation by Request
      1,996 SF

      421 Massachusetts Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,996 SF
      421 Massachusetts Ave, Indianapolis, IN 46204-1501
      View Details
    • Value Estimation by Request
      4,463 SF

      824 Meridian St

      RETAIL STORES (PERSONAL SERVICES) • 4,463 SF
      824 Meridian St, Indianapolis, IN 46204-1108
      View Details

    Similar Nearby for Sale

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      Two-Story Building on Meridian Street

      Two-story building with drive-through and development opportunity.
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      Historic CBD Office, Retail Opportunity
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      Retail Space in Lockerbie Square

      Retail property in high-traffic Lockerbie Square with parking.
      631 E Michigan St, Indianapolis, IN 46204
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      Downtown Restaurant/Retail Opportunity

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    Similar Nearby for Lease

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      Prime Retail Space on Mass

      New construction retail space in the heart of Indianapolis.
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      3,948 SF

      Renovated Retail Space with Signage

      Two-story retail space with basement and building signage available.
      130 N Delaware St, Indianapolis, IN 46204
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    • $12 SF/Yr
      11,344 SF

      Retail, Office, Restaurant Space

      Versatile space suitable for retail, office, or restaurant use.
      611 N Delaware St, Indianapolis, IN 46204
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    • $20 SF/Yr
      2,654 SF

      Retail Space in Downtown Indianapolis

      Retail space available in a walkable downtown location.
      134 North Delaware St, Indianapolis, IN 46204
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    • Contact for pricing
      2,193 SF

      Retail Space in Luxury Apartments

      Retail space available in new luxury apartment development.
      307 N Pennsylvania St, Indianapolis, IN 46204
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    • $11 SF/Yr
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      Downtown Indy Commercial Space

      Prime location, flexible spaces, immediate occupancy.
      140 Washington St, Indianapolis, IN 46204
      View Details
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    222 Michigan St
    Indianapolis, IN 46204-1254
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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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