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

    2432 Dr Martin Luther King Jr St Indianapolis, IN 46208-5547

    • Retail space
    • 3,444 SF
    • 1.77 lot acres
    OFF-MARKET
    Last Sale
    Dec 20, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0850650
    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

    • Retail space

    Property Details for 2432 Dr Martin Luther King Jr St

    Year built
    1940
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.77 lot acres
    Property size
    3,444 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    49-06-26-150-210.000-101
    APU
    490626150210000101

    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
    -86.1705
    Latitude
    39.8018
    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
    $0.00
    $169,800
    $183,300
    $353,100
    -
    $169,800
    $183,300
    $353,100

    Comparable in this City

    • Value Estimation by Request
      840 SF

      558 25th St

      RETAIL STORES (PERSONAL SERVICES) • 840 SF
      558 25th St, Indianapolis, IN 46208-5572
      View Details
    • Value Estimation by Request
      3,200 SF

      553 26th St

      RETAIL STORES (PERSONAL SERVICES) • 3,200 SF
      553 26th St, Indianapolis, IN 46208
      View Details
    • Value Estimation by Request
      567 SF

      2717 Dr Martin Luther King Jr St

      RETAIL STORES (PERSONAL SERVICES) • 567 SF
      2717 Dr Martin Luther King Jr St, Indianapolis, IN 46208-5018
      View Details
    • Value Estimation by Request
      2,500 SF

      3802 Illinois St

      RETAIL STORES (PERSONAL SERVICES) • 2,500 SF
      3802 Illinois St, Indianapolis, IN 46208-4017
      View Details
    • Value Estimation by Request
      1,638 SF

      4202 Blvd Pl

      RETAIL STORES (PERSONAL SERVICES) • 1,638 SF
      4202 Blvd Pl, Indianapolis, IN 46208-3710
      View Details
    • Value Estimation by Request
      1,360 SF

      3961 Blvd Pl

      RETAIL STORES (PERSONAL SERVICES) • 1,360 SF
      3961 Blvd Pl, Indianapolis, IN 46208-3938
      View Details

    Similar Nearby for Sale

    • $675,000
      3,059 SF

      Indianapolis Auto Shop - $675K

      Established Auto Shop, Gas Station, Convenience Store
      715 30Th St, Indianapolis, IN 46208
      View Details
    • $675,000
      3,059 SF

      Retail Property on West 30th

      Retail property available for sale, totaling 3,059 square feet.
      715 W 30Th St, Indianapolis, IN 46208
      View Details
    • $125,000
      Pending

      Indianapolis Duplex in Crown Hill

      Two-unit duplex in Crown Hill area, ideal for rental income.
      2866-2868 Highland Pl, Indianapolis, IN 46208
      View Details
    • New
      $119,800
      0.12 Acres

      Crown Hill Duplex Opportunity

      Indianapolis duplex with downtown location and ample lot.
      3509 N Illinois St, Indianapolis, IN 46208
      View Details
    • New
      $199,900
      Pending

      Riverside Duplex with Income Potential

      Duplex near Riverside Park with income and short-term rental potential.
      2853 E Riverside Dr, Indianapolis, IN 46208
      View Details
    • Contact for pricing
      0.54 Acres

      Meridian Street Commercial Land Parcel

      Prime Indianapolis location, 0.54 acres.
      2225 Meridian St, Indianapolis, IN 46208
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,500 SF

      New Office or Retail Space

      Office or retail space available in senior housing development.
      3901 N Meridian St, Indianapolis, IN 46208
      View Details
    • $579 /Mo

      Office Space in Center Township

      Office space for rent with utilities included and ample parking.
      3737 N Meridian St, Indianapolis, IN 46208
      View Details
    • $20 SF/Yr
      5,061 SF

      Prime Office Space Available

      Office space for rent with on-site parking and elevator.
      2301 N Meridian St, Indianapolis, IN 46208
      View Details
    • $899 /Mo

      Spacious 2-Bedroom Apartment in Indianapolis

      Comfortable 2-bedroom apartment with convenient access to Indianapolis attractions.
      3736 N Meridian St, Indianapolis, IN 46208
      View Details
    • Contact for pricing
      7,200 SF

      Fall Creek Industrial Property

      7,200 SF Industrial Building, 4.75 Acres
      2235 Montcalm St, Indianapolis, IN 46208
      View Details
    • Contact for pricing
      61,965 SF

      Industrial Space in Park 100

      61,965 SF industrial space with 2,200 SF office space.
      8351 Boulevard Pl NW, Indianapolis, IN 46208
      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.
    2432 Dr Martin Luther King Jr St
    Indianapolis, IN 46208-5547
    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.