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Property profile & analytics
FOR LEASE
Office Spaces
251 N Illinois St Indianapolis, IN 46204
Entity Owned
7-yr Hold
Free & Clear
Property ID
US31-0026011
For Lease
1 / 2
$4,970,000
251 N Illinois St, Indianapolis, IN 46204
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1984
Construction
CONCRETE
Total area
55,706 SF
Lot
1.03 ac (44,916 SF)
APN
49-11-02-251-003.000-101
UPID
US31-0026011
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Synthesis Incorporated Architecture Firm
-
Fifth Third Private Bank - Kevin Hipskind Financial Advisor
-
Indiana Supreme Court Disciplinary Commission State Government Office
-
Office of Admissions & Continuing Education State Government Office
-
Fifth Third Business Banking - Zach Porter Bank Loan Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.66M
Blend (final)
Blend
$4.97M
Owner & transaction history
Capital Center Property LLC · 7 yrs held
Capital Center Property LLC
since 2018
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$4.4M
+6.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,175,000
Current use
AUTO REPAIR, GARAGE
$4,435,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$4,165,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$3,480,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$4.97M
Range $4.47M – $5.47M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$89 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$494,957
Tax year 2023
Assessed value
$22,906,300
Assessed 2023
Previous assessed
$22,906,300
+0.0% YoY
Effective rate
2.16%
On assessed value
Assessed land
$6,198,400
Assessed improvement
$16,707,900
Land market value
$6,198,400
Improvement market value
$16,707,900
Total market value
$22,906,300
Applied tax rate
101.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1984
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
3
Total area
55,706 SF
Lot
1.03 ac (44,916 SF)
APN
49-11-02-251-003.000-101
UPID
US31-0026011
Jurisdiction
MARION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$4.2M
AUTO REPAIR, GARAGE
Est. value
$4.4M
RETAIL STORES
Est. value
$4.2M
INDUSTRIAL (GENERAL)
Est. value
$3.5M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1984
Construction
CONCRETE
Heating
NONE
Stories
3
Buildings
2
Lot
1.03 ac
Current owner
From public records · entity-resolved
Capital Center Property LLC
Entity
Free & Clear · 7 yrs held
Mailing address
401 N MICHIGAN AVE STE #1300, CHICAGO, IL 60611-4271
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 6, 2018
—
Capital Center Property LLC
Hertz Indianapolis Twollc
Grant Deed
related
—
Feb 11, 2013
—
Hertz Indianapolis Two LLC
Vv USA City LP
Trustees Deed
$39,375,000 · Morgan Stanley Mtg Cap Holding
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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