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Property profile & analytics
FOR LEASE
Office Spaces
251 E Ohio St Indianapolis, IN 46204
Entity Owned
10-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-0045282
For Lease
1 / 2
$6,640,000
251 E Ohio St, Indianapolis, IN 46204
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1984
Construction
CONCRETE
Total area
92,873 SF
Lot
0.42 ac (18,409 SF)
Zoning code
ZO01
APN
49-11-01-240-106.000-101
UPID
US31-0045282
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
-
Bowman Heintz Boscia & Vician Law Firm
-
Meils Thompson Dietz & Berish: Spencer James Law Firm
-
251 East Ohio Street Garage Parking Lot & Garage
-
MOCCA DIALYSIS Cafe & Coffee Shop
-
Aspen Contracting Inc Roofing Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.60M
Blend (final)
Blend
$6.64M
Owner & transaction history
Hsbc Bank USA NA 2006-hq9 Tr · 10 yrs held
Hsbc Bank USA NA 2006-hq9 Tr
since 2015
2 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$7.4M
+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)
$6,955,000
Current use
AUTO REPAIR, GARAGE
$7,395,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$6,940,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$5,800,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$6.64M
Range $5.98M – $7.30M · ±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
$71 / 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
$114,171
Tax year 2023
Assessed value
$7,598,000
Assessed 2023
Previous assessed
$7,598,000
+0.0% YoY
Effective rate
1.50%
On assessed value
Assessed land
$1,417,500
Assessed improvement
$6,180,500
Land market value
$1,417,500
Improvement market value
$6,180,500
Total market value
$7,598,000
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
Stories
11
Total area
92,873 SF
Lot
0.42 ac (18,409 SF)
Zoning code
ZO01
APN
49-11-01-240-106.000-101
UPID
US31-0045282
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$7.0M
AUTO REPAIR, GARAGE
Est. value
$7.4M
RETAIL STORES
Est. value
$6.9M
INDUSTRIAL (GENERAL)
Est. value
$5.8M
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
11
Lot
0.42 ac
Current owner
From public records · entity-resolved
Hsbc Bank USA NA 2006-hq9 Tr
Entity
Free & Clear · 10 yrs held
Mailing address
350 MASSACHUSETTS AVE STE #400, INDIANAPOLIS, IN 46204-2272
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2015
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
Jul 22, 2015
$25,100,000
Hsbc Bank USA NA 2006-hq9 Tr
Sheriff Of Marion County|hertz Indianapolis One Ll
Trustees Deed
related
—
Apr 28, 2006
—
Hertz Indianapolis One LLC
251 East Ohio
Grant Deed
$28,500 · Lasalle National Bank
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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