Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    2800 Michigan St Indianapolis, IN 46222-3752

    • Industrial land
    • 1.19 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0590879
    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

    • Industrial land

    Property Details for 2800 Michigan St

    Lot size
    1.19 lot acres
    Property type
    Industrial land
    APN
    49-07-30-123-096.000-101
    APU
    490730123096000101

    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
    -86.1373
    Latitude
    39.8083
    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
    $1,490
    $53,700
    $0.00
    $53,700
    -
    $53,700
    $0.00
    $53,700

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      1111 Polco St

      INDUSTRIAL - VACANT LAND • 0.08 Acres
      1111 Polco St, Indianapolis, IN 46222-3288
      View Details
    • Value Estimation by Request
      0.12 Acres

      1805 Luett Ave

      INDUSTRIAL - VACANT LAND • 0.12 Acres
      1805 Luett Ave, Indianapolis, IN 46222-2530
      View Details
    • Value Estimation by Request
      0.12 Acres

      1782 Luett Ave

      INDUSTRIAL - VACANT LAND • 0.12 Acres
      1782 Luett Ave, Indianapolis, IN 46222-2529
      View Details
    • Value Estimation by Request
      0.10 Acres

      272 Lynn St

      INDUSTRIAL - VACANT LAND • 0.10 Acres
      272 Lynn St, Indianapolis, IN 46222-4336
      View Details
    • Value Estimation by Request
      0.12 Acres

      706 Haugh St

      INDUSTRIAL - VACANT LAND • 0.12 Acres
      706 Haugh St, Indianapolis, IN 46222-3647
      View Details
    • Value Estimation by Request
      0.74 Acres

      1705 Lafayette Rd

      INDUSTRIAL - VACANT LAND • 0.74 Acres
      1705 Lafayette Rd, Indianapolis, IN 46222-2808
      View Details

    Similar Nearby for Sale

    • $600,000
      2.74 Acres

      Industrial Land Near I-465

      2.74 acre industrial site with convenient highway access.
      3509 W 10Th St, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      0.10 Acres

      Residential Lots in Indianapolis, IN

      Opportunity to build your own home on residential lots.
      576 Lynn St, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      0.10 Acres

      Residential Lots in Indianapolis, IN

      Residential lots available for building a home in Indianapolis.
      1040 N Elder Ave, Indianapolis, IN 46222
      View Details
    • Contact for pricing

      Land Near Downtown Indianapolis

      High visibility land, close to downtown and I-465.
      2614 W 16Th St, Indianapolis, IN 46222
      View Details
    • $80,000
      0.26 Acres

      Indianapolis Double Lot For Sale

      Double lot at a busy intersection, suitable for residential development.
      2239 W 10Th St, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      0.10 Acres

      Residential Lot Ready For Development

      Land available for residential construction in Indianapolis.
      1044 N Elder Ave, Indianapolis, IN 46222
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      490,000 SF

      Belmont Industrial Complex: Indy Warehouse

      Prime Indy warehouse space available.
      217 Belmont Ave, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      3,450 SF

      Unique Identity Building Opportunity

      Penthouse offers unique identity with restored features and modern offices.
      1234 E Washington St, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      14,167 SF

      Prime Lafayette Rd Retail Space

      14,167 SF Freestanding Retail Building
      3790 Lafayette Rd, Indianapolis, IN 46222
      View Details
    • Contact for pricing
      2,901 SF

      Turn-Key Office Space Available

      Office space with kitchen, roof deck, and flexible terms.
      930-934 E Washington St, Indianapolis, IN 46222
      View Details
    • $7 SF/Yr
      7,346 SF

      Indianapolis Flex / Industrial Space

      Flex / Industrial space available for lease in Indianapolis.
      57 Gasoline Aly, Indianapolis, IN 46222
      View Details
    • $6 SF/Yr
      30,200 SF

      Downtown Indy Warehouse Space

      14,014 SF Industrial Space Available
      1711 New York St, Indianapolis, IN 46222
      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.
    2800 Michigan St
    Indianapolis, IN 46222-3752
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.