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

    2803 56th St Indianapolis, IN 46220-2941

    • Office Properties & Spaces
    • 3,200 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Apr 02, 2025
    $319,990
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1076541
    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

    • Vintage Indy Sports / Sports Memorabilia Store

    Property Details for 2803 56th St

    Year built
    1956
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.28 lot acres
    Property size
    3,200 SF
    Property type
    Office Properties & Spaces
    APN
    49-07-08-125-037.000-801
    APU
    490708125037000801

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $290,000
      ML approach
      $200,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $177,000
      Market price range: $95.4k - $382k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $240,000
      Current use
      AUTO REPAIR, GARAGE
      $255,000
      Change: +6% Conversion: Difficult
      RETAIL STORES
      $240,000
      Change: -0% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1173
    Latitude
    39.8547
    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
    $4,633
    $26,700
    $142,600
    $169,300
    -
    $26,700
    $142,600
    $169,300

    Comparable in this City

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      $195,000
      0.07 Acres

      6296 Rucker Rd Rds

      OFFICE (GENERAL) • 0.07 Acres
      6296 Rucker Rd Rds, Indianapolis, IN 46220-4888
      View Details
    • Value Estimation
      $555,000
      35,941 SF

      5000 62nd St

      OFFICE (GENERAL) • 35,941 SF
      5000 62nd St, Indianapolis, IN 46220
      View Details
    • Value Estimation by Request
      12,710 SF

      2500 71st St

      OFFICE (GENERAL) • 12,710 SF
      2500 71st St, Indianapolis, IN 46220
      View Details
    • Value Estimation
      $395,000
      23,880 SF

      5326 Hillside Ave

      OFFICE (GENERAL) • 23,880 SF
      5326 Hillside Ave, Indianapolis, IN 46220-3446
      View Details
    • Value Estimation
      $240,000
      8,320 SF

      6350 Rucker Rd

      OFFICE (GENERAL) • 8,320 SF
      6350 Rucker Rd, Indianapolis, IN 46220-4874
      View Details
    • Value Estimation
      $485,000
      20,424 SF

      6810 Shadeland Ave

      OFFICE (GENERAL) • 20,424 SF
      6810 Shadeland Ave, Indianapolis, IN 46220-4236
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      25,445 SF

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      Prime Indy Office Space, I-465 Access
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      View Details
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      Prime Broad Ripple location, 7,460 sqft, 52 parking spaces.
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      Indianapolis Office Building - Prime Location

      Versatile Office Space, Ample Parking, Ideal for Many Uses
      5340 Tacoma Ave, Indianapolis, IN 46220
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      1,752 SF

      Updated Office Space in Broad Ripple

      Updated office space in Broad Ripple with parking and amenities.
      6408 Carrollton Ave, Indianapolis, IN 46220
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    • $350,000

      Warehouse and Office Investment Opportunity

      Two buildings on one parcel, ideal for owner or investment.
      2802 E 55Th Pl, Indianapolis, IN 46220
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      25,445 SF

      Shadeland Ave Executive Office Space

      Prime Indianapolis office suites, 4,000-6,000 sq ft.
      6910 Shadeland Ave, Indianapolis, IN 46220
      View Details
    • $22 SF/Yr
      9,703 SF

      Broad Ripple Office Space Available

      Prime Broad Ripple location, multiple suites.
      916 Westfield Blvd, Indianapolis, IN 46220
      View Details
    • $17 SF/Yr
      27,262 SF

      Renovated Office Space Available

      27,262 SF office space with renovated lobby and restrooms.
      5980 W 71St St, Indianapolis, IN 46220
      View Details
    • $15 SF/Yr
      14,086 SF

      Broad Ripple Office Suites Available

      Modern medical & creative office space for lease.
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    • Contact for pricing
      1,121 SF

      Broad Ripple Office Space for Lease

      Turn-key office/retail space in prime location.
      6519 Carrollton Ave, Indianapolis, IN 46220
      View Details
    • Contact for pricing
      16,497 SF

      New Broad Ripple Office Space

      Class A office building with space for rent in Indianapolis.
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      View Details
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    2803 56th St
    Indianapolis, IN 46220-2941
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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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