Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2803 56th St Indianapolis, IN 46220-2941
    Back to Search
    Property profile & analytics

    2803 56th St, Indianapolis, IN 46220-2941

    View on Map
    • Office Spaces
    • 3,200 SF
    • 0.28 lot acres
    Off-Market
    Last Sale Apr 2, 2025
    $319,990
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Vintage Indy Sports / (Bike/Boat/Book/etc) Store

    Property Details for 2803 56th St

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

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 2, 2025 $319,990 Evergreen Indy Rentals LLC Sovereign Property Investments III Warranty Deed —
    Mar 22, 2021 — Sovereign Property Investments III Mark Phillabaum Warranty Deed —
    Dec 21, 2016 — Marke Phillabaum Cib Auto Transport INC Warranty Deed —
    Jan 25, 2006 — Cib Auto Transport INC Centurion Ins & Bonding Corp Quit Claim Deed · related —
    — — Cib Auto Transport INC — Deed Of Trust · related $200k · Fifth Third Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — 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

    • Value Estimation
      $2,085,000
      21,491 SF

      3705 Kessler Blvd E Dr

      OFFICE (GENERAL)
      3705 Kessler Blvd E Dr, Indianapolis, IN 46220-5103
      View Details
    • Value Estimation
      $885,000
      8,856 SF

      1002 Broad Ripple Ave

      OFFICE (GENERAL)
      1002 Broad Ripple Ave, Indianapolis, IN 46220-2030
      View Details
    • Value Estimation
      $1,470,000
      25,385 SF

      3660 62nd St

      OFFICE (GENERAL)
      3660 62nd St, Indianapolis, IN 46220-4412
      View Details
    • Value Estimation
      $700,000
      17,220 SF

      2815 62nd St

      OFFICE (GENERAL)
      2815 62nd St, Indianapolis, IN 46220-2982
      View Details
    • Value Estimation
      $530,000
      5,064 SF

      6345 Carrollton Ave

      OFFICE (GENERAL)
      6345 Carrollton Ave, Indianapolis, IN 46220-1754
      View Details
    • Value Estimation by Request
      0.02 Acres

      6302 Rucker Rd, Unit 40-43

      OFFICE (GENERAL)
      6302 Rucker Rd, Indianapolis, IN 46220-4886
      View Details

    Similar Nearby for Sale

    • $250,000

      Indianapolis Office Condo For Sale

      Office condo with a great layout in a central location.
      6314 Rucker Rd, Indianapolis, IN 46220
      View Details
    • Contact for pricing
      5,907 SF

      Broad Ripple Office Portfolio

      Four commercial office buildings in Broad Ripple, Indianapolis.
      5236 Winthrop Ave, Indianapolis, IN 46220
      View Details
    • Contact for pricing
      4,000 SF

      Well-Appointed Office Space Available

      Office space with executive offices, conference rooms, and training room.
      6910 N Shadeland Ave, Indianapolis, IN 46220
      View Details
    • $675,000

      Medical Office Building Near Glendale

      3,573 SF medical office building across from Glendale Town Center.
      2710 E 62Nd St, Indianapolis, IN 46220
      View Details
    • Contact for pricing

      Office Suites with Private Entrances

      Office suites with parking outside the door in Indianapolis.
      6801 Lake Plaza Dr, Indianapolis, IN 46220
      View Details
    • Contact for pricing
      8,368 SF

      Renovated Office Building For Lease

      Garden-style office building with renovated spaces and high visibility.
      6350 Rucker Rd, Indianapolis, IN 46220
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      16,313 SF

      Class A Timber Office Space

      New office development in Broad Ripple with covered parking.
      6420 Ferguson St, Indianapolis, IN 46220
      View Details
    • Contact for pricing
      1,000 SF

      Office Space with Free Parking

      Office space for rent with free parking and nearby amenities.
      5257 N Tacoma Ave, Indianapolis, IN 46220
      View Details
    • Contact for pricing

      Well-Appointed Office Space Available

      Office space with executive offices, conference, and training rooms.
      6910 N Shadeland Ave, Indianapolis, IN 46220
      View Details
    • $17 SF/Yr

      Prime Indianapolis Office Space

      Highly visible office space with modern updates and highway access.
      6350 N Shadeland Ave, Indianapolis, IN 46220
      View Details
    • $1,250 /Mo
      800 SF

      Furnished Offices Near I-465

      Furnished offices in prime Indianapolis location, ready for occupancy.
      6302 Rucker Rd, 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.
      6548 Cornell Ave, Indianapolis, IN 46220
      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.
    2803 56th St
    Indianapolis, IN 46220-2941
    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

    Thank You for Inquiry
    2803 56th St, Indianapolis, IN, 46220
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!