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    2810 116th St Carmel, IN 46033-3214

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    2810 116th St Carmel, IN 46033-3214

    View on Map
    • Strip malls
    • 7,350 SF
    • 1.24 lot acres
    Off-Market
    Property ID
    US31-2880658
    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
    $975,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jimmy John's / Take-out & Catering / Catering Service
    • Starbucks / Cafe & Coffee Shop
    • Owlslee CBD / Medical Clinic
    • Tide Cleaners / (Bike/Boat/Book/etc) Store
    • Carmel / Computer & Electronic Repair

    Property Details for 2810 116th St

    Year built
    2005
    Construction
    WOOD
    Lot size
    1.24 lot acres
    Property size
    7,350 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    29-10-31-000-010.000-018
    APU
    291031000010000018

    Description

    This exceptional retail opportunity is located at 2810 E 116th St, Carmel, IN 46033, a vibrant area in Hamilton County. The property, known as Carmel Small Shops, offers a total of 7,350 square feet across four suites. Currently, 1,400 square feet of retail space is available for lease. This space represents a minimum divisible unit, with a maximum contiguous space also of 1,400 square feet. The building enjoys a highly desirable location at the intersection of E 116th St and Keystone Parkway, two major thoroughfares providing excellent visibility and accessibility. Surrounded by established residential neighborhoods, the property benefits from a strong daytime population and high traffic counts. This makes it an ideal location for businesses seeking high foot traffic and exposure to a prosperous community. The address is easily accessible from both E 116th St and Keystone Parkway, key connector roads serving Carmel and neighboring areas. This is a rare opportunity to secure a well-positioned retail space in a thriving Carmel location. The available space is perfect for a variety of retail uses. Contact us today to learn more about this exceptional property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $635,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $625,000
      Market price range: $323k - $641k

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1131
    Latitude
    39.9571
    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
    $42,003
    $1,116,000
    $967,200
    $2,083,200
    -
    $1,116,000
    $967,200
    $2,083,200

    Comparable in this City

    • Value Estimation
      $595,000
      3,147 SF

      146th St

      SHOPPING CENTER, STRIP CENTER • 3,147 SF
      146th St, Carmel, IN 46033
      View Details
    • Value Estimation
      $2,780,000
      12,950 SF

      13185 Hazel Dell Pkwy

      SHOPPING CENTER, STRIP CENTER • 12,950 SF
      13185 Hazel Dell Pkwy, Carmel, IN 46033
      View Details
    • Value Estimation
      $2,255,000
      18,284 SF

      14560 Riv Rd

      SHOPPING CENTER, STRIP CENTER • 18,284 SF
      14560 Riv Rd, Carmel, IN 46033-5801
      View Details
    • Value Estimation
      $5,925,000
      25,113 SF

      4755 126th St

      SHOPPING CENTER, STRIP CENTER • 25,113 SF
      4755 126th St, Carmel, IN 46033-2407
      View Details
    • Value Estimation
      $4,640,000
      19,671 SF

      2005 Greyhound Pass

      SHOPPING CENTER, STRIP CENTER • 19,671 SF
      2005 Greyhound Pass, Carmel, IN 46033-7729
      View Details
    • Value Estimation
      $7,150,000
      35,496 SF

      2310 146th St

      SHOPPING CENTER, STRIP CENTER • 35,496 SF
      2310 146th St, Carmel, IN 46033
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Carmel Retail Outlots on 146th

      2.7± acres available in a walkable, connected community.
      7249 E 146Th St, Carmel, IN 46033
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      9,500 SF

      Carmel Office Space For Lease

      Class A office space with customizable options and convenient parking.
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    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Retail Space in Carmel Center

      1,400 SF retail space with high visibility.
      2801 E 116Th St, Carmel, IN 46033
      View Details
    • Contact for pricing
      8,985 SF

      Carmel Retail Space Available

      8,985 square feet of retail space for rent.
      7245 East 146Th St, Carmel, IN 46033
      View Details
    • Contact for pricing

      Office Space with Excellent Access

      Office space for lease with negotiable build-out options.
      14555 C Hazel Dell Pkwy, Carmel, IN 46033
      View Details
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      Restaurant Space in Carmel, Indiana

      Turnkey restaurant sublease opportunity in high-traffic Carmel location.
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      2,750 SF

      Medical Office Space Available

      Medical office space for rent with future expansion potential.
      14555 Hazel Dell Pkwy, Carmel, IN 46033
      View Details
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    Carmel, IN 46033-3214
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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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