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

    2905 46th St Indianapolis, IN 46205-2408

    • Office Properties & Spaces
    • 5,880 SF
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    $600,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0695867
    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

    • Northern Comfort Systems / Plumbing Service / General Contractor

    Property Details for 2905 46th St

    Year built
    1971
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.34 lot acres
    Property size
    5,880 SF
    Property type
    Office Properties & Spaces
    APN
    49-07-17-111-070.000-801
    APU
    490717111070000801

    Description

    This 5,880 square foot, two-story office building presents a compelling owner-user investment opportunity in Indianapolis, Indiana. Built in 1964, the property sits on a 0.34-acre lot and features a flexible layout easily divisible into four suites, each approximately 1,035 square feet (excluding common areas). Currently configured for single occupancy, the building includes several private offices, a kitchenette, conference and training rooms, and ample storage. The property boasts 21 parking spaces within a fenced area, along with a monument sign for excellent visibility. Located on East 46th Street, between Allisonville Road and Binford Boulevard, it offers convenient access to I-465N (less than 10 minutes away) and is within close proximity to major amenities such as Castleton Square Mall (13 minutes), Downtown Indianapolis (16 minutes), Carmel City Center (20 minutes), and Indianapolis International Airport (24 minutes). The property is zoned MU-1, allowing for flexible commercial uses, including general and medical office spaces. The 2024 property taxes (payable in 2025) totaled $10,215.50, or $1.74 per square foot. The tax parcel ID number is 8006441. This property offers a unique blend of convenience, accessibility, and adaptability for a variety of business needs. The occupancy date is July 1, 2025.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $702,000
      Market price range: $175k - $703k
      AI Estimate
      $412,000
      Market price range: $113k - $413k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $440,000
      Current use
      AUTO REPAIR, GARAGE
      $470,000
      Change: +6% Conversion: Difficult
      RETAIL STORES
      $440,000
      Change: -0% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $365,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1159
    Latitude
    39.8399
    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
    $9,936
    $33,000
    $330,100
    $363,100
    -
    $33,000
    $330,100
    $363,100

    Comparable in this City

    • Value Estimation by Request
      23,016 SF

      4165 Millersville Rd

      OFFICE (GENERAL) • 23,016 SF
      4165 Millersville Rd, Indianapolis, IN 46205-2989
      View Details
    • Value Estimation
      $1,300,000
      30,000 SF

      2506 Willowbrook Pkwy

      OFFICE (GENERAL) • 30,000 SF
      2506 Willowbrook Pkwy, Indianapolis, IN 46205-1564
      View Details
    • Value Estimation
      $540,000
      5,168 SF

      250 38th St

      OFFICE (GENERAL) • 5,168 SF
      250 38th St, Indianapolis, IN 46205-2644
      View Details
    • Value Estimation
      $2,320,000
      27,693 SF

      2626 46th St

      OFFICE (GENERAL) • 27,693 SF
      2626 46th St, Indianapolis, IN 46205-2380
      View Details
    • Value Estimation by Request
      4,204 SF

      2601 46th St

      OFFICE (GENERAL) • 4,204 SF
      2601 46th St, Indianapolis, IN 46205-2393
      View Details
    • Value Estimation by Request
      5,400 SF

      3949 Mdws Dr

      OFFICE (GENERAL) • 5,400 SF
      3949 Mdws Dr, Indianapolis, IN 46205-3113
      View Details

    Similar Nearby for Sale

    • $750,000
      6,000 SF

      Midtown Indy Office Building - 6000 SF

      Prime location, flexible office space, ample parking.
      3520 Washington Blvd, Indianapolis, IN 46205
      View Details
    • $1,200,000
      6,505 SF

      Prime Indy Office Space - Washington Blvd

      Historic Charm, Modern Amenities, 6,505 SF
      3755 Washington Blvd, Indianapolis, IN 46205
      View Details
    • New
      $349,000
      2,054 SF

      Indianapolis Commercial Property For Sale

      Versatile commercial property in prime Indianapolis location.
      104 E 38Th St, Indianapolis, IN 46205
      View Details
    • $6,546,313
      81,275 SF

      Updated Office Building Investment Opportunity

      Indianapolis office building with high occupancy and recent renovations.
      4701 N Keystone Ave | Indianapolis, Indianapolis, IN 46205
      View Details
    • $375,000
      1,872 SF

      Indianapolis Office Space on Central

      Highly visible office space in Indianapolis' Near Northside neighborhood.
      2421 Central Ave, Indianapolis, IN 46205
      View Details
    • Contact for pricing
      77,595 SF

      Keystone Avenue Office Building

      Highly visible office building on Keystone Avenue, minutes from downtown.
      4701 N Keystone Ave | Indianapolis, Indianapolis, IN 46205
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      52,000 SF

      Keystone Ave Office Space for Lease

      Large Indianapolis office, flexible suites available.
      4150 Keystone Ave, Indianapolis, IN 46205
      View Details
    • $15 SF/Yr
      73,000 SF

      Willowbrook II Office Suites in Indy

      Prime Indianapolis office space, flexible sizes.
      4755 Kingsway Dr, Indianapolis, IN 46205
      View Details
    • Contact for pricing
      42,903 SF

      Office Space with Flexible Options

      Office spaces available for lease with great potential uses.
      4138-4150 N Keystone Ave, Indianapolis, IN 46205
      View Details
    • Contact for pricing
      5,000 SF

      Kingsway Drive Office Space Available

      Office space for rent with gated parking.
      4760 Kingsway Dr, Indianapolis, IN 46205
      View Details
    • Contact for pricing
      58,300 SF

      Indianapolis Office Space Available

      Modern Offices, Flexible Lease Terms
      5255 Tacoma Ave, Indianapolis, IN 46205
      View Details
    • Contact for pricing
      1,300 SF

      Modern Office Space Available

      Well-maintained office building with modern interior and gated parking.
      4451 Old Allisonville Rd, Indianapolis, IN 46205
      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.
    2905 46th St
    Indianapolis, IN 46205-2408
    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.