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Property profile & analytics
FOR LEASE
Office Spaces
301 Pennsylvania Pkwy Indianapolis, IN 46280
Entity Owned
12-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0617889
For Lease
1 / 11
$13,890,000
301 Pennsylvania Pkwy, Indianapolis, IN 46280
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2006
Construction
TYPE NOT SPECIFIED
Total area
139,036 SF
Lot
8.55 ac (372,438 SF)
APN
29-13-11-418-001.011-018
UPID
US31-0617889
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.75M
Blend (final)
Blend
$13.89M
Owner & transaction history
Ip9 Meridian Investors LLC · 12 yrs held
Ip9 Meridian Investors LLC
since 2013
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$11.1M
+6.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$10,415,000
Current use
AUTO REPAIR, GARAGE
$11,075,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$10,390,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$8,685,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$13.89M
Range $12.50M – $15.28M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$100 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$196,358
Tax year 2023
Assessed value
$13,549,600
Assessed 2023
Previous assessed
$13,549,600
+0.0% YoY
Effective rate
1.45%
On assessed value
Assessed land
$3,682,100
Assessed improvement
$9,867,500
Land market value
$3,682,100
Improvement market value
$9,867,500
Total market value
$13,549,600
Applied tax rate
18.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
2006
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Total area
139,036 SF
Lot
8.55 ac (372,438 SF)
APN
29-13-11-418-001.011-018
UPID
US31-0617889
Jurisdiction
HAMILTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$10.4M
AUTO REPAIR, GARAGE
Est. value
$11.1M
RETAIL STORES
Est. value
$10.4M
INDUSTRIAL (GENERAL)
Est. value
$8.7M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2006
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Lot
8.55 ac
Current owner
From public records · entity-resolved
Ip9 Meridian Investors LLC
Entity
Mailing address
747 3RD AVE FL, NEW YORK, NY 10017-2803
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 18, 2022
—
Penn On Parkway LLC
—
Deed
related
$26,200,000 · Northbrook Bank & Trust Co NA
Dec 17, 2013
—
Ip9 Meridian Investors LLC
Mcp Partners One LLC
Trustees Deed
$29,000,000 · Guggenheim Life & Annuity Co
Dec 21, 2005
—
Mcp Partners Two LLC
Mcp Partners LLC
Quit Claim Deed
related
—
—
—
Mcp Partners Two LLC
—
Deed Of Trust
related
$36,600,000 · Wells Fargo Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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