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

    38 Main St Carmel, IN 46032-1764

    • Office Properties & Spaces
    • 11,700 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Oct 21, 2021
    $2,300,000
    Value Estimations
    $3,125,000
    Show details
    Cap Rate Potential
    5%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US31-0340827
    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

    • Craftsman Exterior Remodeling / Siding Contractor / Window Installation Service
    • Indianapolis Roofing LLC - Carmel Roofer / Roofing Contractor / General Contractor
    • NEXTFLY Carmel Web Design / Website Designer
    • Indy ADHD / Psychiatrist / Mental Health Clinic
    • Cade & Associates / Accounting Firm

    Property Details for 38 Main St

    Year built
    1900
    Construction
    WOOD
    Lot size
    0.14 lot acres
    Property size
    11,700 SF
    Property type
    Office Properties & Spaces
    APN
    29-09-25-122-025.000-018
    APU
    290925122025000018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,150,000
      ML approach
      $3,155,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,635,000
      6.5%
      $2,430,000
      7%
      $2,255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,666,000
      Market price range: $1.81M - $4.74M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,240,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $5,080,000
      Change: +57% Conversion: Difficult
      RETAIL STORES
      $3,885,000
      Change: +20% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,380,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1281
    Latitude
    39.9786
    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
    $29,657
    $235,100
    $1,236,000
    $1,471,100
    -
    $235,100
    $1,236,000
    $1,471,100

    Comparable in this City

    • Value Estimation by Request
      85,542 SF

      13420 Meridian St

      Medical offices • 85,542 SF
      13420 Meridian St, Carmel, IN 46032
      View Details
    • Value Estimation
      $605,000
      22,956 SF

      11565 Temple Dr

      OFFICE (GENERAL) • 22,956 SF
      11565 Temple Dr, Carmel, IN 46032-8859
      View Details
    • Value Estimation
      $795,000
      24,656 SF

      101 116th St

      OFFICE (GENERAL) • 24,656 SF
      101 116th St, Carmel, IN 46032-4567
      View Details
    • Value Estimation
      $640,000
      5,168 SF

      1010 3rd SW Ave

      OFFICE (GENERAL) • 5,168 SF
      1010 3rd SW Ave, Carmel, IN 46032-7542
      View Details
    • Value Estimation
      $1,400,000
      97,779 SF

      4400 96th St

      OFFICE (GENERAL) • 97,779 SF
      4400 96th St, Carmel, IN 46032
      View Details
    • Value Estimation
      $1,385,000
      91,043 SF

      701 City Ctr Dr

      OFFICE (GENERAL) • 91,043 SF
      701 City Ctr Dr, Carmel, IN 46032-7574
      View Details

    Similar Nearby for Sale

    • $400,000
      Pending

      Carmel Office Property For Sale

      Commercial property in Carmel, Indiana, suitable for office conversion.
      3750 W 97Th St, Carmel, IN 46032
      View Details
    • $400,000
      Pending

      Carmel Land Ready For Development

      Carmel property designated for commercial development, sold as commercial.
      3744 W 97Th St, Carmel, IN 46032
      View Details
    • $3,523,000
      5.42 Acres

      Highpointe on Meridian Land

      5.42 Acres Office Land in Carmel, IN
      0 Illinois St, Carmel, IN 46032
      View Details
    • $3,000,000
      4,800 SF

      Downtown Carmel Office/Retail Gem

      4,800 SF Class A Office & Retail Space
      30 1St St, Carmel, IN 46032
      View Details
    • Contact for pricing
      55 SF

      Carmel Office Suites Available

      Prime Carmel location with executive and private office suites available.
      9640-9650 Commerce Dr | Carmel, Carmel, IN 46032
      View Details
    • $11,000,000
      84,963 SF

      Two-Building Office Portfolio in Carmel

      Two-building office portfolio totaling ±84,963 RSF on 7.64 acres.
      11405-11495 N Pennsylvania St, Carmel, IN 46032
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      76,735 SF

      Carmel Tech Center Warehouse Space

      76,735 SF Warehouse, Multiple Suites Available
      12202 Hancock St, Carmel, IN 46032
      View Details
    • $23 SF/Yr
      93,355 SF

      SePRO Tower: Carmel Office Space

      Prime Carmel office suites, various sizes.
      11550 Meridian St, Carmel, IN 46032
      View Details
    • Contact for pricing
      137,345 SF

      Carmel Redevelopment Land - 1.5 Acres

      Prime Carmel location, redevelopment opportunity.
      1021 Range Line Rd, Carmel, IN 46032
      View Details
    • $8 SF/Yr
      55,708 SF

      Auburn Woods Executive Suites

      Carmel, IN Office Space Available
      9640-9650 Commerce Dr, Carmel, IN 46032
      View Details
    • $7 SF/Yr
      6,249 SF

      Carmel Office Space Available

      Flexible workspace solutions in Carmel, IN.
      303 Congressional Blvd, Carmel, IN 46032
      View Details
    • $18 SF/Yr
      45,255 SF

      Carmel Executive Suites: Prime Location

      Class A Office Space, Multiple Suites Available
      755 Carmel Dr, Carmel, IN 46032
      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.
    38 Main St
    Carmel, IN 46032-1764
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.