Add Listing
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

    3840 Sherman Dr Indianapolis, IN 46226-4462

    • Medical Office Space
    • 30,752 SF
    • 1.84 lot acres
    OFF-MARKET
    Value Estimations
    $1,220,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0546046
    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

    • Forest Manor Dental / Dental Office
    • Caleb Huber / Pediatrician / Medical Clinic
    • llen Fan, MD / Pediatrician / Medical Clinic
    • Catherine Macke / Physician
    • Karin Comastri / Physician

    Property Details for 3840 Sherman Dr

    Year built
    1992
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.84 lot acres
    Property size
    30,752 SF
    Zone code
    ZO01
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    49-07-17-108-004.000-801
    APU
    490717108004000801

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,220,000
      Market price range: $651k - $1.82M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,220,000
      Current use
      AUTO REPAIR, GARAGE
      $1,850,000
      Change: +52% Conversion: Difficult
      RETAIL STORES
      $1,685,000
      Change: +38% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,640,000
      Change: +35% Conversion: Easy
      OFFICE BUILDING
      $1,520,000
      Change: +25% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1036
    Latitude
    39.8262
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,016 SF

      4215 Franklin Rd

      MEDICAL BUILDING • 2,016 SF
      4215 Franklin Rd, Indianapolis, IN 46226-4003
      View Details
    • Value Estimation by Request
      14,485 SF

      3620 Post Rd

      MEDICAL BUILDING • 14,485 SF
      3620 Post Rd, Indianapolis, IN 46226-6087
      View Details
    • Value Estimation by Request

      5450 Fall Crk Pkwy Dr

      Medical Office Space
      5450 Fall Crk Pkwy Dr, Indianapolis, IN 46226
      View Details
    • Value Estimation by Request
      20,496 SF

      7115 46Th St

      Office Units • 20,496 SF
      7115 46Th St, Indianapolis, IN 46226
      View Details
    • Value Estimation
      $710,000
      53,543 SF

      5602 Caito Dr

      HOMES (RETIRED, NURSING) • 53,543 SF
      5602 Caito Dr, Indianapolis, IN 46226-1346
      View Details
    • Value Estimation by Request
      14,748 SF

      8939 46th St

      HOMES (RETIRED, NURSING) • 14,748 SF
      8939 46th St, Indianapolis, IN 46226
      View Details

    Similar Nearby for Sale

    • $943,857
      4,000 SF

      Pizza Hut Net Lease Investment

      High-yield Pizza Hut, Indianapolis, IN
      4537 Shadeland Ave, Indianapolis, IN 46226
      View Details
    • $80,000
      0.23 Acres

      Indianapolis Duplex Requiring Renovation

      Duplex in Indianapolis needing renovation, potential for rental income.
      3918 N Grand Ave, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      0.41 Acres

      Residential Lot in Devington Neighborhood

      Vacant 0.41-acre lot with creek in established neighborhood.
      4710 N Lesley Ave, Indianapolis, IN 46226
      View Details
    • $950,000
      8,481 SF

      Prime Indianapolis Shopping Center

      Retail Investment Opportunity: 8,481 SF
      3753 Post Rd, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      Pending

      Residential Lot in Devon Hills

      0.62-acre residential lot in Indianapolis' Devon Hills neighborhood.
      4555 N Emerson Ave, Indianapolis, IN 46226
      View Details
    • Contact for pricing

      Subdividable Land Parcel Available

      Approximately 12 acres of land with retail zoning potential.
      3444 S Post Rd, Indianapolis, IN 46226
      View Details

    Similar Nearby for Lease

    • $2,250 /Mo

      High-Visibility Commercial Space Available

      Prime location near Pendleton Pike and Shadeland Avenue.
      7017 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      3,500 SF

      Office Space with New Finishes

      Lower level office space with new finishes and LED lighting.
      5450 Emerson Way, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      134,797 SF

      Pendleton Plaza Retail Outlots

      Indianapolis Retail Space: 6 Units Available
      7201 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      3,371 SF

      Flex Space with Interstate Access

      Clean flex space with easy interstate access and ample parking.
      3250 N Post Rd, Indianapolis, IN 46226
      View Details
    • $18 SF/Yr
      13,000 SF

      Retail Space on Shadeland Avenue

      13,000 SF retail space with high visibility and parking.
      4555 N Shadeland Ave, Indianapolis, IN 46226
      View Details
    • $4,500 /Mo
      10,800 SF

      Pendleton Pike Retail Space Available

      Versatile retail space in high-traffic area with flexible layout.
      7027 Pendleton Pike, Indianapolis, IN 46226
      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.
    3840 Sherman Dr
    Indianapolis, IN 46226-4462
    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.
    Sign Up Successful!
    You now have access to more from Realmo!