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Property profile & analytics
FOR LEASE
Office Spaces
3985 W 106Th St Carmel, IN 46032
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US31-0222863
For Lease
1 / 5
$1,860,000
3985 W 106Th St, Carmel, IN 46032
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2002
Construction
WOOD
Total area
9,960 SF
Lot
1.31 ac (57,064 SF)
APN
29-13-07-014-001.002-018
UPID
US31-0222863
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
-
Lund Mark S DDS Dental Office Physician
-
Center For Sight Eye Care Center Ophthalmology Clinic
-
Kyle H. Hoeft, DC Alternative Medicine Practice
-
Michael A. Behforouz, M.D. Ophthalmologist
-
Dr. Paul Karpecki Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.07M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.86M
Owner & transaction history
Watson Indiana Properties LLC · 1 yrs held
Watson Indiana Properties LLC
since 2025
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.9M
+4.3%
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 Carmel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Carmel 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%
$2,240,000
6.5%
$2,070,000
7%
$1,920,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,760,000
Current use
AUTO REPAIR, GARAGE
$2,880,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$1.86M
Range $1.67M – $2.05M · ±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
$187 / 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
$29,361
Tax year 2023
Assessed value
$1,455,100
Assessed 2023
Previous assessed
$1,455,100
+0.0% YoY
Effective rate
2.02%
On assessed value
Assessed land
$524,000
Assessed improvement
$931,100
Land market value
$524,000
Improvement market value
$931,100
Total market value
$1,455,100
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
2002
Construction
WOOD
Heating
NONE
Stories
1
Total area
9,960 SF
Lot
1.31 ac (57,064 SF)
APN
29-13-07-014-001.002-018
UPID
US31-0222863
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
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.9M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
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
2002
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.31 ac
Current owner
From public records · entity-resolved
Watson Indiana Properties LLC
Entity
Mailing address
3985 W 106TH ST STE #120, CARMEL, IN 46032-7779
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 16, 2025
—
Watson Indiana Properties LLC
Frooz LLC
Warranty Deed
$1,540,000 · First Financial Bank
Jan 19, 2017
—
Frooz LLC
—
Deed
related
$685,615 · Stockyard Bk&tr
Jan 9, 2014
—
Midwest Center For Sight LLC
3985 Property Group LLC
Warranty Deed
$770,000 · Stockyard Bk&tr
Feb 5, 2010
—
3985 Property Group LLC
West 106th Properties LLC
Warranty Deed
$1,350,000 · M & I Marshall & Ilsley Bank
—
—
Midwest Center For Sight LLC
—
Deed Of Trust
related
$634,000 · Indiana Statewide Certified De
—
—
Frooz LLC
—
Deed Of Trust
related
$685,615 · Stockyard Bk&tr
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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