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Property profile & analytics
FOR LEASE
Office Spaces
433 N Capitol Ave, Indianapolis, IN 46204
Entity Owned
3-yr Hold
Free & Clear
Property ID
US31-0646481
For Lease
1 / 2
$6,975,000
433 N Capitol Ave, Indianapolis, IN 46204
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1919
Construction
CONCRETE
Total area
79,989 SF
Lot
3.89 ac (169,448 SF)
Zoning code
ZO01
APN
49-11-02-188-001.000-101
UPID
US31-0646481
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
-
Salesforce Gibson Building (Bike/Boat/Book/etc) Store Corporate Office
-
Gregory & Appel Insurance Insurance Agency
-
Qik RV Rentals Campground & RV Park
-
CRG Delivery Kitchen Restaurant Take-out & Catering
-
Southwest Health System Inc Retirement Community
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$9.26M
Blend (final)
Blend
$6.98M
Owner & transaction history
American United Life Insurance Co · 3 yrs held
American United Life Insurance Co
since 2022
1 recorded transaction
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$6.4M
+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)
$5,990,000
Current use
AUTO REPAIR, GARAGE
$6,370,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$5,980,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$4,995,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$6.98M
Range $6.28M – $7.67M · ±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
$87 / 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
$295,831
Tax year 2023
Assessed value
$10,665,200
Assessed 2023
Previous assessed
$10,665,200
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$6,523,800
Assessed improvement
$4,141,400
Land market value
$6,523,800
Improvement market value
$4,141,400
Total market value
$10,665,200
Applied tax rate
101.0000
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
1919
Construction
CONCRETE
Heating
YES
Cooling
YES
Stories
5
Total area
79,989 SF
Lot
3.89 ac (169,448 SF)
Zoning code
ZO01
APN
49-11-02-188-001.000-101
UPID
US31-0646481
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$6.0M
AUTO REPAIR, GARAGE
Est. value
$6.4M
RETAIL STORES
Est. value
$6.0M
INDUSTRIAL (GENERAL)
Est. value
$5.0M
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
1919
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
5
Lot
3.89 ac
Current owner
From public records · entity-resolved
American United Life Insurance Co
Entity
Free & Clear · 3 yrs held
Mailing address
250 WN ST, INDIANAPOLIS, IN 46202-3107
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 10, 2022
—
American United Life Insurance Co
Indiana Land Trust Co
Deed
—
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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