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Property profile & analytics
OFF-MARKET
Estimated value
$5,985,000
Office Spaces
500 Meridian St Indianapolis, IN 46204-1272
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US31-3565591
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1912
Construction
CONCRETE
Total area
67,948 SF
Lot
1.64 ac (71,400 SF)
APN
49-11-01-184-001.000-101
UPID
US31-3565591
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
-
2021 Indianapolis 4th of July Fireworks NEW Launch Location (Annual) Resort
-
500 North Meridian Corporate Office
-
Blue Consulting Services Business Management Consultant
-
Riley Children's Foundation Charitable Organization Social Service Agency
-
I U Med Group Primary Care Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.12M
Blend (final)
Blend
$5.99M
Owner & transaction history
M500 LLC · 7 yrs held
M500 LLC
since 2018
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.4M
+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)
$5,090,000
Current use
AUTO REPAIR, GARAGE
$5,410,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$5,080,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$4,245,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$5.99M
Range $5.39M – $6.58M · ±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
$88 / 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
$200,285
Tax year 2023
Assessed value
$10,777,000
Assessed 2023
Previous assessed
$10,777,000
+0.0% YoY
Effective rate
1.86%
On assessed value
Assessed land
$2,827,400
Assessed improvement
$7,949,600
Land market value
$2,827,400
Improvement market value
$7,949,600
Total market value
$10,777,000
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
Off-Market
Year built
1912
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
7
Total area
67,948 SF
Lot
1.64 ac (71,400 SF)
APN
49-11-01-184-001.000-101
UPID
US31-3565591
Jurisdiction
MARION
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
$5.1M
AUTO REPAIR, GARAGE
Est. value
$5.4M
RETAIL STORES
Est. value
$5.1M
INDUSTRIAL (GENERAL)
Est. value
$4.2M
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
1912
Construction
CONCRETE
Heating
NONE
Stories
7
Buildings
2
Lot
1.64 ac
Current owner
From public records · entity-resolved
M500 LLC
Entity
Mailing address
429 N PENNSYLVANIA ST STE #109, INDIANAPOLIS, IN 46204-1873
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 24, 2018
—
M500 LLC
Ambrose 500 N Meridian LLC
Trustees Deed
$25,900,000 · Ladder Cap Fin
Apr 10, 2017
—
Ambrose 500 N Meridian LLC
—
Deed
related
$8,000,000 · First Merchants Bk
Jul 3, 2014
—
Ambrose 500 N Meridian LLC
N Meridian LLC
Quit Claim Deed
$6,250,000 · National Bk/indianapolis
Apr 25, 2007
—
Anibal N Meridian LLC
Anibal John B Trust
Quit Claim Deed
related
$41,280,000 · Lasalle National Bank
Feb 20, 2007
—
Nto Group LLC
N Meridian LLC
Warranty Deed
related
—
Aug 18, 2006
—
N Meridian LLC
Hanning & Bean Ents INC
Trustees Deed
$39,000,000 · Fifth Third Bank
—
—
Ambrose 500 N Meridian LLC
—
Deed Of Trust
related
$20,512,500 · First Merchants Bk
—
—
Ambrose 500 N Meridian LLC
—
Loan Modification
related
$8,000,000 · First Merchants Bk
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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