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Property profile & analytics
FOR LEASE
Office Spaces
5420 W Southern Ave Indianapolis, IN 46241
Individually Owned
21-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-0036248
For Lease
1 / 6
$4,230,000
5420 W Southern Ave, Indianapolis, IN 46241
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1986
Construction
TYPE NOT SPECIFIED
Total area
50,790 SF
Lot
3.19 ac (138,869 SF)
APN
49-12-24-103-023.000-900
UPID
US31-0036248
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
-
Zenith American Solutions Business Administration Service
-
Belcan, LLC Consultant Aerospace Company
-
Staff America Inc. Employment Agency
-
FedEx Drop Box Postal Service Courier Service
-
HireLevel. Employment Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.99M
Blend (final)
Blend
$4.23M
Owner & transaction history
Cmat 1999-c2 Fortune Circle Ll · 21 yrs held
Cmat 1999-c2 Fortune Circle Ll
since 2005
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$4.0M
+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)
$3,805,000
Current use
AUTO REPAIR, GARAGE
$4,045,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$3,795,000
Change: 0% · Conversion: Easy
INDUSTRIAL (GENERAL)
$3,170,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$4.23M
Range $3.81M – $4.65M · ±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
$83 / 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
$106,674
Tax year 2023
Assessed value
$3,184,500
Assessed 2023
Previous assessed
$3,184,500
+0.0% YoY
Effective rate
3.35%
On assessed value
Assessed land
$279,800
Assessed improvement
$2,904,700
Land market value
$279,800
Improvement market value
$2,904,700
Total market value
$3,184,500
Applied tax rate
900.0000
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
1986
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Total area
50,790 SF
Lot
3.19 ac (138,869 SF)
APN
49-12-24-103-023.000-900
UPID
US31-0036248
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
$3.8M
AUTO REPAIR, GARAGE
Est. value
$4.0M
RETAIL STORES
Est. value
$3.8M
INDUSTRIAL (GENERAL)
Est. value
$3.2M
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
1986
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Lot
3.19 ac
Current owner
From public records · entity-resolved
Cmat 1999-c2 Fortune Circle Ll
Individual
Free & Clear · 21 yrs held
Mailing address
6081 E 82ND ST STE #100, INDIANAPOLIS, IN 46250-1562
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 13, 2018
—
Park Fletcher Indianapolis LP
—
Grant Deed
related
$40,668,750 · Citi R/e Fndg INC
May 4, 2017
—
Park Fletcher Indianapolis LP
—
Grant Deed
related
$6,924,613 · Harbor LP
Mar 10, 2005
—
Cmat 1999-c2 Fortune Circle Ll
Park Fletcher Office Assocs
Warranty 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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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