5435 Emerson Way Indianapolis, IN 46226

Property Details for 5435 Emerson Way

Year built

1976

Construction

TYPE NOT SPECIFIED

Lot size

2.71 lot acres

Property size

13,959 SF

Zone code

ZO01

Property type

Office Properties & Spaces

APN

49-07-09-105-021.000-800

APU

490709105021000800

Description

This exceptional four-story, 118,047 square foot mixed-use property in Indianapolis, Indiana, presents a compelling investment opportunity. Currently boasting 100% occupancy across 27 units ranging from 100 to 6,000 square feet, the property generates a substantial net operating income (NOI) of $344,854, yielding a pro-forma cap rate of 10.14%. The building, constructed in 1980, benefits from recent significant capital improvements, including a new roof installed in June 2024 with a 20-year warranty ($75,000 investment) and a completely replaced elevator in late 2023 ($90,000 investment). The property features a diverse tenant mix within its traditional, medical, and creative office spaces, all under gross lease agreements. Situated on a 118,047 square foot lot (APN: 49-07-09-105-021.000-800) in a high-traffic area, the property enjoys convenient access to major freeways, is only 15 minutes from downtown Indianapolis and 30 minutes from the airport. Its strategic location near a new $25 million Walmart, Starbucks, CVS, various restaurants, and schools ensures high visibility and strong tenant demand. Enhanced security features include 25 security cameras and 24/7 mobile surveillance. The asking price is $3,400,000, representing a price per square foot of $28.80 and a price per unit of $125,926. This property offers a rare blend of strong current performance and significant future growth potential in a rapidly developing area. The permitted zoning is ZO01.