Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    551 Merrill St Indianapolis, IN 46225-1128

    • Warehouses
    • 18,890 SF
    • 0.80 lot acres
    OFF-MARKET
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0677243
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Crane Bay Event Center / Hotel & Motel / Resort
    • MBO16 / Marketing & Advertising

    Property Details for 551 Merrill St

    Year built
    1930
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.80 lot acres
    Property size
    18,890 SF
    Zone code
    ZO01
    Property type
    Warehouses
    APN
    49-11-11-179-024.000-101
    APU
    491111179024000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,201,000
      Market price range: $423k - $1.20M
      AI Estimate
      $968,000
      Market price range: $319k - $968k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $765,000
      Current use
      AUTO REPAIR, GARAGE
      $1,505,000
      Change: +97% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,415,000
      Change: +85% Conversion: Difficult
      RETAIL STORES
      $1,410,000
      Change: +84% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,180,000
      Change: +54% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1689
    Latitude
    39.759
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $39,332
    $777,700
    $640,300
    $1,418,000
    -
    $777,700
    $640,300
    $1,418,000

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      428 Abbott St

      WAREHOUSE, STORAGE • 0.08 Acres
      428 Abbott St, Indianapolis, IN 46225
      View Details
    • Value Estimation by Request
      0.07 Acres

      432 Abbott St

      WAREHOUSE, STORAGE • 0.07 Acres
      432 Abbott St, Indianapolis, IN 46225
      View Details
    • Value Estimation
      $3,655,000
      66,555 SF

      402 Kentucky Ave

      STORAGE YARD, OPEN STORAGE • 66,555 SF
      402 Kentucky Ave, Indianapolis, IN 46225-1175
      View Details
    • Value Estimation
      $1,025,000
      17,800 SF

      550 Morris St

      STORAGE YARD, OPEN STORAGE • 17,800 SF
      550 Morris St, Indianapolis, IN 46225-1446
      View Details
    • Value Estimation by Request
      8,153 SF

      1509 Senate Ave

      WAREHOUSE, STORAGE • 8,153 SF
      1509 Senate Ave, Indianapolis, IN 46225-1573
      View Details
    • Value Estimation by Request
      9.11 Acres

      635 Southern Ave

      WAREHOUSE, STORAGE • 9.11 Acres
      635 Southern Ave, Indianapolis, IN 46225-2033
      View Details

    Similar Nearby for Sale

    • $425,000
      8,667 SF

      Indianapolis Warehouse with Redevelopment Potential

      Warehouse property with redevelopment potential in up-and-coming Indianapolis location.
      2145 Ransdell St, Indianapolis, IN 46225
      View Details
    • $109,900
      1,848 SF

      Prime Indy Industrial Corner Lot

      C-3 zoned, 1848 sq ft building, high visibility.
      2165 Meridian St, Indianapolis, IN 46225
      View Details
    • $285,000
      Pending

      Turnkey Duplex in Revitalizing Neighborhood

      Remodeled duplex near downtown Indianapolis, ideal for investors.
      1754 S Delaware St, Indianapolis, IN 46225
      View Details
    • $13,200,000

      Downtown Indy Development Site

      Prime Commercial Land, 61,999 SF
      0 St & Meridian St, Indianapolis, IN 46225
      View Details
    • Contact for pricing
      0.78 Acres

      Madison Ave Commercial Land

      High-traffic, shovel-ready site
      2935 Madison Ave, Indianapolis, IN 46225
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      4,200 SF

      Downtown Indy Office Space

      Historic building, fully renovated, 4,200 sq ft.
      8 Louisiana St, Indianapolis, IN 46225
      View Details
    • Contact for pricing

      Industrial Land For Lease

      3.3 acres of secured industrial land available for lease.
      602 W Ray St, Indianapolis, IN 46225
      View Details
    • Contact for pricing
      12,517 SF

      Prime Location Retail/Office Space

      Located near major Indianapolis destinations with ample parking and updates.
      201 S Capitol Ave, Indianapolis, IN 46225
      View Details
    • $264 SF/Yr
      52,243 SF

      Centricity/Pan Am Plaza Office Suites

      Downtown Indy Office Space: 8 Suites Available
      201 Capitol Ave, Indianapolis, IN 46225
      View Details
    • Contact for pricing
      4,589 SF

      Creative Space in Indianapolis

      Unique retail and office spaces with food, beverage, and event venues.
      1060 N Capitol Ave, Indianapolis, IN 46225
      View Details
    • Contact for pricing
      4,200 SF

      Renovated Historic Wholesale District Office

      Historic 4,200 SF office building in Wholesale District.
      8 W Louisiana St, Indianapolis, IN 46225
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    551 Merrill St
    Indianapolis, IN 46225-1128
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!