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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5602 Michigan Rd Indianapolis, IN 46228-1704

    • Parking lots & garages
    • 3,630 SF
    • 1.05 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0638924
    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

    • Like Brothers Llc / Car Repair And Maintenance Service / Tire Repair Shop

    Property Details for 5602 Michigan Rd

    Year built
    1924
    Construction
    STEEL FRAME
    Lot size
    1.05 lot acres
    Property size
    3,630 SF
    Zone code
    ZO01
    Property type
    Parking lots & garages
    APN
    49-06-03-101-007.000-800
    APU
    490603101007000800

    Description

    This 2,100 square foot retail space, ideally suited for an auto repair business, is available for lease at 5602 N. Michigan Rd., Indianapolis, IN 46228. Built in 1924, the property boasts excellent visibility and frontage on a high-traffic road with approximately 22,000+ vehicles passing daily. Convenient right-turn access is a key advantage. The location offers strong demographics, with over 87,000 people within a 3-mile radius and an average household income exceeding $88,000. Benefit from proximity to major retailers including McDonald's, Circle K, Walgreens, Walmart, Starbucks, Pizza Hut, Speedway, and Family Dollar. The property includes 41 parking spaces and is situated approximately seven miles north of downtown Indianapolis, a major transportation and logistics hub. Indianapolis International Airport, a significant asset to the area, is also nearby. This prime location offers exceptional potential for a thriving auto repair business. The entire 2,100 square feet is currently vacant and ready for immediate occupancy. Marion County location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1954
    Latitude
    39.8541
    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
    $4,982
    $150,900
    $45,400
    $196,300
    -
    $150,900
    $45,400
    $196,300

    Comparable in this City

    • Value Estimation by Request
      1,260 SF

      5835 Michigan Rd

      PARKING GARAGE, PARKING STRUCTURE • 1,260 SF
      5835 Michigan Rd, Indianapolis, IN 46228-1740
      View Details
    • Value Estimation by Request
      9,000 SF

      6030 Michigan Rd

      PARKING LOT • 9,000 SF
      6030 Michigan Rd, Indianapolis, IN 46228
      View Details
    • Value Estimation by Request
      3,121 SF

      5730 Michigan Rd

      AUTO REPAIR, GARAGE • 3,121 SF
      5730 Michigan Rd, Indianapolis, IN 46228-1707
      View Details
    • Value Estimation
      $1,280,000
      13,522 SF

      5675 Michigan Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 13,522 SF
      5675 Michigan Rd, Indianapolis, IN 46228-1751
      View Details
    • Value Estimation by Request
      2,911 SF

      5106 Michigan Rd

      CONVENIENCE STORE • 2,911 SF
      5106 Michigan Rd, Indianapolis, IN 46228-2337
      View Details
    • Value Estimation by Request
      4,608 SF

      5733 Michigan Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,608 SF
      5733 Michigan Rd, Indianapolis, IN 46228-1728
      View Details

    Similar Nearby for Sale

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    • $599,000
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      Indianapolis Retail Property For Sale

      Retail property in well-connected area, near highways and residential neighborhoods.
      5701 Michigan Rd, Indianapolis, IN 46228
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    • $40,000
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    Similar Nearby for Lease

    • Contact for pricing
      3,104 SF

      Retail Space Available For Rent

      Retail space available for rent in Indianapolis, Indiana.
      2515 E 38Th St, Indianapolis, IN 46228
      View Details
    • Contact for pricing
      3,150 SF

      Retail Space in Indianapolis

      Retail space available for lease in Indianapolis, Indiana.
      5943 S Estate Ave E, Indianapolis, IN 46228
      View Details
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    Indianapolis, IN 46228-1704
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    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
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