Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    5606 Washington St Indianapolis, IN 46219-6428
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5606 Washington St Indianapolis, IN 46219-6428

    View on Map
    • Office properties & Spaces
    • 3,806 SF
    • 0.18 lot acres
    Off-Market
    Property ID
    US31-1233870
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jeffrey C. Marshall, OD / Physician
    • John D. Shackle, OD / Physician
    • Ossip / Physician
    • MyEyeDr. / Eye Care Center / Contact Lenses Supplier
    • Elizabeth Leburg, OD / Physician

    Property Details for 5606 Washington St

    Year built
    1930
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.18 lot acres
    Property size
    3,806 SF
    Zone code
    ZO01
    Property type
    Office properties & Spaces
    APN
    49-10-03-130-004.000-701
    APU
    491003130004000701

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.072
    Latitude
    39.771
    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
    $3,659
    $34,900
    $98,900
    $133,800
    -
    $34,900
    $98,900
    $133,800

    Comparable in this City

    • Value Estimation
      $3,835,000
      45,061 SF

      7701 21st St

      OFFICE (GENERAL) • 45,061 SF
      7701 21st St, Indianapolis, IN 46219-2406
      View Details
    • Value Estimation
      $1,555,000
      16,197 SF

      7241 10th St

      OFFICE (GENERAL) • 16,197 SF
      7241 10th St, Indianapolis, IN 46219-4957
      View Details
    • Value Estimation
      $4,715,000
      135,592 SF

      250 Shadeland Ave

      OFFICE (GENERAL) • 135,592 SF
      250 Shadeland Ave, Indianapolis, IN 46219-4959
      View Details
    • Value Estimation by Request
      1,858 SF

      1101 Shadeland Ave

      Office properties & Spaces • 1,858 SF
      1101 Shadeland Ave, Indianapolis, IN 46219
      View Details
    • Value Estimation by Request
      1,650 SF

      1065 Post Rd

      OFFICE (GENERAL) • 1,650 SF
      1065 Post Rd, Indianapolis, IN 46219-4205
      View Details
    • Value Estimation by Request
      2,680 SF

      2141 Franklin Rd

      OFFICE (GENERAL) • 2,680 SF
      2141 Franklin Rd, Indianapolis, IN 46219-2435
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Freestanding Office Building on Shadeland

      Single-story office building on 0.30 acres, flexible commercial uses.
      1109 Shadeland Ave, Indianapolis, IN 46219
      View Details
    • Contact for pricing
      32,036 SF

      Indianapolis Office and Retail Building

      East Indianapolis building with office and retail space for sale.
      1213 N Arlington Ave, Indianapolis, IN 46219
      View Details
    • $399,000
      2,274 SF

      Freestanding Office Building on Shadeland

      Single-story office building with C-1 zoning in Indianapolis.
      1101 N Shadeland Ave, Indianapolis, IN 46219
      View Details
    • Contact for pricing

      Adaptable Office Space for Sale

      Flexible office space with signage options and convenient location.
      1398 N Shadeland Ave, Indianapolis, IN 46219
      View Details
    • $260,000
      1,996 SF

      Freestanding Office Building on Shadeland

      Single-story office building on 0.30 acres, C-1 zoning.
      1109 N Shadeland Ave, Indianapolis, IN 46219
      View Details
    • Contact for pricing

      Multi-Tenant Office Building For Sale

      East Indianapolis multi-tenant office building with highway access.
      7353 East 21St St, Indianapolis, IN 46219
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr

      Post Road Medical Center

      Medical / Professional Office- 1,287 up to 3,306 SF | Fully Renovated | Divisible Suites | $16/SF
      1201 N Post Rd, Indianapolis, IN 46219
      View Details
    • $18 SF/Yr

      211 S. Ritter

      Modern Open Concept Private Office or Makers Space Available in Historic Irvington
      211 S Ritter Ave, Indianapolis, IN 46219
      View Details
    • $5 SF/Yr

      Industrial Building with Outdoor Storage

      51,000 SF industrial space with outdoor storage available for lease.
      2828 Tobey Dr, Indianapolis, IN 46219
      View Details
    • Contact for pricing

      Freestanding Office Building For Lease

      Freestanding building with 28,000 SF office space available.
      2855 N Franklin Rd, Indianapolis, IN 46219
      View Details
    • $4,500 /Mo
      8,000 SF

      Commercial Space with Drive-Through Garage

      All-inclusive commercial space with attached drive-through garage for lease.
      6771 E Washington St, Indianapolis, IN 46219
      View Details
    • $16 SF/Yr
      1,250 SF

      Office Space for Lease

      Office suites available in a convenient location.
      1398 Shadeland Ave, Indianapolis, IN 46219
      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.
    5606 Washington St
    Indianapolis, IN 46219-6428
    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!